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.
A Stimulus That Works: Tax Repatriation
If any of the estimated $1.5 trillion in retained overseas earnings of American companies are returned home, they are taxed at the federal corporate tax rate of 35%, one of the highest in the world, besides taxes paid to the host countries. Repeating the highly successful 2005 tax repatriation allowing these funds to come home subject to a 5.25% rate would bring hundreds of billions in new capital into the America economy.
Taxman Gets His Cut on Actual Price Only
Hotel Tax Legal Maneuver Could Backfire
Reasonable Room Rates, But Unreasonable Taxes
Greedy Tax Collectors Turn To The Courts
Taxing Times for Internet Travel Companies
A Framework For Tax Reform
Our current federal tax system fails to raise the necessary revenue to fund government in an efficient manner, and in a way that accurately prices the cost of government so that voters can make intelligent decisions. The President’s tax reform commission should establish neutrality, visibility, fairness and simplicity as criteria for a reformed tax code that will improve the economy and promote better government.
No Time Like the Present for Tax Reform
Education Tax Credits: Great Idea, But Do It Right
Education tax credits can open doors for parents and children who aren’t satisfied with their government school. But they work best when they’re flexible and free from excessive government regulation. President Bush can promote education freedom through tax policy, using federal tax breaks that reinforce state innovations like scholarship tax credits and tuition write-offs.
No Risky Scheme: Retirement Savings Accounts that are Personal and Safe
One of President Bush’s most controversial campaign proposals was to let workers place a portion of their Social Security payroll tax into a personal account. Can such accounts avoid the risk associated with the stock market? Twenty years ago, three Texas counties opted out of Social Security and they have never lost a dime. These counties provide a real, working model for personal accounts that are as safe as a bank.
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