something has to be done, and of course that leads to the purpose of the inquiry in the first place, to produce legislation to correct this problem. so your two headlines here, when you say there s something dramatically wrong here, and you highlight how much the former president did or did not pay in federal taxes, did you see any evidence that suggests illegality? you know, that i don t know. to me it s hard for me to imagine that it s legal to be one of the richest people in america, according to his own assertions, and to have all sorts of wealth coming in on a regular basis but never have any income and actually have nothing but net losses. so you know, i m not a tax expert except i see what i see on the page, and i know that there s something not right. it clearly at least points to a situation where there are two tax codes in this country. one for people who go to work every day, and another tax code for the people like donald trump who can hire the professionals to dodge re
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just remind ourselves party of economic competence. let s just remind ourselves how we got here, let s go back to september when kwasi kwarteng, chancellor at the time, unveiled a mini budget. it didn t go to plan, instead it s about economic turmoil because it didn t lay out how £45 billion worth of tax codes were going to be funded. the pound later sank to an all time low to the dollar, the bank of england to intervene. next came the government s u turn on the decision to scrap the highest tax rate, that same week kwasi kwarteng was out of a job, soon after liz truss was also out too. kwasi kwarteng points plan was the largest tax cutting statement in decades, this has now raised it higher to the highest in 30 years. i this has now raised it higher to the highest in 30 years. highest in 30 years. i understand the motivation highest in 30 years. i understand the motivation over highest in 30 years. i understand the motivation over my - highest in 30 years. i understand - the mo
and wealthy shareholders massive stock buybacks and using tax codes to pay next to nothing in taxes. can you respond? windfall taxes tried before in country and didn t achieve the goal desired. it s pretty basic, that if you want more of something, you tend to not tax it. want less of something, put taxes on it. you re saying if you tax our industry it does not incentivize increase taxes on our industry that does not incentivize investment, discourages investment. a simple economic truth. we work around the world and our capital is mobile. a windfall profits tax in one country is likely to move that investment somewhere else. remember, guys? well, i wasn t even born yet. kaitlan definitely not born. in 1980 did a windfall profit tax eight years didn t work. may be different this time. the idea that congress is going to pass that is really
On Monday, the Tax Foundation released their annual International Tax Competitiveness Index for 2022 which found the U.S. holding steady at 22nd among the 38 top economies in the world.