My tax suggestion which will never happen.
Reader comment on: Bloomberg on the Budget Deal
Submitted by Lyle (United States), Aug 3, 2011 00:00
1 repeal the corporate income tax as to much money is spent trying to avoid it. 2 Then raise the rate on capital gains and dividends to regular rates. 3 Impose a vat to make up the difference. (Note that the corp tax yields less and less revenue over time and is easier to evade). 4 Provide one more penalty if one wants to expatriate oneself from the US (The only way to beat the personal income tax) a permanent bar to re-entry under every and all circumstances including medical. Note that as long as one remains a us citizen one is supposed to file personal income tax. Of course the question is what other countries would extradite you for tax evasion, although one could provide that if you have not filed, when you renew your passport it is a one way passport back to the us only.
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The Future of Capitalism replies:
Probably don't need a VAT as the dividend and cap gains increases would probably more than cover the lost corp. tax revenue.
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