What should the next US tax code look like?
Posted: Sat 15 Apr 2017, 13:41:33
Congress is beginning to consider a tax code overhaul with all the usual players having their thumbs on the scale making sure that they and their contributors get the majority of any tax cuts and others (you and me more then likely) make up the difference.
My question is what do we the members here at Peakoil think would be the best tax code for the USA? Start with the goals you want to obtain and move on to what should be tax exempt and what brackets there should be and the rate for each bracket.
The tax code has always been used to direct people to do things the government thought would be good for the country (and some rich powerful people at the same time). The tax deduct-ability of home mortgage interest encouraged home buying over renting which gave many Americans a positive net worth at the same time it made a lot of money for bankers and home builders and tradesmen.
Money invested in the stock market was not taxed yearly as long as it was left invested providing capital for industry and was only taxed as "capital gains when it was withdrawn from the market. etc. etc.
But that was the way it has been done in the past, the question is what should we do going forward?
I'll not try to steer the discussion beyond saying the tax code needs to generate enough money to pay the governments bills without generating a big surplus that will encourage more programs and spending.
Your thoughts Ladies and Gentlemen?
My question is what do we the members here at Peakoil think would be the best tax code for the USA? Start with the goals you want to obtain and move on to what should be tax exempt and what brackets there should be and the rate for each bracket.
The tax code has always been used to direct people to do things the government thought would be good for the country (and some rich powerful people at the same time). The tax deduct-ability of home mortgage interest encouraged home buying over renting which gave many Americans a positive net worth at the same time it made a lot of money for bankers and home builders and tradesmen.
Money invested in the stock market was not taxed yearly as long as it was left invested providing capital for industry and was only taxed as "capital gains when it was withdrawn from the market. etc. etc.
But that was the way it has been done in the past, the question is what should we do going forward?
I'll not try to steer the discussion beyond saying the tax code needs to generate enough money to pay the governments bills without generating a big surplus that will encourage more programs and spending.
Your thoughts Ladies and Gentlemen?