Would you support the following corporate tax reform?

[Blue3]

I'd rather we get rid of the capital gains tax (the more I understand it, the less sense it makes) and have a corporate tax that's lower than it is, and only on the biggest companies, but with very little to no deductions/credits. While also raising the personal income tax for those with higher income, and getting rid of the highly-regressive payroll tax, with the new personal income tax rates something like: $0-50k/year=0%, $50-150k/year=1%, $150-250k/year=5%, $250-400k/year=40%, $400k+/year=67%.

You realize that under those rates, someone making $450k/yr. would end up with less than someone making $150k/yr?

You know how the income tax brackets work in the US, right?

The entire income isn't taxed at the same level.

If you the brackets are:
 $50-150k/year=1%, $150-250k/year=5%, $250-400k/year=40%, $400k+/year=67%.

Then if one person makes $500k/year... the first 50k wouldn't be taxed, the 150-250k amount would be taxed at 5%, the 250-400k amount would be taxed at 40%, and only whatever income is left would be taxed at 67%. That's the way the tax brackets work now.

[DC Al Fine]

It seems like a complicated tax code with high corporate taxes is actually good for a lot of businesses.  If you're a corporation with great tax evasion department, you have a competitive advantage.  If you're a tax lawyer or an accountant, the complications allow you to add a ton of value to a corporation.  Basically, every major corporate action needs to be strenuously evaluated independently for its tax impact and its tax law compliance.  So, that's a massive industry and those industries will fight any rationalization or improvement of the tax code. 

So, it seems to me that is a great idea.  The more simple the tax code, the more we can focus on actually getting our cut at the most efficient level.  But, it's needs to be paired with laws that anticipate how people will weasel out of the new system.  Ultimately, I think we also need international tax treaties that really go after the super-rich and prevent hiding money and accumulations of huge fortunes by a few people.

What tax laws would you implement? The USA is already far and away the most aggressive in going after foreign income. They also refuse to join the rest of the civilized world by continuing to tax on citizenship instead of residency. Heck, I spent my winter filing 1040's for people who haven't been in America since 'Nam but still owe Uncle Sam his pound of flesh!

[bedstuy]

It seems like a complicated tax code with high corporate taxes is actually good for a lot of businesses.  If you're a corporation with great tax evasion department, you have a competitive advantage.  If you're a tax lawyer or an accountant, the complications allow you to add a ton of value to a corporation.  Basically, every major corporate action needs to be strenuously evaluated independently for its tax impact and its tax law compliance.  So, that's a massive industry and those industries will fight any rationalization or improvement of the tax code. 

So, it seems to me that is a great idea.  The more simple the tax code, the more we can focus on actually getting our cut at the most efficient level.  But, it's needs to be paired with laws that anticipate how people will weasel out of the new system.  Ultimately, I think we also need international tax treaties that really go after the super-rich and prevent hiding money and accumulations of huge fortunes by a few people.

What tax laws would you implement? The USA is already far and away the most aggressive in going after foreign income. They also refuse to join the rest of the civilized world by continuing to tax on citizenship instead of residency. Heck, I spent my winter filing 1040's for people who haven't been in America since 'Nam but still owe Uncle Sam his pound of flesh!

When I say tax treaties, I mean we should invade the Cayman Islands.  Seriously, I just think we have a huge global problem with countries allowing rich people to skip out on taxes.  I'm not an accountant or a tax lawyer so I have no real clue how to fix that problem, but I suspect global solutions are needed.

[politicallefty]

Absolutely, though I would also add a financial transaction tax in order to reach revenue-neutrality (perhaps even reaching net-positive for government revenues to reduce the deficit and debt).

If this sort of reform means that the wealthiest are still paying their fair share, I have no issues. However, it could also mean the repatriation of hundreds of billions of dollars. I'd prefer that money be brought back here and spent in this country to grow our economy.