re: Bannon reportedly calls for tax of 44 percent on those earning over 5 million a year

quote:

---

Write offs and deductions basically provide incentive to spend money into the economy, instead of hoarding it.

---

I'm not causing 10 dollars in expenses to write off 4 dollars in taxes.

Yes you can reduce taxable income by including expenses, but I think some of you assume companies are coming out whole when they expense shite. It doesn't work like that, meals aren't magically cost/revenue neutral to companies because they say oh I'll expense it as a business meeting.

Also, yes rich people can form corporations and stuff, but they are still paying Corp tax rate and cap gains rate to see most of that income on a personal level. Partnerships still have to show the expenses are for legit business purposes, they can't just jet to vacation places and expense it.