LA Mayor on US taxes: Corporate too high, capital gains too low -- aim is fair middle ground

Complete video at: http://fora.tv/series/monitor_breakfast

Getting away from partisan bickering, Los Angeles Mayor Antonio Villaraigosa said finding a fair tax system "shouldn't be that difficult" and called for a lower corporate tax rate alongside a higher capital gains rate at a breakfast sponsored by The Christian Science Monitor.

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On Wednesday, January 18, Antonio Villaraigosa, Conference of Mayors President and Mayor of Los Angeles, joined the Monitor Breakfast for a conversation with reporters.

Antonio R. Villaraigosa is the 41st mayor of Los Angeles and has held the office since 2005. During his first term, Villaraigosa built the police force to its largest size in history, oversaw the steepest reduction in crime since the 1950s, and developed LA's first comprehensive anti-gang strategy. Having dedicated much of his first term to reforming LA's public schools, he now oversees the Partnership for LA Schools, which runs ten of the lowest-performing schools.

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[csjbo1990]

@Alexiscom1 The problem with that thinking is that government would have to be smaller than it's EVER been, because part of the way the government raised revenue before the income tax was through tariffs )which was abolished in the early 1900s). If you eliminate the income tax and don't put in other forms of revenue, it would be a disaster.

[lonelytrixter]

I definitely think capital gains in the US is too low. If you were to look at lowering corporate taxes at all, you need to first do a serious overhaul of the tax code and get rid of major loopholes and deductions. When companies like GE are able to pay no effective taxes and get rebates something is seriously wrong with the tax structure. Right now for all the rhetoric about it no one has seriously taken a decent shot at it. Stuff like a flat tax or formerly Cain's BS 999 plan don't count.

[fromhereon]

Everyone's definition of "middle ground" is completely different. This term needs to be abolished when we're talking about relative tax brackets so listeners can be clear. Use ACTUAL numbers! 9-9-9 was a bunch of garbage, but at least Cain used a rational figure so we could understand his position.

[rwcbanzai]

If taxes were based on who benefits from public services provieded, then corporations would be taxed the most!!!!!

[jxaxmxixn]

Every single human being should be taxed a precisely equal amount on their wages - Every single business should be taxed a precisely equal amount based on their earnings. All based on the previous years totals. Somebody write a simple equation with a few variables and let it control itself so the government can concern itself with other issues - how hard is that?

[WillBobBill]

Capital gains are WAY too fucking low

Mitt Romney paid 15% in taxes because most of his income is from capital gains, the same as most rich people. They just make money by sitting on it

[timaustin2000]

I'm with many of the below commentators; a great many multi-billion dollar corporations in America use fancy accounting to pay no tax whatsoever and, in some cases, get rebates. Less get them paying tax in the first place; you'll marvel at how quickly the defecit disappears.

[xinzang]

This guy should go back to selling tacos in Boyle Heights and keep it in his pants. He sounds more like a republican and corporate puppet.

[zime2006]

Tony Vilar is a cretin! 

[JJLatBIM]

Typical Villaragosa going out on the limb: "I think there should be a real discussion and real debate around fixing our tax structure."  "There should be a middle ground." WHEW! Look out there Tony, the limb is gettin' pretty shaky. You're so bold and insightful.