Representative David Jolly (R-Fla.) has proposed an “Alternative Maximum Tax” limiting any non-corporate taxpayer’s total tax payment — including federal, state, and local taxes — to 50 percent of adjusted gross income. But why not establish a 5 percent “Alternative Maximum Tax,” until such time as the income tax is abolished entirely?
When comparing Texas and California to decide where to locate a company or family, in just about every category the advantage goes to Texas.
One of the largest "tax inversion" deals was announced earlier this week, reflecting continued disgust with U.S. corporate tax rates, the highest in the world.
The GM bailout debacle cost taxpayers far more than $11 billion, as was reported by the Detroit Free Press.