Re-Blogged From Prager University
Steve Forbes, chairman and editor-in-chief of Forbes Media, told Newsmax TV that it is crucial for Republican lawmakers’ survival to quickly forge a tax-cut plan that will benefit all Americans.
If not, the GOP stands to pay a very dear and steep price.
“I think Republicans in Congress are beginning to realize that if they don’t get a good growth tax cut through this year, they’re going to be pursuing many of the new opportunities after the elections next year,” Forbes told Sunday’s “The Income Generation Show.”
By Frank Holmes – Re-Blogged From http://www.Gold-Eagle.com
In 1974 the American economist Arthur Laffer, then a professor at the University of Chicago, was having dinner with his friend Jude Wanniski, an associate editor of the Wall Street Journal. They were joined by Donald Rumsfeld and Dick Cheney, both of whom worked at the time in the Gerald Ford administration. The topic at hand was President Ford’s Whip Inflation Now, or WIN, initiative, which included proposed tax increases.
By Joe Crowe – Re-Blogged From http://www.newsmax.com
Americans that earned six figures or more paid 79.5 percent of the nation’s share in individual income taxes in 2014, according to preliminary IRS information, reports The Washington Free Beacon.
In 2014, Americans paid a total of $1,358,093,169,000 to the IRS in individual income taxes. Americans earning $100,000 or more paid $1,079,392,180,000 or 79.5 percent of the total.
Those top earners represented 16 percent of the total number of individual income tax returns filed with the IRS in 2014. The highest earners were 23,745,195 of the 148,686,586 individual returns filed.
“Liberals say that high earners pay a high share of taxes only because they have high incomes,” Cato Institute tax policy expert Chris Edwards explained in the Beacon report.
“But high earners also pay much higher tax rates than everyone else,” Edwards continued. The top fifth of earners paid a 14-percent tax rate, while the middle fifth paid at a 2-percent rate, he added, citing Congressional Budget Office figures. The U.S. progressive tax rate is the highest among wealthy nations. Edwards called on Congress to make the U.S. tax code “more equal and proportional,” because “the level of progressivity in the tax code has become extreme.”
There are many good reasons to undertake corporate tax reform this year. Politicians from both sides of the aisle have declared support for cutting the headline corporate tax rate and recouping the lost revenue through a broadening of the tax base. President Obama’s budget for fiscal year 2016 calls for a cut in the corporate tax rate from 35 to 28 percent (with a special rate of 25 percent for manufacturing). Former Ways and Means Chairman David Camp’s tax reform proposal from last year called for a cut in the rate to 25 percent. The recent Rubio-Lee proposal would similarly cut the rate to 25 percent. There is even speculation that Paul Ryan and President Obama may be working on a deal to cut headline rates this year. Here’s why we need to get this done.
There is a wonderful little classic book called, “The Richest Man in Babylon,” which now is available at no charge online. The book is a series of parables – set in ancient Babylon – which describe how anyone can amass a fortune and retire rich.
The secret is to set aside a portion of your earnings – 10% is recommended – without fail (“Pay yourself first!”), and then to use expert advice to have your money grow in a compounding fashion. As Ben Franklin put it, “Money makes money, and then the money money makes, makes more money.”
By Keith Weiner – Re-Blogged From http://www.keithweinereconomics.com
Have you ever been in an argument about whether we should raise taxes and then someone tosses out a real whopper? “The top tax rate for decades after World War II was over 90% and look how the economy boomed!”
Or perhaps you read a Paul Krugman column where he said that, “there’s a big problem with the claim that monetary policy has been too loose: where’s the inflation [he means rising prices]?”
Both the Internet troll and Professor Krugman are making the same mistake. Let me explain.