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UNITED STATES: POLITICS: POLITICAL PARTIES: REPUBLICAN PARTY, TEA PARTY : INDUSTRIES: PETROLEUM : LIBERTARIANISM : WAR ON MINORITIES : WAR ON THE POOR : TAXES AND TAXATION: TAX CUTS: 5 Tax Myths You'll Hear During Republican Presidential Debate


David P. Dillard
 

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UNITED STATES: POLITICS: POLITICAL PARTIES: REPUBLICAN PARTY, TEA PARTY :

INDUSTRIES: PETROLEUM :

LIBERTARIANISM :


WAR ON MINORITIES :

WAR ON THE POOR :

TAXES AND TAXATION: TAX CUTS:

5 Tax Myths You'll Hear During Republican Presidential Debate

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5 Tax Myths You'll Hear During Republican Presidential Debate

Posted: 08/05/2015 6:52 pm EDT

Updated: 08/06/2015 10:59 am EDT

Frank Clemente

Huffington Post

http://www.huffingtonpost.com/frank-clemente/ five-tax-myths-youll-hear_b_7944370.html

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A shorter URL for the above link:

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http://tinyurl.com/q4hrn8o

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Here are some perennial Tax Myths we can expect to hear in Thursday's debate -- and why you shouldn't believe any of them.

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MYTH #1: The way to create jobs and grow the economy is to cut taxes -- a lot.

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When Republicans talk about cutting taxes on the middle class you may end up with a few extra bucks in your pocket each paycheck, but the real winners are the rich and big corporations. The standard GOP position on tax cuts is to slash the top tax rate on the rich by more than one third and the corporate tax rate by about 30 percent. Millionaires would get an average tax cut of at least $200,000 a year, according to Citizens for Tax Justice.

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The only way they can pay for these gigantic tax cuts is to slash benefits and services for average Americans, cutting into everything from Medicaid and Medicare to child nutrition and education services.

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When it comes to taxes, what really matters to working Americans is seeing that the wealthy and corporations pay their fair share.

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snip

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MYTH #2: The American corporate tax rate is the highest in the world and lowering it would boost our economy.

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The only number that matters when you're talking about tax rates is what is actually paid. While the U.S. corporate tax rate is 35 percent, the effective tax rate paid by U.S. companies on their worldwide income was a meager 13 percent in 2010, according to the Government Accountability Office.

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MYTH #3: Corporations are holding more than $2 trillion in profits offshore because our corporate tax rate is too high, so we should drastically cut the tax rate to entice that money home.

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The reason there are $2.1 trillion in U.S. corporate profits offshore is to avoid paying U.S. taxes on the money. It's a giant tax dodge.

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Corporations can do this because of a loophole called "deferral." It allows them to delay indefinitely paying taxes on their offshore profits as long as they do not bring them back home as dividends paid to shareholders. However, companies can still bring the profits back and invest them in Treasury bonds or even the stock of other companies. In fact, much of the profits offshore are actually invested here.

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snip

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MYTH #4: We need a flat tax to simplify the tax system and make it fairer.

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Americans angry about a rigged tax system are drawn to flat taxes. They assume that if everyone pays the same tax rate, special interests won't be able to bend the tax code to their will.

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But flat taxes are not fair taxes. Despite its loopholes, our current income tax system is still progressive: the higher your income the higher your tax rate.

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snip

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MYTH #5: The IRS has become a rogue agency and needs to be seriously reformed, if not abolished.

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Any staff abuses at the IRS must be addressed (and that process is underway), but hobbling the agency makes no sense.

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The complete article may be read at the URL above.

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