Speaking as a business owner about taxes

  • #51
IMP
28
1
As supreme court justice Oliver Wendell Holmes put it "law...expresses the beliefs and wishes of the dominant force of the community". I would add likewise with taxes. Fair has nothing to do with it beyond a marketing slogan.

But who/where/what is this "dominant force" of the community that wishes the current tax scheme would remain unchanged? I honestly don't know a single person who thinks the current tax scheme is fair, or that it expresses their wishes and beliefs. I admit that I only know a couple of business owners, but they express their extreme dissatisfaction at the current tax rate, and the current tax code (which is insanely complicated).
 
  • #52
246
3
I have not heard the private corporation named "The Federal Reserve Bank" express any unhappiness with the current tax system.
 
  • #53
mheslep
Gold Member
317
728
...
(G - T) = (S - I) + (M - X)

where G is spending set by Congress in budget policy,
G is all government spending, federal, state, and local.

T is tax policy set by Congress
T is all tax revenue collected by all government - income, sales tax on cigarettes, property taxes, etc.
 
Last edited:
  • #54
234
0
State and local government fiscal and tax policies introduce even more variables in the complex relationship between the real economy and financial sector. In New York and New Jersey, there are dozens of quasi-government Authorities who are empowered to contract for debt which is essentially backed by the taxpayers. But unlike the Federal government the states do not have a treasury/Fed system to effect quantitative easing or monetize the debt, hence the cash crunch is worse at a local level in the meltdown.
 

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