Thanks to Glenora Wine Cellars for having me out today to talk about tax reform and trade.–Tom Reed
Tom wanted to talk taxes, but the business people assembled at Glenora had other concerns. Nevertheless, he persisted:
John Christensen, writing in The Chronicle-Express, lists Tom’s proposals for “reform.”
- Lowering the tax rate for corporations and capital gains
- Full cost deduction for business machinery and equipment, rather than taking depreciation
- Eliminating the Alternative Minimum Tax
- Separating small business income from wage income for individuals
- Exempting companies from paying taxes on money earned from selling goods overseas.
I note that:
- Many giant corporations (Google, GE) avoid income taxes entirely.
- Capital gains are taxed at a low rate today. How is this fair?
- The proposed deduction for machinery is a stealth tax cut for business.
- The Alternative Minimum Tax supposedly insures that wealthy taxpayers must pay at least a minimum income tax. Repeal would be a gift to the rich and super rich.
- How is it fair to tax wages and business profits differently?
- How is if fair to exclude profits earned overseas from taxable income?
Surprisingly, the business people assembled had more pressing concerns than taxes. How Reed addressed these concerns wasn’t reported.