December 28, 2011
Tax reform is like the weather. Everyone talks about it, but no one does anything about it, though all agree that the U.S. tax system is a mess, full of complexity and obscure breaks for special interests, and in need of repair. A functioning tax system has three goals. First, it has to be simple enough to administer. Second, it has to be fair to taxpayers with widely varying incomes. Third, and perhaps most important, it has to collect sufficient revenue for government operations.
November 28, 2011 |
Democrats are unanimous in charging that the debt-reduction supercommittee collapsed because Republicans refused to raise taxes. Apparently, Republicans are in the thrall of one Grover Norquist, the antitax campaigner, whom Sen. John Kerry called "the 13th member of this committee without being there. " Senate Majority Leader Harry Reid helpfully suggested that "maybe they should impeach Grover Norquist. " With that, Norquist officially replaces the Koch brothers as the great malevolent manipulator who controls the republic by pulling unseen strings on behalf of the plutocracy.
November 9, 2011 |
WASHINGTON - Capitol Hill Republicans say the GOP members of a deficit-reduction supercommittee are showing flexibility on revenue increases as the panel heads closer to its Thanksgiving deadline. GOP aides said Tuesday that a plan floated by Republicans, including Sen. Pat Toomey of Pennsylvania, would sharply limit the total amount of tax deductions and credits that a person could claim, in exchange for significantly lower income tax rates. At the same time, Republicans are willing to accept a $300 billion net increase in individual income tax revenues.
November 9, 2011
THE CLOCK starts now for Mayor Nutter to finish what he started. Here are some of the priorities he says he'll pursue in his second term: EDUCATION: This is the big challenge and a bigger headache. In the wake of the scandals surrounding former Superintendent Arlene Ackerman, Nutter has taken a more active role at the state-controlled school district. He wants to continue pushing to improve high school graduation rates and college attainment. He says he won't try to regain local control of the district.
November 4, 2011
YESTERDAY, City Council passed two bills that will dramatically change the business landscape in Philadelphia. These are game-changing laws that finally begin dismantling the punishing tax structure that for decades has been renowned for its contempt for business start-ups and Philadelphia-based companies. One bill, by Bill Green and Maria Quinones-Sanchez, will relieve the business-privilege-tax burden for small, city-based businesses, which have long paid more than their fair share compared with those headquartered outside the city.
November 4, 2011 |
PHILADELPHIA is now open for business. That's the message City Council hopes to send via yesterday's unanimous votes for two bills to significantly change the city's business-tax structure. For years Council griped that city-based businesses are at a competitive disadvantage because they're charged a gross-receipts tax even if they lose money. Meanwhile, chain stores, like Wal-Mart, pay zip because they're not headquartered in the city. But soon all businesses can expect some tax relief with the passage of a bill, introduced by Council members Maria Quinones-Sanchez and Bill Green, that would exempt the first $100,000 from the gross-receipts and net-income portions of the business- privilege tax. "It's the largest single tax reform in a single bill, in a single act in tax history," Green said.
September 23, 2011 |
WASHINGTON - The Republican cochairman of the deficit-fighting "supercommittee" said Thursday he wanted to tackle corporate-tax reform, a theme the White House has promoted for months. But big differences remain, including whether changes should lead to higher overall taxes on businesses. There is also wide disagreement over whether Congress should overhaul corporate taxes without addressing taxes individuals pay. Millions of business owners pay taxes on business profits on their individual returns.
September 22, 2011 |
Billionaire Warren Buffett famously believes rich Americans should pay more taxes. But his giant railroad, BNSF Corp. (Burlington Northern-Santa Fe) , through its lobbying group, the Association of American Railroads, backs a new business coalition that wants Congress to cut the top U.S. corporate income tax rate, from 39.2 percent to about 25 percent. The railroads have joined AT&T, Boeing, FedEx, Lockheed Martin, UPS, Verizon , and Walt Disney in pushing for the change.
September 18, 2011 |
WASHINGTON - President Obama will call Monday for a new minimum tax rate for people making more than $1 million a year to ensure they pay at least the same percentage of their earnings as middle-income taxpayers, according to administration officials. With a special joint congressional committee starting work to reach a bipartisan budget deal by late November, the proposal adds a new and populist feature to Obama's effort to increase the political pressure on Republicans to agree to higher revenue from the wealthy in return for Democrats' support of future cuts in Medicare and Medicaid.
August 16, 2011
I JUST GOT done reading Jordan A. Harris' op-ed about teen mobs, and I have one thing to say: REALLY? Does he expect normal, law-abiding, taxpaying citizens to believe this garbage? Mr. Harris is a typical bleeding-heart liberal who's helping to destroy this city and country. To have the gall to say that these animals who assault people, destroy property and embarrass this city are nothing more than frightened youth who dreams have died is disgusting! These poor teens talk of how the schools and community fails them - ridiculous!