In this 1968 interview, Milton Friedman explained the negative Income Tax, a proposal that at minimum would save taxpayers the 72 percent of our current welfare budget spent on administration. http://www.LibertyPen.com
Source: Firing Line with William F Buckley Jr.
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Raising taxes on U.S. corporations that do business abroad – as some in Washington, D.C. have suggested – won’t protect American jobs. In a global marketplace, companies need to be able to compete wherever their customers are. Successful U.S. companies end up expanding payrolls both at home and abroad.
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Corporations are not monoliths — they are made up of individuals, including workers and non-wealthy shareholders. So are corporations distinct from the people that comprise them? When corporations are taxed, who pays the tax? Economics professor Steven Horwitz shows why a tax on corporations is not the equivalent of a tax on the wealthy. Instead, workers and consumers will pay these taxes. A tax on a corporation is also a tax on the workers who work at the corporation, the consumers who buy from the corporation, and the shareholders who own the corporation as part of their retirement fund.
It’s official. After eight years of having the second-highest Corporate Tax rate among industrialized countries, the United States has now assumed the top spot following Japan’s scheduled corporate rate cut on April 1, 2012.
Based on some ideas expressed by Milton Friedman, the negative Income Tax is a compromise of sorts. It allows a small amount of government assistance in exchange for the elimination of the welfare state. It achieves the goals of those who advocate a safety net by effectively setting an income floor, while not sacrificing an incentive to work, invest, save, and prosper.