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Topic: Taxes

Chicago Merc Considers Fleeing Oppressive Illinois Taxes

Posted on Jun. 14, 11 | 11:28 AM by Ariel Judah | Topic: Taxes
Investor's Business Daily:

The company that owns Chicago's two largest futures exchanges is thinking about moving operations out of state to flee oppressive business taxes. Worried about climate change? How about the business climate?

The days when Chicago was the "hog butcher to the world" have long since passed, replaced by its role as a leading financial trading center that is home to the Chicago Mercantile Exchange, also known as the Merc, and the Chicago Board of Trade.

On Wednesday, Terence Duffy, chairman of CME Group Inc., which owns the two institutions as well as the New York Mercantile Exchange, and Chief Financial Officer James Parisi announced the financial giant is considering moving operations and jobs out of the state in response to massive increases in state taxes.
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Wall Street Journal: Stephen Moore: A 62% Top Tax Rate?

Posted on May. 27, 11 | 09:03 AM by Barney Keller | Topic: Taxes
Stephen Moore explains:

Media reports in recent weeks say that Senate Democrats are considering a 3% surtax on income over $1 million to raise federal revenues. This would come on top of the higher income tax rates that President Obama has already proposed through the cancellation of the Bush era tax-rate reductions.

If the Democrats' millionaire surtax were to happen—and were added to other tax increases already enacted last year and other leading tax hike ideas on the table this year—this could leave the U.S. with a combined federal and state top tax rate on earnings of 62%. That's more than double the highest federal marginal rate of 28% when President Reagan left office in 1989. Welcome back to the 1970s.

Click here to read more.

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The Immorality of Estate Tax

Posted on Dec. 21, 10 | 03:14 PM by Andrew Roth | Topic: Taxes

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Tax Compromise Passes the House, Heads to the President's Desk

Posted on Dec. 17, 10 | 08:46 AM by Andrew Roth | Topic: Taxes
The House vote was 277-148.  The Democrats supported it 139-112 while the Republicans voted 138-36.
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Club for Growth Op-Ed: "Death Tax is Unfair"

Posted on Dec. 16, 10 | 11:34 AM by Andrew Roth | Topic: Taxes
Club for Growth President Chris Chocola had this op-ed in today's USA Today.  Here it is in full:

Opposing view on inheritances: 'Death tax' is unfair

By Chris Chocola

There are two questions about resurrecting the 'death tax': the economic question and the moral question.

The economic question is simple: Does the estate tax help create jobs, grow the economy or improve our country. In every case, the answer is no.

First of all, it is unfair to retax money that has already been taxed, at least once, as income, capital gains or dividends. Washington already got its cut when the money was earned or invested. Congress has no outstanding claim on what is left over.

Nor does the estate tax generate all that much revenue. By the standards of President Obama's Washington, the $21 billion the death tax brought in the last year it was in effect is practically a rounding error.

Nor does it help the economy.

Let's say an entrepreneur's business is worth $15 million. Under the proposed estate tax in the bipartisan deal, the day he dies, the businessman's kids would owe Uncle Sam $3.5 million. If they don't have that kind of cash lying around — and no small businessmen do — they have to sell the family business to pay the taxes. The company that buys the business sells off its assets and lets the employees go. A successful business disappears, and experienced employers no longer create jobs. In fact, hundreds of people lose their jobs. All so Congress can increase revenue by a thousandth of a percent? I don't think so.

The economic argument holds up even if the heir to a vast fortune is a total embarrassment. Even if he never gets a real job and wastes his life away buying sports cars, comic books and expensive booze, the money he pumps into his local economy — via the car dealerships, book shops and liquor stores — will create more jobs than anything Congress would do with it.

Which brings us to the moral argument, which is what this is really all about. Does the money you earn over the course of your life belong to you, or does it really belong to the government, which generously allows you to keep some of it for a while?

On this policy, as so many others, if we want the right answer, we have to ask the right question.

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We're Number One!

Posted on Dec. 16, 10 | 09:13 AM by Andrew Roth | Topic: Taxes
We're #1, but not in a good way.  The United States now has the highest corporate income tax rate in the developed world after Japan recently announced that it has decided to lower their rate by 5%.  Chris Edwards at the Cato Institute has the ugly details.
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Rush Limbaugh: "I Hope This Deal Fails"

Posted on Dec. 10, 10 | 03:41 PM by Andrew Roth | Topic: Taxes
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Senator-Elect Pat Toomey on the Tax Deal

Posted on Dec. 10, 10 | 03:22 PM by Andrew Roth | Topic: Taxes
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Chocola Talks About Tax Compromise with Neil Cavuto

Posted on Dec. 10, 10 | 08:54 AM by Andrew Roth | Topic: Taxes
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A Crap Sandwich for the Left

Posted on Dec. 08, 10 | 03:46 PM by Michael Connolly | Topic: Taxes
A lot of reporters seem to be wondering why liberals opposed to the tax cut bargain are enraged while conservatives are upset, but not furious.  The answer is not that it's a much better deal for the Right.  Nor is it that conservatives "are better at supressing dissent," as David Axelrod "joked".

The simple answer is that conservatives opposed to the plan are free to fight it, on principle (as the Club is doing).  Conservatives may have been disappointed by, say, Medicare Part D or Harriet Miers, but they weren't furious about it.  They assessed the situation, decided it was unacceptable, and went about trying to stop it, irrespective of the president's party.  Same as now.

The thing about the hard left here, the reason they're so angry, is that they really have no choice but to take it.  They know that if they bring the compromise down, the Democrats are in a worse position on the tax issue next year, that Obama has already demonstrated he's not choosing to fight this fight.  They realize they have no leverage over him, his eyes now squarely focused on re-election. 

The president essentially served principled ideologues on both sides a proverbial "crap sandwich," but unlike principled conservatives, principeld liberals actually have to eat it.
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Club for Growth on Tax Compromise: “No Deal”

Posted on Dec. 07, 10 | 03:13 PM by Michael Connolly | Topic: Taxes
WASHINGTON – The Club for Growth today declared its opposition to the tax compromise proposal reached yesterday by President Obama and congressional Republicans.

“This is bad policy, bad politics, and a bad deal for the American people,” said Club President Chris Chocola.  “The plan would resurrect the Death Tax, grow government, blow a hole in the deficit with unpaid-for spending, and do so without providing the permanent relief and security our economy needs to finally start hiring and growing again.”

“Instead, Congress should pass a permanent extension of current rates, including a permanent repeal of the death tax, and drop all new spending,” Chocola said.  “A month ago, the American people repudiated Washington big government.  It’s time for both parties to finally hear that message and act on it.”

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