For the most productive members of society, our progressive tax rate removes the incentive for investment.
If multinationals are guaranteed a lower tax rate from the progressive, statutory corporate income tax rate of 35% in exchange for closing tax credits, then small businesses that have enough revenue will either rush to incorporate to get the same benefit now that their tax credits have been removed, or jam their congressional leaders phone lines asking for the same cut to the statutory rate.
The result: The progressive rate structure of the federal income tax means income splitting combined with individual filing can only create marriage bonuses.
Mrs Williams said that if Wales were to be given income tax varying powers, the Welsh Liberal Democrats would want to lower the basic income tax rate to make the tax system fairer and continue Lloyd George's progressive and Liberal principles.
It gave top-tier earning expatriates the ability to avoid the standard progressive income tax of up to 43% and instead pay a flat tax rate of 24% on income earned in-country.
Lower Taxes, Fewer Deductions: Are Romney and Ryan Dodging the Specifics? and Fact-checking Romney-Ryan: Does the math add up? and A Progressive Tax Code is Economically Destructive Lowering, not raise, the top marginal rate is the right direction.
The progressive nature of the new system, which abolishes the current "slab rate" tax brackets, was praised by parties across the Holyrood chamber.
With a sales tax, one year of extraordinary spending would at least be taxed at a flat rather than a progressive rate.
No Republican, not even Ron Paul, is going beyond the status quo to insist that top marginal tax rates must be cut by at least a third (ideally scrapping the current income-tax system altogether and replacing it with a pro-growth, low-single-rate tax system that does not punish saving, investing and entrepreneurial risk-taking as the current progressive income tax does).
FORBES: Memo To The President: We Can't Tax, Spend And Print Our Way To Prosperity
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