15
Mar
08

Articles on taxes worth reading.

It’s your money, learn how politicians are screwing around with it.

Tax Competition May Force Maryland to Reconsider High-Tech Tax. 

Greedy politicians in Maryland are between a rock and a hard place. They want to confiscate $200 million from the state’s computer industry, but they increasingly recognize that the geese with the golden eggs may fly across the border.

Under a bill passed in November, such tech services as Web design, computer repair and programming would all get hit with a 6% tax statewide. If the tax isn’t repealed before it takes effect in July, it would be one of the most burdensome regimes in the nation on the growing industry. …Proponents say the $200 million in revenue the tax is projected to garner is indispensable when Maryland is already facing a budget shortfall. Senate President Mike Miller insists that “We can’t afford to cede to businesses $200 million in revenue without an alternative.” Wait until they see what happens to revenue when business begins to leave the state. Many Maryland companies and small businesses say they could be forced to relocate if the tax isn’t repealed. And nearby states are courting potential departees: 70 Maryland computer services firms got a letter last month from Delaware economic director Judy McKinney-Cherry to encourage companies to “include Delaware when you are contemplating an expansion.”

Harvesting Taxpayers.

The Wall Street Journal opines about the shameful excess in the farm bill being crafted by Congress.

…farmers are about to score the most lavish subsidies in American history. …Corn producers will get subsidies of $10.5 billion over five years, which is on top of the deal of a lifetime these farmers were handed when Congress expanded ethanol subsidies. …There’s also a new $5.1 billion emergency “trust fund” for farmers, with almost all the money directed to Georgia, Minnesota, North Dakota and Texas. …The giveaways are so large that the House version is the first farm bill ever that would raise taxes to pay for it — by $14 billion, mostly on the U.S. subsidiaries of foreign companies.

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