Yahoo - "Peter Schiff: U.S. Should Abolish Corporate and Personal Income Taxes"

[TomCADem]

You have to love the corporate media pushing the narrative that attacking unions somehow helps the middle class. But wait! There's more. Here is Peter Schiff pushing the idea that we can reduce the debt by cutting taxes on corporations and relying on taxes that most heavily impact the poor like a national sales tax or the middle class like abolishing the mortgage tax reduction. It seems ass backwards, but so does bashing on unions as benefitting the middle class! Yet, we have Fox-a-holics complaining about elitist public school teachers who are only in it for the money.

http://finance.yahoo.com/blogs/daily-ticker/peter-schiff-u-abolish-corporate-personal-income-taxes-20110328-074446-749.html

Abolish corporate taxes. "Why tax the corporations on the money they don't spend in salaries and they don't pay in dividends?" he asks. "That money is the money they use to grow their businesses to make capital investments." To this end, Schiff says he's currently working to incorporate his business offshore to avoid onerous U.S. taxes.

Abolish the home mortgage tax deduction. The government shouldn't be subsidizing home purchasing, distorting the market by "artificially reduc(ing) the cost of buying versus renting," he argues. That's an extremely tough sell as the mortgage deduction is undoubtedly one of the most popular deductions.

Create a "flat tax." Tax everyone at the same rate so you do not "punish people for earning more and working harder," he says.

Create a national sales tax. Schiff is a strong believer in taxing consumption rather than income, which he argues has a demotivating effect on the workforce. In fact, he's said in early interviews that he plans to leave Connecticut and move to Florida, where there is no state income tax.

[Old and In the Way]

1. He ought to move to Somalia.

I don't think they pay any taxes there.

[The Magistrate]

2. Actually, Sir, That Falls To Private Enterprise There

Men with guns show up and collect....

"Wealth is disease, Sir, and I am the cure!"

[Ramulux]

3. What world is Schiff living in?

"Create a "flat tax." Tax everyone at the same rate so you do not "punish people for earning more and working harder," he says."


Statements like this make me feel like its fucking hopeless. How do you get people like this to understand that earning more does not constitute working harder, especially since people with higher incomes make that money at the expense of someone else in the company earning less.

[LiberalFighter]

4. And they receive (not necessarily earned) that income because

the government thru taxes creates an environment that makes it possible.

[LiberalFighter]

5. This idiot doesn't realize that when consumers buy goods there are taxes

besides the state sales taxes that everyone pays.

Does he think that the taxes businesses do pay don't become part of the cost of the goods or services sold?