Dividends should be taxed at salary rates after this.
Capital gains should be taxed at no more than 50% marginal rates (as they are generated with after tax income).
In the short term some incentives to reshore manufacturing etc could be instituted as well.
Loopholes that create capital gains out of regular income etc should be closed.
Top personal marginal tax rates (state + federal should not exceed 40% - and that maximum rate should only apply at a high, indexed to inflation level). The tax rate for the average salary should be about 30-33%.
Everyone should pay some tax - A slow increase in the tax rate to say 5-10%, coupled with an increase in mimimum wage etc could accomplish this (this would allow everyone to have something at risk in terms of government spending etc). Loss in business income would be offset by the now 0% corporate tax rate.
Death tax should be eliminated
Some good ideas in here, but also ideas that tend to favor the wealthiest individuals. Corporate taxes at 0% is a very extreme position. Most other countries tax their corporations, but I accept the argument that maybe the U.S. should tax less to be competitive. I think some of the tax burden should be shared between corporations and shareholders. If dividend taxes should go up, then corporate taxes should go down by the same amount. If the corporations pay less, then subsidies on other corporations should go down by the same amount.
When the tax burden shifts, behaviors will change. What encourages the right behaviors (such as keeping investments within the U.S.) and which encourages the bad ones (i.e. moving investments offshore)?
At the end of the day, the government still needs to bring in enough revenue to operate, or else it results in deficit spending. Austerity won't get more than half way in closing the deficit.
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