[IWE] Galbraith's OpEd on what should be done about the Bailout.

[D. Scott Katzer]

Hey Bill,

Bill Patient wrote:
> That does not change my position that I think corporate taxes are too high,
> that our personal income tax scheme is brain dead, or regulatory environment
> governing manufacturing forces jobs out of the country and that, in general,
> having Washington politicians try and solve our problems is, more often than
> not, a bad idea.

I think Obama had a good counter to McCain's comment about corporate tax 
rates - The effective rate is among the lowest in the world due to all 
of the loopholes and exclusions.  Do you disagree?

(IIRC, you do, and you referenced Ireland.)

Ireland's personal tax rates don't seem all that low to me:
http://www.irishlinks.co.uk/income-tax-ireland.htm

Oh, and the total tax burden as a percentage of GDP is higher in Ireland 
than in the USA.  (Scroll down to Table A):
http://www.finfacts.com/irelandbusinessnews/publish/article_1011514.shtml

For 2006 - USA 28.2%, Ireland 31.7%

(It's not clear to me whether that figure somehow includes state and 
local taxes or not, but presumably they're treated the same in all the 
countries.)

Three quick questions:

1) What do you think a fair Federal tax system would be?
2) Recognizing the House's Constitutional responsibility to raise 
revenue and write the tax laws, How long do you think such a system 
would last?
3) How likely do you think it would be that your proposal would be enacted?

Thanks.

Cheers,
Scott.