Laurence Copeland has a valid point in the assertion that Banks are too big, and I feel justified in support of his findings. I simply do not agree with his policy. Any division of Banks cannot be based upon any regulatory system; never efficient, and always employed post-disaster. Laurence complains about only banks, but I take issue with the entirety of the Internationals. Whether We are in a discussion of Policy, Taxation, or Pollution, all Internationals evade whatever Restrictions which cost Money through travel; which all such regulation does cost. I would advocate the proper usage of Taxation, this means graduated Business taxes based upon Income; the concept of Kind–sole proprietorship, Partnership, or Corporation–being totally unnecessary or desirable. The Grade levels should be sharp, with real impact against excessively large Incomes.
The Readers will automatically assume desire for what percentage rates I deem effective under such a system of Taxation. I would first state that only normal Expense Accounting should be utilized in the establishment of Net Income, without favoritism Tax breaks for specific activities or responsibilities. One has to employ universal application in order to achieve a universal tax system. This said, and without further ado about nothing, I will suggest acceptable tax rates for a graduated Business tax system:
Zero–$10 million 12%
$10 million–$100 million 22%
$100 million–$1 billion 32%
$1 billion–$10 billion 42%
$10 billion–Up 52%
Employee, Management, and Stockholder of Enterprise will quickly come to understand the suppression of Size, especially when the Tax law stipulates that Net Income for taxation must be ascertained and Tax paid, before Bonuses or Dividends can be awarded. A singular, universal Tax Credit for Investment which will not exceed more than $1 million will be granted to Businesses making less than $100 million per year. Competition between nations on Tax rates will be minimized by Treaty arrangement, and by refusal of Product sales to Businesses which do not pay such tax on such Sales within this Country. Many in the economic profession will laugh at my program, but I can assure it is a serious proposition which must someday be introduced; all simply to forestall such Crises as We have seen since 1950. lgl