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22 Feb 2012 11:01

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Politics: Corporate tax rates: Where Obama and the GOP agree, and where they differ

  • 32% the current corporate tax rate in the U.S., which many companies lower by using tax loopholes, leading to an extremely complex tax code
  • 28% the rate Obama wants to lower that too, while closing up many of the loopholes in the process, which might lead some companies to pay more
  • 25% the rate the GOP wants to lower it to; closed loopholes would have to be tempered, though, so companies wouldn’t pay any extra source
  • » Revenue-neutral or revenue-raising? The differing views of how the corporate tax policy should be reformed strike at the heart of differing philosophies the two parties have. Both agree on some basics — they’d like to figure out ways to get multinational companies to create jobs in the U.S., for example. “My message is simple: It’s time to stop rewarding businesses that ship jobs overseas and start rewarding companies that create jobs right here in America,” Obama said during the State of the Union in January. However, they differ greatly on the ultimate solutions. Do we need to give such big tax breaks to massive oil companies? Democrats say no. Republicans say taxes across the board are too high. We hope they solve this, UFC-style, in “The Octagon.”
Posted by Ernie Smith • 0 Comments • Permalink

12 May 2011 11:31

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Politics: Democrats take on big oil companies over tax subsidies

  • Businesses should make a profit — that’s what drives the economy — but do these very profitable companies actually need taxpayer subsidies? Energy incentives should help us build the energy future we want to see — not pad oil company profits.
  • Senate Finance Chairman Max Baucus • Speaking during a Congressional hearing about big oil profits and tax breaks. The oil industry’s answers during the hearing were predictable. Here’s Chevron’s CEO, John Watson: “Tax increases on the oil and gas industry — which will result if you change long-standing provisions in the U.S. tax code — will hinder development of energy supplies needed to moderate rising energy prices.” So, who’s right, Max or the oil industry? We’re guessing Max is. source
Posted by Ernie Smith • 0 Comments • Permalink

10 May 2011 17:30

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U.S.: Democrats push Senate bill to cut big oil’s tax breaks

  • $21 billion saved in bill to cut big oil tax breaks (over 10 years) source
  • » Democrats can pretend to fix the deficit, too! Not to be all gloom and doom, obviously — the oil industry is one of the most successful financial conquests in human history, and if anybody doesn’t need drawing on breaks from the government, they don’t. Stripping their very generous tax breaks would be both a practical and moral victory in our current political climate. That said, the attempt by the Democratic Party to paint this as a deficit-buster is just as disingenuous as the Republican effort to say the same about last month’s budget deal, which cut $38 billion in spending long-term. The deficit is around $1.4 trillion for this fiscal year, though, which makes the earlier figures seem limp and anemic. Still, it’ll be a nice day for American priorities if this thing passes.
Posted by Chris Tognotti • 0 Comments • Permalink

30 Apr 2011 15:38

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Politics: Obama, GOP appear to agree: Big oil needs no tax subsidies

  • Obama Today, the president used his weekly radio address to suggest, in the wake of high gas prices and huge oil company profits, to remove the oil subsidies big oil companies enjoy. This might just be the time to pull it off.
  • GOP In this case … it appears that top GOP figures agree. John Boehner recently suggested removing corporate tax breaks for oil companies (which his staffers have tried to walk back), and Paul Ryan recently made a similar pitch. source
Posted by Ernie Smith • 0 Comments • Permalink

21 Feb 2011 10:18

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Politics: Cuts like a knife: Scott Walker says Dems are on “vacation”

  • Instead of stimulating the hospitality sector of Illinois’ economy, Senate Democrats should come back to the Madison, debate the bill, cast their vote, and help get Wisconsin’s economy back on track.
  • A statement from Wisconsin Governor Scott Walker • Criticizing State Senators for taking a “vacation” instead of voting for the bill that would totally screw over their most important constituents. Walker is in no mood to compromise at the moment – even as unions have offered to take the cuts in efforts to retain their collective bargaining rights – which means that Democrats really have no incentive to return. Especially considering the continental breakfasts they’re probably eating right now! source
Posted by Ernie Smith • 0 Comments • Permalink

17 Feb 2011 22:32

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Politics: Is Scott Walker’s budget crusade a MacGuffin to hurt unions?

  • Is this whole Wisconsin budget mess ginned-up? That’s one of the threads flowing around the left end of the media spectrum, which suggests that Wisconsin’s budgetary problems have nothing to do with unions – and everything to do with stuff Scott Walker pushed through. They’ve been pointing to this report from the state’s fiscal bureau with this particular sentence: “More than half of the lower estimate ($117.2 million) is due to the impact of Special Session Senate Bill 2 (health savings accounts), Assembly Bill 3 (tax deductions/credits for relocated businesses), and Assembly Bill 7 (tax exclusion for new employees).” To make it clear, these are all things that Walker pushed through. These have nothing to do with unions. They’re intended as stimulus through tax cuts and incentives, however, not special interest-focused spending as a few have suggested. The overall result still leads one to question Walker’s motives, however – because, based on this evidence, that the union collective bargaining cuts could be at the benefit of his own initiatives, not strictly “balancing the budget.” (thanks mgolladwine) source
Posted by Ernie Smith • 0 Comments • Permalink

17 Sep 2010 21:44

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Biz: Most businesses wouldn’t get nicked by Bush tax-cut reversal

  • 3% of all businesses would be affected by rescinding the high-end of the Bush tax cuts
  • 8% of non-hobby businesses would be affected, say conservative groups
  • 750k the real number of businesses that would roughly be affected by the cuts source
  • » And a possibly positive side-effect: Studies have shown that increases in tax rates at the top end can lead to more small businesses starting up because of the tax breaks offered, boosting overall growth anyway.
Posted by Ernie Smith • 0 Comments • Permalink
 

28 Feb 2010 20:39

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World: U.K. Conservatives want their tax system to “recognize marriage”

  • marriage Conservative leader David Cameron wants to offer tax breaks to married couples. It’s a pillar of the party’s next election campaign.
  • divorce It’s to encourage votes, not an incentive for people to stay married – the U.K. divorce rate is at its lowest rate in 29 years. source
Posted by Ernie Smith • 0 Comments • Permalink

24 Mar 2009 21:20

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Politics, U.S.: Maryland senator wants to save the newspaper, legislatively

  • About the bill Sen. Benjamin Cardin of Maryland introduced a bill today that would allow newspapers to be treated as nonprofit organizations and get tax breaks. They would not be able to make political endorsements (i.e. opinion sections), but they could report objectively on the news, including political campaigns. Cardin says the loss of journalism “is a real tragedy for communities across the nation and for our democracy.” source
  • About the bill Sen. Benjamin Cardin of Maryland introduced a bill today that would allow newspapers to be treated as nonprofit organizations and get tax breaks. They would not be able to make political endorsements (i.e. opinion sections), but they could report objectively on the news, including political campaigns. Cardin says the loss of journalism “is a real tragedy for communities across the nation and for our democracy.”
  • Why it’s needed In case you haven’t read the tone of this blog when we’re not making fart jokes, this is about journalism and its long-term future. Newspapers are getting closed left and right. Recently, the Ann Arbor News announced that it would fold its print edition, which is a big deal because Ann Arbor, Mich. is a one-paper town. This trend is not good for the economy, it’s not good for local news and it’s not good for the public. source
  • About the bill Sen. Benjamin Cardin of Maryland introduced a bill today that would allow newspapers to be treated as nonprofit organizations and get tax breaks. They would not be able to make political endorsements (i.e. opinion sections), but they could report objectively on the news, including political campaigns. Cardin says the loss of journalism “is a real tragedy for communities across the nation and for our democracy.”
  • Why it’s needed In case you haven’t read the tone of this blog when we’re not making fart jokes, this is about journalism and its long-term future. Newspapers are getting closed left and right. Recently, the Ann Arbor News announced that it would fold its print edition, which is a big deal because Ann Arbor, Mich. is a one-paper town. This trend is not good for the economy, it’s not good for local news and it’s not good for the public.
  • Reactions You can imagine some people like this a lot, while whiny cranks don’t. A sample: “Seriously, after all that the Media has done to this Country, to think that I would want them to survive is asinine. Stop the presses, shutter the doors, fire the editors and let’s all do this online or by word of mouth.” Here’s an editorial statement: People who say things like this are freaking idiots. Even when you say you don’t love them, you know you really do. source
Posted by Ernie Smith • 0 Comments • Permalink
 
 
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