Comprehensive tax reform is critical to restore economic growth and international competitiveness. In a wide-ranging paper, AFP lays out reforms that Congress should implement to increase simplicity and neutr ...
This week, while most Americans were enjoying leftover turkey and mashed potatoes, Members of the House of Representatives quietly voted to add $45 billion to the already staggering $18 trillion national debt. With little debate, and by an overwhelming margin, Democrat and Republican lawmakers voted to approve the so-called “tax extenders” package, a conglomeration of taxpayer handouts to everyone from the politically-connected wind industry and well-heeled Hollywood film studios to Puerto Rican and Virgin Islands rum manufacturers. In other words, exactly the kind of “bipartisanship” that taxpayers don’t need and can’t afford.
While the American economy continues to sputter along, Ireland is expected is to see GDP growth of nearly 5 percent by the end of 2014. Not surprisingly, American companies are eager to take advantage of this economic boom – which is why they are seeking to acquire (and be acquired) at record rates. The latest of these mergers had Ireland-based Actavis purchasing Botox maker Allergan.
The federal government, which took in more money this year than ever before, wants to raise taxes by $120 million during the lame-duck session of Congress. They want to do it by raising the price of a duck stamp. The irony would be hilarious if it weren’t so painful.
Recently, the Tax Foundation released its 2015 State Business Tax Climate Index, ranking the states on the quality of their tax climate for businesses and economic growth. Policymakers and voters alike have realized that the verdict is in. Cutting taxes and creating a tax code with low rates and a broad base means more economic growth, a larger tax base, and most importantly, greater prosperity for people.
With the amount of money the federal government needlessly wasted last year, we could have gone to the moon and back–and still had cash to spare. Senator Coburn’s annual “Wastebook” of the federal government’s most egregious examples of wasteful spending should be a call to action for taxpayers.