Ryan is serving the interests of this donors, and those of the Tea Party, rather then the nation. I hope the voters let him go back to the role he loves so much – Ranking Member. Cutting rates should only happen if lower income taxpayers pay nothing and everyone pays Value Added Taxes and Net Business Receipts Taxes (which would be hidden). In the end, wealthier taxpayers should pay MORE so that we can begin to get ahead of Net Interest on the Debt again and maybe start paying it off. The only problem with corporate and non-corporate taxes is that there are two systems. Consumpton taxes would fix that – with and idividual income based income surtax with a single rate. If Klienbard is correct, that could mean money coming home – possibly to a higher tax rate for dividend check recipients. Inversions can also be stopped by doing a VAT – because VAT will tax profit as well as wage income. The real question is whether there should be a tax holiday and whether that should accompany an increase in dividend taxes (and yes, it should). Of course, those take congressional action. Jack Lew can act alone but he can expect an attempted raid on his budget if he does. The studios do not need a subsidy to do work on-site. Their talent pool is mostly there – especially craft workers. Taking California union workers (the ones who know what their doing) to a location is much more expensive than what it would cost them to do away with tax breaks. And face it, if you need the Grand Canyon or Mt. Rushmore in your shot – you simply do it – which is why South Dakota and other places realized no incentive would help them get more play. A lap dancing excise probably needs state sanction. Whether the dancers are paying their state income taxes is not his problem either. Sales taxes on drinks most likely get paid without special attention from the City. As long as there are good bouncers on site, the girls should be safe. I suspect that Bank of America still has enough influence to shed its borrowers from income taxes on loan forgiveness. Sadly, the Fed has not been empowered to arrange the same thing for the rest of us (not the tax benefit – the forgiveness) – which means the recovery will be slower than we need. Tax benefits for asset building are likely inevitable – but I would rather see a tax benefit for a larger family size. On its own, that benefit will make larger families and bigger houses follow on naturally. As for share building – equalizing the employer contribution to Social Security and diverting some of it to buying shares in employer voting stock is the most obvious way to not only build employee assets, but their power – which is more important. I commented on these last week. Poor families often benefit from free school supplies if they go to a Title I school, so these holidays don’t apply to them at all (we picked up ours day). Do they actually encourage hurricane preparedness? Maybe, but a recent hurricane probably does that more acutely – and the best thing to do in those cases is to move people away from the shore. Of course, many shore people are rich and have another home anyway (those that serve them are poor). The rational policy would be to simply condemn most of this property – but the lawyers and lobbyists of rich beach dwellers and vacationers will have nothing of that. This brings us to the real reason we have tax holidays – people give donations to state government to get them. Its most likely a payoff to industry lobbyists. The only way to stop them is publicly funded elections – which rich lobbyists and donors will never allow. - See more at: taxvox.taxpolicycenter.org/2014/08/25/tax-rates-growth-competition-debt/#comment-284210
Posted on: Tue, 26 Aug 2014 03:40:36 +0000
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