tag:blogger.com,1999:blog-7895164153505105997.post7302154425603459758..comments2024-01-17T00:45:37.075-08:00Comments on Bud Meyers: The Congressional Love Affair with Corporate Tax AvoidersBud Meyershttp://www.blogger.com/profile/02065020063363023395noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-7895164153505105997.post-56182493451585009472015-12-25T10:12:54.085-08:002015-12-25T10:12:54.085-08:00The new spending bill includes permanent tax break...The new spending bill includes permanent tax breaks — with the support on both sides of the aisle:<br /><br />One which allows companies to deduct R&D costs.<br />One allowing businesses to write off up to $500,000 for the purchase of heavy machinery or office equipment.<br />One that expands the category of foreign income that is not taxed.<br />One allowing businesses to write off investment costs up front.<br /><br />And the bill also delays taxes on medical devices — and delays the “Cadillac tax” (a tax on employer-provided health plans.)<br /><br />With interest, this bill will cost taxpayers $830 billion over the next 10 years. With no new revenue sources (taxes), the expense will just be tacked onto to the huge deficit. Either that or, there will be cuts in other government spending (other than defense).<br /><br />http://www.motherjones.com/politics/2015/12/congress-just-passed-ton-tax-breaksBud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.comtag:blogger.com,1999:blog-7895164153505105997.post-79661582463129484762015-12-21T11:47:39.104-08:002015-12-21T11:47:39.104-08:00New York Times: As congressional leaders were hast...New York Times: As congressional leaders were hastily braiding together a tax and spending bill of more than 2,000 pages, lobbyists swooped in to add 54 words that temporarily preserved a loophole sought by the hotel, restaurant and gambling industries, along with billionaire Wall Street investors, that allowed them to put real estate in trusts and avoid taxes. They won support from the top Senate Democrat, Harry Reid of Nevada, who responded to appeals from executives of casino companies, politically powerful players and huge employers in his state. And the lobbyists even helped draft the crucial language. The small changes, and the enormous windfall they generated, show the power of connected corporate lobbyists to alter a huge bill that is being put together with little time for lawmakers to consider. Throughout the legislation, there were thousands of other add-ons and hard to decipher tax changes.<br /><br />http://www.nytimes.com/2015/12/21/us/politics/hospitality-and-gambling-interests-delay-closing-of-dollar1-billion-tax-loophole.html<br />Bud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.comtag:blogger.com,1999:blog-7895164153505105997.post-25193821163322737452015-12-11T15:58:43.436-08:002015-12-11T15:58:43.436-08:00PELOSI OPPOSES TAX EXTENDERS
Republicans and Dem...PELOSI OPPOSES TAX EXTENDERS <br /><br />Republicans and Democrats have gone back and forth over the tax package and a 1 trillion dollar omnibus spending bill. The spending bill needs to reach the president’s desk by the middle of next week to avoid a government shutdown…Negotiations surrounding the two pieces of legislation have become intertwined, and Republicans leaders have indicated that the omnibus and tax extenders bills will come to the floor together in one large vehicle. That won't fly with Pelosi, who fiercely opposes the tax package in its current state...Making the Earned Income Tax Credit and Child Tax Credit permanent has been a priority for Democrats in negotiations. While the Child Tax Credit is in the extenders package, Pelosi wants it to be indexed, meaning its benefits will rise with inflation -- something Republicans haven’t been responsive on. Another sticking point is the sheer size of the tax extenders package, which could cost upwards of $700 billion over the next decade. Republicans are also pushing hard to include a measure that would lift a 40-year-old ban on crude oil exports to the tax deal.<br /><br />http://www.huffingtonpost.com/entry/nancy-pelosi-tax-extenders_566b0239e4b0f290e522eecd?z2dquxrBud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.comtag:blogger.com,1999:blog-7895164153505105997.post-91733252930682332612015-12-09T09:11:21.449-08:002015-12-09T09:11:21.449-08:00These are the GOP's proposals for taxes (not i...These are the GOP's proposals for taxes (not including capital gains, where the very rich generate most of their income)...<br /><br />John Kasich and Jeb Bush each call for reducing the number of tax brackets from seven to three and setting the top marginal income tax rate at 28 percent. The top rate now is 39.6 percent (on incomes over $413,200 for individuals — those in the top 1 income bracket).<br /><br />Marco Rubio, working with Sen. Mike Lee (R-Utah), proposed three rates on individuals: 35 percent, 25 percent and 15 percent.<br /><br />Chris Christie also advocates going to three rates, with his top rate at 28 percent.<br /><br />Donald Trump backed three rates: 10 percent, 20 percent and 25 percent — with a 15 percent corporate tax rate (currently it is 35%, but the "effective" rate that they actually pay is usually much less — sometimes ZERO.)<br /><br />Ted Cruz calls for starting over with an across the board flat tax rate of 10 percent. Flat taxes are regressive, because across-the-board cuts benefit the rich more than the poor.<br /><br />Rand Paul backs a flat rate of 14.5 percent on individuals (which raises it for lower income earners making less than $9,225 a year, and lowers it for everybody else.)<br /><br />Both the Cruz and Paul propose business taxes that have been compared to the value-added tax used in Europe.<br /><br />Rick Santorum endorses a 20 percent flat tax on businesses, with special breaks for manufacturers (who offshore jobs).<br /><br />Ben Carson wants a tax model based on the tithing called for in the Bible, but he has not laid out specifics in a way that can be scored by economists.<br /><br />Also, Jeb thinks an internet sales tax is necessary for fairness, while Rubio promises to veto it. (for billionaire Jeff Bezos of Amazon, as one example).<br /><br />Billionaire Steve Forbes makes an exhaustive case for a 17 percent flat tax for individuals and corporations. <br /><br />Overhauling the code is the new Speaker’s (Paul Ryan) pet issue, and he made that clear when he agreed to give up his chairmanship of the tax-writing Ways and Means Committee that he was not going to let go.<br /><br />Grover Norquist (who wants to shrink government down to the size where we can drown it in the bathtub) is happy with most of the GOP's proposals.<br /><br />https://www.ssa.gov/cgi-bin/netcomp.cgi?year=2013<br /><br />http://www.forbes.com/sites/kellyphillipserb/2014/10/30/irs-announces-2015-tax-brackets-standard-deduction-amounts-and-more/<br />Bud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.comtag:blogger.com,1999:blog-7895164153505105997.post-21585272924550384192015-12-08T11:09:43.984-08:002015-12-08T11:09:43.984-08:00Why do pro athletes and Hollywood stars sign deals...Why do pro athletes and Hollywood stars sign deals with corporations (i.g. Nike) that offshore everybody else's jobs — or with banks (i.e. Capital One)? Many times these celebrities are already fabulously rich, so it's not like they need the money. These people must think: "Screw all of you! I got mine! Now I'm going to get me some more!" But yet, their fans continue to support and adore them.Bud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.comtag:blogger.com,1999:blog-7895164153505105997.post-233685020662774272015-12-05T12:06:08.730-08:002015-12-05T12:06:08.730-08:00Lawmakers Near Deal on Billions in Tax Cuts. Repub...Lawmakers Near Deal on Billions in Tax Cuts. Republican and Democratic negotiators closed in Friday on a major package of tax cuts for businesses and individuals that could exceed $700 billion in forgone revenues over a decade. The package would extend or make permanent around 50 temporary tax breaks that have expired or will soon lapse. By combining business breaks that are priorities of Republicans with tax credits for lower-income workers and families that are critical to Democrats.<br /><br />http://www.nytimes.com/2015/12/05/us/politics/lawmakers-near-deal-on-billions-in-tax-cuts.html<br /><br />Score one for the Republican establishment. After being on the defensive for months over the renewal of the Export-Import Bank, Washington’s big business interests won a decisive victory on Thursday when Congress voted overwhelmingly to reopen the agency through Sept. 30, 2019, as part of a popular highway bill. The bank, which provides loan guarantees and other benefits to spur United States exports, had been under sharp attack for months from conservative lawmakers and activists with ties to the Koch brothers’ political network, which assailed it as a form of corporate welfare and crony capitalism. <br /><br />http://www.nytimes.com/politics/first-draft/2015/12/04/renewal-of-export-import-bank-stings-conservative-republicans/<br />Bud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.com