So Barack Obama can promise tax cuts by "the closure of corporate tax loopholes and tax havens."
He's right: he can.
So why can't anyone politician in the UK promise the same thing?
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Richard,
A tax question related individuals in the US. It appears that approximately 40 to 50% of wage earners pay no income tax in the US. If an individual pays 0% in income tax, how can they have a tax cut?
This question of course does not get into the matter of these individuals not paying their “fair share” as equal members of “society”.
Georges
I guess you haven’t heard of other taxes?
Richard
Richard,
Are you speaking about “payroll” (Social Security and Medicare) taxes?
I understood those to be inter-generational “social-contract” taxes. Are you suggesting that some taxpayers are allowed to opt out of their “social” obligations?
Would less payment today by some individuals into these inter-generational “social-contracts” result in the very same individuals receiving less once they start collecting on the other end of the whole process?
Georges
I see no reason why a social contract tax need not have 0% and negative rates. I do not believe they have upper limits at which contributions are capped either.
Sales taxes can be refunded.
Income taxes can have negative rates.
You are clearly lacking imagination in the capacity of the tax system to delver real redistribution.
Richard
“Income taxes can have negative rates.”
Excellent! Milton Friedman’s negative income tax proposal.
I will admit though, never took you for a classical liberal Richard.
Richard
Just a small point on your question “why can’t anyone politician in Britain promise the same?”
You may remember I did.
Best wishes and keep up this excellent work.
John
McDonnell MP