“No New Taxes” Again

Accuracy in Academia ^ | September 24, 2010 | Kristin Theresa Jaroma

[Academiadotorg]

At the Heritage Foundation’s Bloggers Briefing this week,Scott Stanzel, former Deputy Press Secretary under President George W. Bush, released a study on a new tax initiative from the state of Washington.

The Initiative 1098 tax reform proposal promises to provide:

* Donation of 2 billion dollars per year to the funding of educational programs and health care reform;

* State property tax cuts of 20 percent;

* Elimination of the Business and Occupation (B&O) small business tax; and,

* A guarantee that the wealthiest 1.2 percent of the state’s “high earners” experience an increase

Stanzel claimed that, in the proposal, the tax rates are doubled for married filers, and further, there are no legal deductions. Moreover, the researchers who compiled the study found that there is a 5 percent tax on adjusted gross income of over 200,000; and a 9 percent tax on all adjusted gross income on households generating above 500,000.

When this income tax Initiative becomes law, the state of Washington would have the “fourth highest marginal income tax rate in the country,” Stanzel noted.

[Hoosier-Daddy]

How about zero corporate tax rate for those companies that manufacture using 100% American parts. Most of Congress needs to be straight-jacketed and sent to Econ 101.

[WAW]

Amen.

Drug tests and breathalyzers before they vote.

Economics in One Lesson and Road to Serfdom should be mandatory reading.

[stylin19a]

probably get sued by some WTO nation.