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April 7, 2016 | The Solution to Tax Cheats is Simple

Mike 'Mish' Shedlock

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.

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Archives April 7th, 2016

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3 Comments

  • Avatar Ben says:

    I’d like to know how Mr. Shedlock or anyone else for that matter figures the U.S. or any other nation can fund its budget by eliminating corporate taxes. Are we gonna run more lotteries or put up charity calendars for sale?

    If we had an international agreement standardizing taxation around the world that was religiously enforced, then governments would have some degree of stability for funding the services which their citizens voted for or otherwise want the government to provide.

    There’s the old saying, those with great power have great responsibility. Well, if you’re a rich person or multinational you should bear that responsibility of providing for the majority, but being the rapacious pieces of crap that they are, that won’t happen. But, if governments want to borrow from these same entities, NO PROBLEM.

    Instead we have this race to the bottom just like with interest rates where nations try to lower taxes to attract business which forces the other nations to follow suit or force unduly high taxes on the rest of its citizens or forces nations to borrow into oblivion or do without services they are otherwise mandated to provide.

    In case Mr. Shedlock et al aren’t aware, the U.S. had taxation rates much higher than this in decades past and it didn’t hurt businesses one iota. Capitalism didn’t collapse and the U.S. was the biggest creditor nation and the most economically equitable nation on the face of the Earth. Now, with taxation systematically lowered and the rules changed and with globalization, the situation is completely reversed.

    The wealthy should serve governments and the public at large, not the other way around. If they can’t afford to pay the tax rates they should be paying, open your books and prove it, otherwise shut up and pay them like they used to do.

    Ben

    • Avatar BrutlStrudl says:

      ” If we had an international agreement standardizing taxation around the world that was religiously enforced” My guess is your going to get what you wished for. Good and hard.

    • Avatar Fred Roberts says:

      The US survived perfectly well without any income tax for well over a century afaik. In fact didnt the supreme court rule an income tax to be illegal a number of times ?

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