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Free exchange: Why taxing robots is not a good idea | The Economist
BILL GATES is an unlikely Luddite, however much Microsoft may have provoked people to take a hammer to their computers.
BillGates  tax  automation  TheEconomist  wages  jobs  economics 
february 2017 by Kirk510620
How Many Countries in the World Have a Value-Added Tax? | Tax Foundation
there has been a lot discussion about the value-added tax among those in the media and in certain policy circles.  The conversation began because Senator Ted Cruz introduced a tax reform plan that would eliminate both the payroll tax and the corporate income tax and replace the revenue with a “business flat tax,” or subtraction-method value-added tax. We found that the tax plan would reduce federal revenues by $3.6 trillion over the next decade. However, if you accounted for the 13.9 percent larger GDP, revenues would only reduce by a little more than $700 billion. Even though the plan is growth-oriented (it eliminates the corporate income tax!), some Conservatives have expressed concern about the plan. The concern is that the plan would introduce a European-style tax that would lead to a European-size government here. They state that since the 1960s when the VAT was introduced in Europe, their rates and collections have consistently increased and the VAT has resulted in the “large” governments we see there today. They believe that this would happen here if a similar tax were introduced. I don’t know whether it is true that the VAT has led to larger governments in Europe, but what is often missing from these discussions is the fact that the VAT is not a uniquely European tax. Yes, all European countries utilize this tax, but so do most countries in the world. According to KPMG, more than 140 countries throughout the world have a value-added tax. It is true that European countries tend to have high VAT rates. The average VAT rate in Europe is 20 percent, about 5 percentage points higher than the global average. However, not all European countries have high VATs (Switzerland has an 8 percent VAT rate, which is about as high as the state and local average retail sales tax rate in the United States). And it’s also important to point out that European countries also tend to have much lower corporate income tax rates. The average European corporate income tax rate is 18.7 percent, which is lower than the worldwide ave
vat  tax  election2016  taxfoundation  SenTedCruz 
december 2015 by Kirk510620
Why Rand Paul's Flat Tax Is a Bad Idea |
re? As an entrepreneur, what if you face a personal loss and have no savings to draw upon? These factors would be ignored in Paul's simple 14.5% tax equation. Simple isn't fair because we aren't just dealing with a system of numbers, we are dealing with human lives in an imperfect world. Let me make this abundantly clear, I'm not defending the tax code. Clearly our tax system needs an overhaul and there is room for work and change. As I've mentioned in other articles, for the first time ever in our country's history, tax industry and government leaders are sitting down together to discuss best practices and protecting American citizens from fraud. There is no question that we have our work cut o
SenRandPaul  inc  tax  FlatTax  election2016 
september 2015 by Kirk510620
Why Tax Reform Isn't So Unpopular in Congress After All |
rm is a political issue that separates us, said Meeks, who added that behind the scenes talks were necessary for making progress. He further noted that Wisconsin Congressman Paul Ryan, the Republican chairman of the House Committee on Ways and Means and Senator Ron Wyden (D., Ore.), his counterpart on the Senate Finance Committee are actually attempting to come up with a bipartisan plan to lower corporate taxes. Currrently the top corporate rate is 35 percent, but few big businesses actually pay that rate, Dorgan and others said. Corporate giant General Electric, for example, pays almost no taxes. Meanwhile, small businesses bear the brunt, said Fitzpatrick. “The effective rate of most large corporations is much too low, and if you are a small business paying 35 percent, this [system] is not working for you,” Fitzpatrick says. What a compromise might look like, however, still has a lot of moving parts. Certainly it will involve closing loopholes, deductions, preferences and some write-offs to broaden the tax base, said Dorgan, who sat on the House Committee on Ways and Means in the 1980s. For his part, English cautioned that not every change would be beneficial for small businesses. Among other things, loopholes on the table that could affect sole proprietors include deductions for state and local taxes, and more generally preferences for certain industries like real estate, financial services and manufacturing. Additionally, tax loopholes for energy production and incentives for renewable energy production could also face the axe. “A lot of other provisions that are currently under the radar screen could be soaked up,” English said. “It is a very-target rich environment.” Besides taxes, infrastructure projects might also get some uptake on Capitol Hill. Policy analysts say improving our outdated highways, bridges, airports, and even our broadband infrastructure would boost the economy significantly by adding construction jobs and improving the business environment. The president suggested there was room for bip
tax  inc  congress114  corporation  RepPaulRyan  SenRonWyden  repatriotization 
may 2015 by Kirk510620
Dynamic scoring is a good idea with big problems - Vox
onomist at the conservative American Enterprise Institute, doesn't worry over this too much. "Many critics of dynamic scoring say they oppose it because it would increase the potential for manipulation," he says. "I don’t know that’s a very good argument against it. Someone who wanted to deliberately manipulate the score has so many mechanisms to do it now that I doubt keeping this one mechanism out of their hands will be an effective constraint." I think Viard's rejoinder is right, but it underscores the problem. The trust the CBO and JCT have won is a rare and fragile thing. There's a constant hum of criticism around the work that they do. There are fears, even now, that the models are wrong, the work is politicized, the results are garbage. But CBO and JCT are protected, in part, by being pretty straightforward.
cbo  jct  tax  spending  budget  vox  ezraklein  DynamicScoring 
april 2015 by Kirk510620
Are progressive taxes an artifact of war? - Vox
enty of anecdotal historical evidence for this proposition. The first federal income tax proposal came during the War of 1812, and one was implemented briefly during the Civil War. While the Progressive Era brought a renewed push, and the 16th Amendment and an accompanying income tax law were passed four years before US entry into World War I, it wasn't until the US joined the conflict that the tax's scale expanded to modern levels. "The War Revenue Act of 1917 dramatically raised the stakes for the rich," Londoño Vélez writes, "increasing the top marginal income tax rate from 15 percent to 67 percent, and 77 percent shortly thereafter." World War I also greatly expanded the French income tax; in 1920, to help pay for reconstruction, the top rate grew from 2 percent to 50 percent. But the crux of Londoño Vélez's argument is quantitative. She compiled data on top income tax rates for sixteen rich, developed countries, and pairs it with data on mass mobilizations for war. A mass mobilization, for these purposes, is defined as a point in time in which 2 percent or more of the country's population is in military service. For many countries in the sample, World Wars I and II were the only mass mobilizations. The US had Korea as well, fascist Italy did a mass mobilization amidst the Great Depression in 1935, and South Korea had three mobilizations from 1965 to 1970 (as well as the Korean war). Londoño Vélez found that "no country had high taxes on the rich before the advent of war, with [the] top rate rarely exceeding 10 percent … the Wars created substantial income tax progressivity, with periods of mass war mobilization coinciding with significant rises in the top income tax rate." There is, she concludes, "a strong and statistically significant effect of mass mobilization for war on the top rate." A number of competing explanations, by contrast, seem to not have a significant effect on the top rate, including universal male suffrage, overall affluence, and whether or not the country had a left-leaning government. A
ww1  ww2  tax  vox  europe  war  KoreanWar 
march 2015 by Kirk510620
Examples of Corporate Welfare for Oil and Gas Companies | Taxpayers for Common Sense
the industry's reduced tax rates, Part II of the report evaluates seven tax treatments and accounting gimmicks oil and gas companies use to their advantage.  These range from the nearly century-old intangible drilling cost deduction, which allows companies to write off known equipment expenses as if they are research and development investments; to more recent efforts to evade taxes such as Master Limited Partnerships, which allow entities that are effectively corporations to avoid corporate tax rates by labeling themselves as partnerships. In September 2013, MLPs had a market capitalization of $490 billion, and more than 85 percent of the MLPs were energy and natural resource related. Other tax and accounting provisions include: special percentage depletion allowance, which can be used in some cases to claim tax deductions in excess of investment; deduction for tertiary injectants, which allows companies to deduct some costs immediately instead of capitalizing them and depreciating the cost over the life of the investment; amortization period of geological and geophysical costs, which for smaller companies is reduced to two years; last-in, first-out accounting, which allows companies to assume that the oldest (and presumably cheaper) barrels of oil remain in inventory reducing tax burdens; domestic production activities deduction (Section 199), which allows an additional deduction from the tax rate for manufacturing in the US – roughly one-third of all US corporate activity qualifies for the deduction, including oil and gas production. Read the report to discover how oil and gas companies are misinforming the tax reform dialogue and how the industry has b
TaxpayersForCommonSense  oil  naturalgas  tax  spending  states  federal  local 
november 2014 by Kirk510620
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