I am literally dyslexic, no gotcha games here.
Hopefully Forbes is corporatist enough. US was 17th in 2017. The article makes sure to take shots at anti immigration laws and trade wars as bad for business.
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I was thinking of that ābusiness freedom indexā Iāve seen posted here before. From a Google, it looks like America doesnāt top that list anymore. Color me shocked
Edit:
Fair points
So much so you canāt even spell āForrestā in āForrest Gumpā correctly ā¦ honestly how can I take you seriously from this point on?
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ā¦
I rest my caseā¦?
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If no cost exists why not get rid of taxation all together? I know youād be a fan.
As for the article I donāt buy the whole āyouāre better off than othersā argument. So simply because we donāt have the extreme poverty of someone else legislation should be centered around making things easier for the people here who have by far the most?
Not necessarily disagreeing with anything here but I donāt see this as a feather in the cap for āwe need to drastically reduce taxes on the wealthy.ā
People are dumb. Nothing really wrong with what you said.
I never noticed there are two "r"s in āforrestā until now for some reason.
What a dumb ass
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Iām inclined to believe that which is indelible in his hippocampus.
Too soon?
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Never.
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Do as I sayā¦
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Listen, you canāt expect her to know things like the law when sheās just trying to do the morally right thing!
So if the poor are essentially unaffected by progressive income tax rates, theyāre irrelevant when discussing income tax policy (spending is another matter).
Every dollar the wealthy donāt remit in tax they either spend, invest or give (those are essentially the 3 things you can do with money). So you balance the governmentās revenue against how much growth/investment/hiring/economic activity you want.
In the case of a growing economy (such as 2018) lowering the individual income tax rates results in an increase income tax receipts to the government. So everybody should be happy.
Now right leaning and left leaning economists will argue about optimal tax levels all day. But even Keynesians and other lefties will admit that dollars are allocated way more efficiently by individuals and businesses than by government, when the goal is economic growth.
Also I find your perspective odd. The top 20% pay over 80% of taxes. So any change in tax rate is going to benefit/harm them more since, they pay all the taxes.
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Nope. Thatās not how taxes work for low income people.
Changing income taxes ala tax bill absolutely impacts low income people.
But not when discussing what the government does or could have done instead of a tax cut.
What would people who make under 300,000 do with the money? Do they do something different? Do the rich never save? Wonāt people who make less than that do the same?
I realize this. Although as you put out they donāt pay all the taxes. And they arenāt the only people who pay taxes on things they purchase.
What else could be done with money that is estimated to cost over 2 trillion in 10 years. Hell you could build a few walls. Also note that Iām not really saying tax cuts are wrong or even that this was horrible legislation. Just having a discussion.
It has, as yet, been one tax year. Iām not so sure that the USA wonāt replicate the Uk experience on Corp tax (namely that receipts for Corp tax will rise due to the drop.
It may not be immediate, but Iām not convinced of this permanent gap in receipt intake.
Happy to do a mea culpa if they DO result in a permenent reduction in receipts.
With the level of the drop, weād need to see INSANE growth for it to be a net positive to the govt. I donāt think thatās ever really been a question apart from the herpderp trickle down people.
What was UKs before/after tax rate?
Quoting from memory here, but I think it went from 35-20 and then subsequently 17.5%
It was 30-17, so not dissimilar to the US drop. Not that the rate alone tells anything close to the whole story.
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https://www.google.ie/amp/s/amp.ft.com/content/ca3e5bd2-2a7e-11e7-9ec8-168383da43b7
The receipt data.
Right, I think the issue will be the absolute value. Spitballing but Americaās drop of ~39% to 21% (ignoring how they didnāt really touch deductions, so effective is a larger swing) would mean we need like 80% growth to equal out those receipts.
Iām not sure if America can afford 8% growth right now, given how the tax drop had virtually no impact on wages
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