Daily Archives: March 28, 2011

Some thoughts about taxes.

April is almost here. And with it comes April 15th which means two things…Atlas Shrugged is hitting theaters! (YAY!) and tax day (Boo!). And unless we remember the lessons of our cultural heritage the American Revolution and Robin Hood that means we will have to turn over money to those thieves known as the IRS agents. Which brings to mind some musing on recent events in tax policy… So apparently G.E. (also known as the other campaign contributor who Barrack shares a bed with more often than he does with Michelle) earned about $14 Billion in Profit (that’s right, that’s after they paid all they’re bills) and $5 Billion here in the U.S. alone. (One does wonder how much of that was earned on building faulty nuclear reactors.) And anyone want to guess how much their corporate tax bill was? A billion? No. Half a Billion? No. A million? No. … … … A thousand dollars? Nope. It was NOTHING. Absolutely nothing! Now I don’t support corporate taxes, I think they’re a form of double taxation, a hindrance on economic growth, a form of creeping socialism and destroys more money than they collect. That being said, if you’re going to have a tax then everyone has to pay it, otherwise exempting some people will give business with connections in politics advantages over businesses that don’t have said connections and worry about things like the quality of their product. Some would call this crony capitalism. But it’s not. Crony socialism might be a better word for it. Especially when you consider so much of that money that GE saved will go to help elect more uber-liberal politicians who will 1.) Give GE more breaks and 2). Screw the rest over with higher taxes and more government. (Why is it I’m becoming more convinced that it would be easier to make a RICO case against the DNC than against La Cosa Nostra?… oh probably because the mafia is no where near as corrupt, given that another big Dem contributor, SEIU, is actually in a RICO case right now.) Clearly with GE in mind two things need to be done. EVERY SINGLE TAX LOOPHOLE NEEDS TO STRIPPED FROM THE SYSTEM! All of them. No exceptions. And then we need to lower the rate. And then there is this story. Arizona is moving to a flat tax with no loopholes for personal income tax. (Sometimes I remember why I love living in this state.) This will mean more tax dollars for a lot of people…however, this will be an easier system and the benefit is that it is likely to draw in far more people with money and who make money thus guaranteeing an improved economy for the entire state, which means more money even for those having to shell out more to the state government. (And last time I checked my state taxes are deductable off my federal taxes, so I will actually not be paying a single cent more than I usually would). The state gets a better tax base, and more money from the current base, fixes funding problems (maybe they might even have enough money to deport illegals and help fund charter schools at the same per student level of those crappy public schools). I fail to see a problem here.

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Filed under Budget, Capitalism