For all of these reasons, Republicans should hold fast to their position that additional, new revenues can and should be obtained only through the economic growth, and closed loopholes, resulting from tax reform, with pro-growth tax rate reductions rather than counterproductive rate increases.
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The growth rate in Hong Kong suggests that a 15% flat tax rate yields the optimal combination of robust private growth and healthy government tax receipts.
Despite inheriting a disastrous economy from the Labour Party in 1979 the top income-tax rate was 98% and public-sector strikes were crippling British industry she managed to increase growth and productivity to such an extent that she could leave office with a top tax rate of 40% and growth rates mirroring those of her beloved America.
The results of the analysis suggest that changes over the past 65 years in the top marginal tax rate and the top capital gains tax rate do not appear correlated with economic growth.
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The Woodhill Curve shows the combinations of tax take and real GDP growth rate that produce the same present value of future Federal revenues.
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The CBO also says that "the major health care legislation enacted in 2010 will reduce the labor supply slightly" and that the likelihood of higher individual tax rate will deter growth.
Unless the government manages to increase tax revenues through growth rather than rate increases, and unless Congress is just willing to raise the bar on borrowing over and over again, it is now a given that the U.S. has some soul searching to do, Euro-style.
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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).
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Most fundamentally, many insist that they do not understand how tax rate cuts promote economic growth.
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If we had a balanced budget today, the right thing to do would be to implement supply-side tax cuts to increase our RGDP growth rate.
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Tax rate cuts promote economic growth and prosperity because they increase the proportion producers can keep of what they produce, which increases incentives for productive activity such as saving, investment, starting businesses, expanding businesses, job creation, entrepreneurship, and work.
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The FairTax, which taxes only consumption, and does not tax savings and investment at all, will produce the highest rate of economic growth of any of the proposed tax reform plans.
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The increase in earnings was due to top line growth and a lower effective tax rate, the company said.
While the shadow tax system of credits and deductions that enrich various business interests is far from equitable, it does offer protection to the private sector from the high corporate tax rate and other anti-growth policies.
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Reducing the corporate tax rate would amplify the pro-growth effects of lower personal income tax rates.
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This is insane if the goal is GDP growth, because economic growth is most sensitive to the tax rate on corporate income.
There is no clear correlation between economic growth since the 1970s and top tax-rate cuts across Organization for Economic Cooperation and Development countries.
Tax rate cuts are inherently pro-growth because they increase incentives for productive activities, by enabling producers to keep a higher percentage of what they produce.
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The claim there was that transferring 1% of the tax base to Holyrood would drive up the growth rate by 1.3% per year for five years.
The only way to balance the budget is with tax rate cuts, promoting booming economic growth, and restrained spending growth, enabling surging revenues from the growth to zoom past the spending.
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Do you think protectionism would be necessary if America did pro-growth reforms such as a lower corporate tax rate, less wasteful spending, and reduced red tape?
After Ireland cut its corporate income tax rate from 50% to 12.5% in 1995, its economy averaged a real economic growth rate of 7.4% during the ensuing 10 years.
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It could also afford huge tax cuts in order to achieve this rate of economic growth.
Today, the President extols the virtues of tax hikes as growth creeps along at a long-term rate of 1.5%.
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With the improved economy the government intends to lower the income tax rate in 2015, which should further boost growth.
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Unfortunately, even talking about balancing the budget makes it harder to enact the tax rate cuts that are needed to promote economic growth.
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Their study, published by the prestigious American Economic Review, focused on tax changes meant to either increase the rate of economic growth (not simply offset a recession) or to reduce the budget deficit.
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But Apollo has two other strikes against it: It relies heavily on stock options to compensate employees, and it enjoyed a reduction in its tax rate in 2001, a source of earnings growth that is unlikely to last forever.
The closest it could come was by borrowing a calculation of a similar move for Northern Ireland, suggesting that a cut to the Irish Republic's corporation tax rate of 12.5% would raise growth rates in the province by 1% each year, and create 58, 000 jobs by 2030.
This was 70% lower than the growth rate during the 9 months prior to the tax hikes.
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