Do neither as they both kill jobs and make it worse.
So the question becomes...should we raise individual taxes ..or should we demand that corporations pay a fair share.? Reduce Corp tax to near zero and Pfizer brings back $100B in cash to the US. Some of this cash goes to buying stock but some is paid as dividends and spent or paid as US salaries. Dividends and US salaries are taxed AND due to the velocity of money from real jobs, as opposed to phoney government jobs, real jobs lead to more spending and even more taxes collected. If there is enough cash brought back to the US and spent or invested, then the new jobs created cause enough new spending that more sandwich shops, auto shops, gardeners, etc. form and even more jobs are created.
You would probably want to go short real estate in Washington DC as the lobbyists would go out of business since there would be no business in bribing politicians to give special tax breaks to business.
Business would be a TON more efficient, thus improving the velocity of money, as they could put their smart minds towards creating actual value to society rather than creative ways to avoid paying taxes.
I'd fix a few things with the tax code like limiting what you can deduct from personal taxes to some multiple of the average worker salary, maybe 4X so the most Romney can deduct for his paying to sit next to his God in heaven would be something like $200K, not the hundreds of millions he gets to deduct now. We might also want to eliminate deductions for things like second homes and only allow some reasonable total deductions for kids, mortgages, etc... As a single person who hates how our cities are gridlocked with too many people, I hate paying people to breed with deductions for more kids... If you are REALLY green, then you should be all for small families or even seeing the global population go down.... but that is another issue. |
