IRS Commissioner John Koskinen told a House Appropriations Committee panel yesterday that the IRS couldn't properly fund taxpayer services because it needed money Congress had allocated for that purpose to instead fund its newly mandated Obamacare workload. Rudy Takala noted in The Washington Examiner that: More than eight million phone calls to the agency's customer service line went unanswered in the last filing season. Koskinen added that the agency hasn't fully funded customer service for the last "three or four years," and that about $900 million had been pulled from cybersecurity. The … [Read more...]
Surprising Progress made in the Fight for Tax Reform
Here's some pro-growth tax reform that businesses can work with. The Tax Foundation has identified America's best tax reformers of 2015 and honored them with the foundation's Outstanding Achievement in State Tax Reform. This year's honorees are: This year, we honor ten individuals from five states with our award for Outstanding Achievement in State Tax Reform in 2015: Indiana Senator Brandt Hershman (R) Senator Hershman played the lead role in passing reforms that reduced the state’s small business property tax, a tax on machinery and capital, and in the same session eliminated the state’s … [Read more...]
A Race to the Bottom
What does the former president and CEO of the Federal Reserve Bank of St. Louis and senior fellow at the Cato Institute think about the negative interest rate policy by the Bank of Japan and the European Central Bank? “It won’t work,” writes William Poole in the WSJ. Negative central-bank interest rates will not create growth any more than the Federal Reserve’s near-zero interest rates did in the U.S. And it will divert attention from the structural problems that have plagued growth here, as well as in Europe and Japan, and how these problems can be solved. Part of the impetus behind a … [Read more...]
Debt Disaster: It’s Different this Time
The only way to get out of a debt disaster without making hard choices about spending cuts or raising extra revenue via taxes, is to ruin your currency through inflation. The problem for politicians though, is that the U.S. dollar is the nicest house in a bad neighborhood, for now anyway. And the U.S. government can’t let that continue forever if they want to avoid an austerity reckoning. Inflation, for the most part, is how we regularly get out of debt as a country. “The post-WWII debt decline was partly due to strong economic growth, but mainly due to the government shafting bondholders … [Read more...]
Congratulations Peyton Manning
Congratulations to Peyton Manning and the Super Bowl 50 Champion Denver Broncos. There is no arguing that in victory or defeat Peyton Manning knows what it’s like to be a W-I-N-N-E-R. What a way to go out if he decides to hang ‘em up. … [Read more...]
Super Bowl 50 Best Ad Winner
And the winner is: Hyundai's 'First Date' wins USA TODAY's Super Bowl Ad Meter. … [Read more...]
Super Bowl Halftime
No doubt Beyonce ruled the halftime show with an incredible show of some big-time skill. I thought she was the star, but I can’t get Coldplay’s Adventure of A Lifetime out of my head: … [Read more...]
Corporate Tax Migration No Surprise
You get a real clear picture looking at this map (from the Tax Foundation) on corporate income tax rates by state as to why so many businesses are moving, for example, from California to Austin, Texas. Businesses go to where they’re well-treated. For start-ups, meaning entrepreneurs, that means moving from state to state. For global players it’s moving from country to country. The latest hit to American business comes from Johnson Controls’ merger with Tyco International, headquartered in Ireland. The other real kicker here is it that JC had plenty of your (taxpayer) help to … [Read more...]
Corporate Tax Freedom
You get a real clear picture looking at this map (from the Tax Foundation) on corporate income tax rates by state as to why so many businesses are moving, for example, from California to Austin, Texas. Businesses go to where they’re well-treated. For start-ups, meaning entrepreneurs, that means moving from state to state. For global players it’s moving from country to country. The latest hit to American business comes from Johnson Controls’ merger with Tyco International, headquartered in Ireland. The other real kicker here is it that JC had plenty of your (taxpayer) help to … [Read more...]
Protect Your Family, Every Way Possible
I recently received my concealed weapons carry permit for Rhode Island. During the lengthy permitting process, I had a number of excellent and most informative conversations with police officers, which were worth their weight in gold. One such conversation was about the dangers we knowingly and unknowingly face on the streets today. One officer told me that since 9/11, the sheer number of threats is through the roof. Here in Newport, RI there have been bomb threats at the public schools all week leading to evacuations yesterday. And that’s only what the public hears about. It’s time you think … [Read more...]
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