Re: Should we rethink income tax?
I could claim the current progressive income tax system in the U.S. is "fair" if we talk
about following what is just and helping to balance the economies of the individual.
However, I feel that (if we must tax income at all) a flat tax would be more 'fair'. Then,
rich people would still pay more taxes than poor people, yet the percentage of taxes would
be the same for all. Therefore, the rich could actually pay less than they are paying in the
current system. We could keep the minimum at which one must start to pay taxes, so the
poorest people would not have to pay any taxes. They would not be affected in this type of
flat tax system.
I also believe there should be a flat tax for corporations, without write-offs for
investment in things (vehicles, buildings, etc.). The only write offs should be in labor and
cost of actual goods sold (not storing, transporting, advertising the goods). With a
write-off for labor, corporations would be encouraged to invest in people rather than
things. With writing off only cost of goods sold, without the other superlatives, businesses
would be encouraged to operate efficiently and keep operating costs low.
As far as a national sales tax replacing income tax, I do not think it's a good idea. No
matter how much money you make, you probably have the same needs and wants as most other people. Therefore, both poor and rich people would theoretically buy the same things. Yet, the poorest people would be paying a higher percentage (of their income) overall in a
national sales tax system.
A novel approach to government revenue that could eventually lower the necessity for taxes
is the development of Corporate Government Enterprises (CGEs). The theory behind this is
that government could actually compete with corporations by running certain businesses. If
these are successful, the government could earn enough from these ventures to pay for other government programs and perhaps lower taxes simultaneously. This idea helps government turn a profit, without the American people having to pay to fund government through taxation.
Instead of the government subsidizing pharmaceutical companies, why don't they run and
manage a government pharmaceutical company with that subsidy money. This would not be taking over any company in the current capitalistic system, but would add a totally new dimension to both the government and corporate realms. This hybrid capitalism may be just the economic stimulus our country is looking for. People may be inclined to shop at these CGEs, as a matter of patriotism and national pride. This would definitely rethink the tax system and reshape our government.
The way that you think about stress can actually transform the effect that it has on you – and others.
- Stress is contagious, and the higher up in an organization you are the more your stress will be noticed and felt by others.
- Kelly McGonigal teaches "Reset your mindset to reduce stress" for Big Think Edge.
- Subscribe to Big Think Edge before we launch on March 30 to get 20% off monthly and annual memberships.
Three scientists publish paper proving that not Venus but Mercury is the closest planet to Earth
- Earth is the third planet from the Sun, so our closest neighbour must be planet two of four, right?
- Wrong! Neither Venus nor Mars is the right answer.
- Three scientists ran the numbers. In this YouTube video, one of them explains why our nearest neighbour is... Mercury!
The blood of horseshoe crabs is harvested on a massive scale in order to retrieve a cell critical to medical research. However, recent innovations might make this practice obsolete.
- Horseshoe crabs' blue blood is so valuable that a quart of it can be sold for $15,000.
- This is because it contains a molecule that is crucial to the medical research community.
- Today, however, new innovations have resulted in a synthetic substitute that may end the practice of farming horseshoe crabs for their blood.
The distance between the American dream and reality is expressed best through literature.
- Literature expands our ability to feel empathy and inspires compassion.
- These ten novels tackle some facet of the American experience.
- The list includes a fictional retelling of the first Native American to graduate from Harvard and hiding out in inner city Newark.
SMARTER FASTER trademarks owned by The Big Think, Inc. All rights reserved.