Liberal Free Chat Zone

[LG]

hang ten:

"But many bankers, including Dimon, are chafing at having to carry the loads of other companies that received money under the Troubled Asset Relief Program, including not only GM and Chrysler but also smaller banks and mortgage giants Freddie Mac and Fannie Mae, all of which are exempt from the tax."

While I think levying a tax on the country's largest financial institutions to make up for those companies that received TARP money and most likely will never be able to pay it back is wrong, I can only chuckle to myself.

Frankly I don't believe businesses should be taxed, as business taxes for the most part are paid for by the consumer as the taxes are passed on.

Businesses have enjoyed a flat tax system in the US coupled with deductions and exemptions, with a big chuckle I say welcome to the world or tiered income taxation, something that individuals have had to endure since all the way back to the first income tax rates in 1913. While the income tax rates were tiered even at the beginning, at least back then everyone that had earnings had to contribute unlike today where close to forty percent of those with earnings, pay nothing and in many cases have a net positive gain given the many wealth redistribution charity programs. Whoops, I should have said "entitlement" programs...sigh! I say if you live in the US, you should help pay its bills no matter your income.

Scroll all the way down to see the 1913 rates...

http://www.taxfoundation.org/publications/show/151.html