Tuesday, February 13, 2007
Capitalism and Freedom: Tenth Entry: 35 minutes later
Author: Milton Friedman
Book: Capitalism and Freedom
ISBN: 0226264211
Genre: Nonfiction: Politics and Economics
Date: 1962, 1982, 2002
Pages: 202
Page on: 176
Time spent reading (so far): 322 minutes.
Tax: There should be a new tax system. Flat rate (23.5%) on ALL income above a certain level. ALL Income = broader definition of income (stock/capital/salary/inheritance/etc.). Corporate Tax eliminated (at least for corporation). All income for that year pushed down to stock holders - Dividends (included on stock holders tax returns as income) AND per share percentage of retained earnings (i.e, corporation gives out $5 dollars per share (dividend), and retains $50 dollars per share (retained earnings) - reported to stock holder, stock holder puts on tax return $55 per share as income, though only has $5 per share in actual money).
Book: Capitalism and Freedom
ISBN: 0226264211
Genre: Nonfiction: Politics and Economics
Date: 1962, 1982, 2002
Pages: 202
Page on: 176
Time spent reading (so far): 322 minutes.
Tax: There should be a new tax system. Flat rate (23.5%) on ALL income above a certain level. ALL Income = broader definition of income (stock/capital/salary/inheritance/etc.). Corporate Tax eliminated (at least for corporation). All income for that year pushed down to stock holders - Dividends (included on stock holders tax returns as income) AND per share percentage of retained earnings (i.e, corporation gives out $5 dollars per share (dividend), and retains $50 dollars per share (retained earnings) - reported to stock holder, stock holder puts on tax return $55 per share as income, though only has $5 per share in actual money).
