December 6, 2010

The Real Focus for Progressive, Fair Taxation

Lies not in increasing tax rates per se. Even existing tax rates serve well enough.

The Real issue is the plethora of deductions to taxable income, special treatment of income derived via stockmarket activity, and fraudulent deductions allowed when an individual performs professional work incorporating himself – he is able to "expense" his car, gas, down to toilet paper and gifts to wife against his professional income, paying one, single tax on this "net" (sic) income, as such corps are treated as an extension of the individual.
Besides, there is huge potential in levying a financial transaction tax and hauling additional money for essential public reinvestments.
Tax rates is the less fruitful focus for restoring true, progressive taxation to pay for essential public goods.
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