I think it's worth remembering that before a person decides to make changes to a complex system, that person needs to be damn sure they don't make it worse, which is far more likely than it isn't.
As @wolfhnd mentions, whatever you decide to do, people will inevitably expend enormous energies to find weaknesses in any given system; the law of unintended consequences applies equally to all endeavors.
The most fair form of taxation is consumption tax, taxes on goods and services at the point of consumption. It ought to be scaled so that necessities are taxed least and luxuries taxed most. That way the poor are not overburdened with taxation and the rich "pay their fair share." Income tax discourages savings and investment, both engines of growth. Tariffs and other excise taxes artificially raise prices on imported goods and disincentivize native business to become competitive with outside corporations. This is not just a national sales tax, it would cover all forms of consumption.
ALL taxes are ultimately paid by the consumer, so all of the taxes listed above come out of your’s and my pockets at some, if not multiple points, just fancy names, smoke and mirrors to make us feel good about it. No corporation or business of any kind actually pay taxes, they collect them. Payroll, commodity, services, etc, are added to the overhead column and thereby added to the consumer price tag, the same as excise taxes, then you also pay a sales tax. Estate and gift taxes are paid before hand as income and then after the fact, as income. As a gainfully employed person, I am not particularly adverse to pay some taxes. As a US citizen, I believe it is my duty and honor to pay some taxes. However, I do not approve of how said tax payments are being used or allocated on the whole, lots of waste.
Leave it the way it is a society will evolve to the environment. You go messing with it and you have no idea what the consequences will be. That doesn't mean not closing loopholes and other ways people cheat on the system.
We have way to many cheater at every social economic level. Whatever system you adopt people will find a way to cheat.
If you are going to go monkeying around with things I don't see much point to taxing cooperations who can just pass on the tax. If you are someone who instinctively dislikes cooperations them sure you can manipulate the social structure by varying taxes but looking back at most social engineering the unintended consequences exceed the intended consequences. You are talking about something so complicated nobody understands it.
I’m a fan of taxing the shit out of businesses either hiding assets overseas or having manufacturing done overseas and then bringing their products back home to sell.
Want to kill jobs and reduce your tax base? Allow someone to have a sweatshop making their products at 60 cents/hour to be shipped 11,000 miles into a Walmart or wherever rather than having the jobs here, the products made here, and the money remain here.
Doesn't really matter does it? I mean whatever the "source" of the money it gets passed along to the consumer in the form of increased costs of living. right? John Q Public foots the bill no matter how you structure in IMHO...but if I am wrong about that let me know please.
Fair Tax. The idea that anyone else has money except consumers is pure fiction. Government only takes from consumers. Business must pass on every single expense to consumers in their prices, as must corporations. Estate and gift taxes are redundant taxes that the government justifies to collect more goodies to make themselves look good for greater power.
Sales tax is the only fair tax, as the more you spend, the greater the number at exactly the same percentage rate. So it is automatically a progressive tax, without loopholes.
It might drive away those very wealthy individuals who would lose their loopholes and finally have to pay a lot of taxes, but those loyal to the country would stay.
Those who would rip the Constitution to shreds would leave. Good riddance. They never paid any taxes anyway and snubbed their noses at US antitrust laws. They have homes everywhere, and I would be delighted if they took their delusional self-importance elsewhere.
I’m guessing that US sales tax is collected at the state level, so it isn’t included here. In Canada it’s collected at the federal and provincial level, and the Goods & Services tax (GST) funds a very substantial chunk of national revenue - close to 12%. The GST plus provincial tax is a pain at the cash register, with Canadians paying around 15% on purchases depending on jurisdiction. But it’s targeted to the biggest spenders, so it’s fair, and lower income people receive quarterly rebate cheques.
I also wonder about US payroll “tax”, which sounds way out of line at 35%. The Canadian chart shows at 6.7% which is the premium deduced from pay cheques for employment insurance.
Income tax in Canada provides over 50% of federal revenues, and the corporate tax rate, is now much higher under our leftist government.
I see no reason why corporations should get tax breaks to the extent that they do. That wold be my number one choice.
In my view, the corporate and income taxes would be flipped: 48% coming from corporations (i.e., not people) and 8% coming from income (i.e., people).
I support an appropriate tax strategy, an excellent system which generally ensures contributions are based on income and wealth for the benefit of all. Of course the balance of how much is raised, type and how it is spent is always arguable. What I do think is essential is for demonstration of integrity within the system. At present the super rich and the richer and larger companies have a distinct advantage as employ lawyers and accountants who actively hide and move profit around the world to escape tax. As they are generally also powerful and influential politicians avoid confronting them (Taxing the rich is a subject always neatly avoided at Davos) These should be actively and visibly targeted. It remains obscene that some have extreme wealth whilst others starve. Most of us will willingly contribute if the money is spent wisely for the greater good but require fairness.