Basic Position: Depends on who pays them and what they pay for.
Overview: I believe many of the dollars you pay in federal taxes are misspent. Here I will talk about my policy on who should pay taxes.
Unlike the Mike Thompson/Bush team, I think the rich should pay taxes. The recent elimination/reductions of the three principal ways the rich get their millions and billions, Inheritance, Capital Gains, and Dividends, means almost the entire federal tax burden is to be paid by those who get salaries or hourly wages. I also favor taxes on imported items (customs taxes) as a method of raising money.
The Social Security tax should be paid on all income, not just on income from wages. Adopting this policy would immediately secure the futures of our Senior Citizens. In fact, by placing the social security tax on capital gains and dividends, as well as on high CEO salaries and benefits, we would generate so much money it would be possible to lower the overall rate. That would mean less money taken out of your paychecks.
The Inheritance (Estate) tax should be restored. It had an exemption of about $2,000,000 before it was repealed. Getting $2,000,000 tax free should be enough for anyone.
The Capital Gains tax rate should reflect the income tax rate. I'm for keeping the current exemption on capital gains from sale of one's residence. Dividends should be taxed like ordinary income.
Corporations should pay taxes on their profits, without loopholes or faulty accounting practices to lower their reported profits.
The income tax should remain progressive, with people making less than a living wage owing nothing, and people making over $100,000.00 per year paying at a substantial rate. Stop your unpatriotic whining, you lucky high-income Americans.
Customs taxes on imports need to be restored. This would be a sizable source of income for the federal government that would be paid by foreign business interests. It would also help protect American workers and businesses from unfair competition.