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What happens when people and business flee the government regulations that burden them? In a somewhat shocking recent announcement, classic American company Burger King has said that they plan to move their corporate headquarters to Canada in order to escape the United States’ punitive corporate taxes, the highest such tax rates in the world.
The White House is touting something called "Promise Zones" as a model to spur economic growth. These areas feature federal spending with the usual strings attached, attempting to spur economic growth and civic renewal. What the country needs is not set of federally micromanaged zones, but to restore the original American promise for all of the us: here we can be free.
New Year's Resolution: No More Zombie Tax Loopholes
While tonight is New Year’s Eve for the rest of the country, inside the Beltway over the last few years December 31st has been akin to the Night of the Living Dead. Not because worn out Capitol Hill staff and interns wander the streets in a drunken stupor (though this is an accurate assessment), but because dozens of tax extenders set to expire at year’s end are usually reauthorized in bulk by Congress.
Recently, I attended a speech that attempted to lay out a case that Ronald Reagan would not have been a Tea Party President. The speaker, a conservative not terribly familiar with the Tea Party movement, made an interesting case.
Fundamental Tax Reform
The U.S. tax code is a tangled mass of complexity, containing more than 9 million words. The immense difficulty in navigating such a document creates endless loopholes and opportunities for abuse by well-connected insiders, while at the same time distorting investment decisions and hindering economic growth. It’s time to scrap the code and replace it with one that is low, flat, fair and honest. Ultimately, all Americans should be able to file their taxes on a form the size of a postcard.
This week, I decided to research the Farm Bill to write a little bit about some of the “reforms” House Republicans who support the bill are so proud of. The CBO estimates savings of $35 billion over the next ten years (vs. the current baseline). The CBO is also notorious for underestimating costs, and it looks like this time won’t be any different.