Quote:
Originally Posted by burn_this_city
The tax rate may be higher in the US, but there are so many loopholes that companies like Exxon paid 0 taxes last year. A year before they managed 15+ billion in profits while getting a 100+ million dollar refund from the IRS.
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Thats a good point.
Actually one of the things that I dislike about the Liberal platform is proliferation of tax credits. It would be better to just say here's the tax rate for everyone and leave it alone. Instead all of these tax credits are almost worthless ($85/year when you do the math sort of things) that are hard to remove in the future and accomplish almost nothing aside from getting the support of the group that gets to use the credit.
You can't remove them down the road because you'll have the other parties saying "what are you against ABC group for?" That being said they are plainly inefficient; allowing someone to claim $500 and giving them 17% of that figure is just adding to the ever increasing amount of stuff you need to file your taxes. They could have the same impact if they were to increase the basic exemption (although it would be for everyone, not only that special segment) or just cut the tax rate by that miniscule 0.0025% (or whatever it actually works out to.
Anyway....that and a few other issues goes along way to explaining why I'm still undecided here.