Higher Taxes-Bad for the Economy, Bad for Business

• The U.S. Government seems to think they can solve our debt problem by creating more debt. Monetizing government debt is what third world countries do. Today in Zimbabwe, for example, the government has printed so much money that the smallest denomination bill you can own is $1 billion – enough to buy a single loaf of bread!
• There is convincing empirical evidence that the rate of inflation is directly tied to the growth in Money Supply. In other words you cannot simply turn on the allegorical printing presses to create “vapor paper” without ominous consequences.
• If dollars were as available as sand on the beach, how valuable would they be? The more you have of something the less it is worth. Nothing too complicated about this. A devalued currency reduces your buying power as inflation soars. It is a form of stealing from you.
• The last thing an uncertain U.S. economy needs is a large tax increase. For businesses, especially small and medium size, a tax increase in this economy could push many companies into bankruptcy.
• It does not matter if our taxes were quadrupled; there is not enough money in America to bring redemption to the multitude of social problems inflicting our world. The solution is an expanding tax base. Consider this. Nearly half of our states when combining federal and state income taxes already lead the world in the highest corporate tax rates of any industrialized country. If Iowa, Pennsylvania and Minnesota were countries they would be the top three highest taxed in the world. Massachusetts, Alaska and New Jersey would be four, five and six.
• If you had to put your finger on the best way to expand America’s tax base, it would start with reversing our trade deficit. Our trade deficit is once again tracking to exceed $800 billion. It is widely believed that market barriers, manipulations and distortions cost the United States $500 billion annually. I personally believe it is much more.
• The corporate taxes paid on these lost sales assuming a 12% pre-tax income and a 40% federal and state combined tax rate would be $24 billion per year. The U.S. may have a lost a step or two as the world’s leading economic power, but when it comes to taxing our corporations until they flee our shores and taxing the rich until there are rich no more, America is clearly at the front of the line.

Sep 4, 2010 GOP Lt. Gov. candidate (The Daily Review (Towanda, Pa.)) Republican candidate for Pennsylvania lieutenant governor James Cawley re-emphasized his running mate Tom Corbett's stand against imposing a severance tax on gas drilling industries who have been tapping into the Marcellus Shale. Cawley, a Bucks County Commissioner, was at the Bradford County...    more...  

Sep 4, 2010 EDITORIAL (Lewiston Morning Tribune) In fact, key state senators such as budget committee co-chairman Dean Cameron, R-Rupert, repudiated the House Republican leadership. More teachers are taking more unpaid furlough days -- as many as 15 in some districts -- than they would have otherwise. In the first month of the new fiscal year,...    more...  

Sep 4, 2010 Ballot Watch (The Sacramento Bee) Gray Davis lowered it, and then raised it when the economy soured. Arnold Schwarzenegger lowered the so called "car tax" after making it an issue in the 2003 recall, but agreed to raise it temporarily last year as part of the budget solution.    more...  

Sep 4, 2010 Democrats say new tax plan would cut Cailfornia deficit without raising taxes (The Sacramento Bee) Democrats originally proposed a 1.65 percent rate. But the Legislative Analyst's Office and other reviewers concluded that the plan would have cost middle-class taxpayers more in fiscal 2011-12. But the same filer would, on average, receive a $112 federal deduction and a $524 reduction in sales...    more...  

Sep 4, 2010 Corn dogs ... and taxes (Pioneer Press) This is not the answer for Minnesota." Horner denied that he would tax those sales and services. Paul." (It's "blatantly untrue" the state aid is paying for sidewalk poetry, said Bob Hume, St. The sidewalk poetry is funded by Public Art St.    more...  

Sep 4, 2010 Chrysler deal aids budget process (Kokomo Tribune) ...-- KOKOMO -- The settlement with Chrysler over the assessed value of personal property taxes has changed the area financial landscape as local taxing units finalize the 2011 budgets. Even with the agreement with Chrysler, property taxes in Howard County will increase next year, but not as...    more...  

Sep 4, 2010 Dent, Callahan launch first TV ads (The Morning Call) Right?" Callahan tells municipal officials on the video. "We all recognize that this is after all sort of perceived as a tax increase. We're trying to give everyone adequate cover." The ad also notes Callahan has raised real estate taxes four times. An April poll, including independent Jake...    more...  

Sep 3, 2010 Democrats try to raise doubts about Dudley's love for Oregon (The Oregonian) John Kitzhaber to be the next governor of Oregon.    more...  

Sep 3, 2010 For Democrats, Economy Fuels Election Fears (New York Times) Many are embracing the stimulus package enacted soon after Mr. Giffords.Representative Walt Minnick, Democrat of Idaho, boasts at home that he opposed the stimulus package and Mr. Obama to get more engaged in the fight to end the tax cuts for the wealthy.    more...  

Sep 3, 2010 Television: On the Boardwalk, HBO Hangs Out With a New Mob (New York Times) Scorsese wound up directing the pilot episode and became an executive producer of the series.)Mr. Dunn used vintage clothing, either rented or bought on eBay or in vintage clothing shops; otherwise the costumes were handmade to designs of the period. Winter said.He added: “Thank God for HBO.    more...  

Sep 3, 2010 Three seeking Republican nod in 27th Senate District primary (The Janesville Gazette) Instead, they propose tax incentives to attract growth. Sen. What specific programs or services would you cut?    more...  

Sep 3, 2010 Willoughby Hills eyeing income tax hike (The News-Herald (Willoughby, Ohio)) We had seven people in the fire department in 2006; now there's only four. When we originally set the income tax to 1.5 percent, everyone was going to that. A lot of people are approaching fixed income," he said. "You need to do something to increase the way the community is going to survive.    more...  

Sep 3, 2010 Clayton Chamber seeks new director (Watertown Daily Times) Goetz , who was hired as the successor to Kelly M. Kehoe, the chamber's former executive director, in March 1997. I think it's an enjoyable position," Mrs. Goetz said. The chamber board is looking for candidates who are familiar with the Clayton and Thousand Islands region and have backgrounds...    more...  

Sep 3, 2010 Burger King could be ripe for a takeover (The Miami Herald) Since James W. McLamore and David Edgerton started Burger King in 1954, the chain has had four additional ownership groups. The group raised $425 million in Burger King's 2006 public offering, when they sold about 23 percent of their ownership stake. Federal tax rates on long-term capital gains...    more...  

Sep 3, 2010 Not all New York taxes rejected by tribe (Watertown Daily Times) Regis Mohawk reservation for the same reason: New York state taxes. On the reservation, tribe members pay the state tax money for every beer they buy, and they have for years. Tribes are citing their national sovereignty and centuries-old treaties to prove they are not liable for the tax....    more...  

Sep 3, 2010 State corporate kicker possible (The Register-Guard) In 2007, the Legislature considered asking voters to permanently end the corporate kicker so higher-than-expected corporate income tax revenue could be socked away in a rainy-day fund. Instead, lawmakers voted, with the blessing of corporations' trade associations, to suspend just that year's...    more...  

Sep 3, 2010 Democrats unlikely to repeal tax cuts for the rich (McClatchy Washington Bureau) Those who earn more would pay higher, pre-2001 rates starting next year. However, a small but growing number of moderate Democrats are balking at boosting taxes on the rich. Many face electorates that recoil at the mention of any tax increase. Some represent areas that are loaded with wealthier...    more...  

Sep 3, 2010 North Dakota bank removes roadblock in Hecker bankruptcy (Pioneer Press) When Hecker couldn't pay back some $11 million he had borrowed, the bank, at risk of being shut down, asked him for additional collateral to secure the loans. Last week, Olson filed a motion asking for summary judgment on the charges against him.    more...  

Sep 3, 2010 Despite salaries remaining stagnant, New Albany City Council votes down 2011 pay (The Evening News and The Tribune) ...general fund won't cover it." Gahan and McLaughlin joined council members Dan Coffey, Bob Caesar, Steve Price, Diane McCartin-Benedetti and John Gonder in voting against the salary ordinance for union employees. Councilman Jack Messer -- an officer for the New Albany Police Department --...    more...  

Sep 3, 2010 BRIEF (The Pantagraph) McLean County real estate taxes is due Sept. 10. Payments that are not made or postmarked by that date will be assessed a 1.5 percent interest penalty. Payment options, parcel information and tax payment coupons are available at www.mcleancountyil.gov/tax Contact the county treasurer's office...    more...