Taxes directly affect Americans by compelling them to surrender part of their income to the government, and indirectly since the taxing power can positively or negatively affect economic growth.
In the U.S., our tax regimes are in serious need for reform, both at the state and federal level. Our tax code fails to sufficiently incentivize investment, the primary driver of economic growth. And it hobbles U.S. companies as they compete internationally.
IPI believes that the purpose of taxes is to raise the revenue necessary to fund the legitimate functions of government while imposing the least possible impact upon the functioning of the economy. We therefore believe that taxes should be simple, transparent, neutral, territorial and competitive.
Because of its tremendous potential to stimulate real long-term economic growth, tax reform should be a top priority of policymakers.
Everything Is Seemingly Spinning Out of Control
In FY2020, federal revenues were $3.42 trillion, but federal spending was $6.5 trillion. In other words, the federal government spent almost TWICE what it took in. That’s not sustainable.
Right on Cue, Here Come the New Taxes
Blowout Democratic spending is the prerequisite for claiming the country MUST raise taxes on the rich.
Obama Tried to Tax the Rich, Biden Tries to Make Them Richer
While Democrats complain the pandemic has disproportionality hurt the poor, Biden's stimulus plan makes the rich just a little richer.
So Much for Joe Biden, Moderate
President Biden wasted no time releasing a flurry of executive orders and legislative proposals. Some of them may be helpful in addressing the economic challenges imposed by the coronavirus pandemic. But others would almost certainly “cancel” his effort to create jobs, grow the economy and promote equity.
How Much Is a $15 Minimum Wage Worth? It Depends on Where You Live
The biggest problem with a federal minimum wage is that the cost of living varies widely from state-to-state, and between cities and rural areas.
Who Wants to Cut Taxes for the Rich? Democrats!
Republicans are supposed to be the party that is always cutting taxes for the wealthy, but in promising to eliminate the cap on the deductibility of state and local taxes (SALT), this time it’s Democrats promising a tax cut for the rich.
Biden Should Retain These Trump Policies to Keep America Great in 2021
There are at least four Trump initiatives that Biden should retain, which would help the country, both domestically and internationally.
Even in Blue States, Voters Chose Economic Liberty
Voters across America voted to protect their economic liberty, to reject tax increases, and to reject limits on worker flexibility and freedom.
Joe Biden Cannot Keep His Tax Promises
Joe Biden's promises about future taxation are impossible to fulfill because they are contradictory.
Blue States Should Set Their Own Houses in Order
Provide direct relief to households and businesses harmed by the pandemic, but don’t bail out profligate, high-spending states.
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