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Topic: Taxes

Club President Chris Chocola in the WSJ: End The Tax Extenders

Posted on Apr. 16, 14 | 09:39 AM by Barney Keller | Topic: Taxes
Club for Growth President Chris Chocola has an OpEd in the Wall Street Journal this morning on ending the tax extenders: 
A $250-a-year subsidy for those who commute to work using New York's "bike share" program. Breaks for Broadway plays like "Of Mice and Men" starring James Franco and Chris O'Dowd, up to $15 million per production. A $71 million benefit for Nascar facilities. Billions in credits for the wind-energy industry. 

All that and more, coming soon to a taxpayer near you. It's once again time for the annual special-interest orgy known as the "tax extender" legislation, a giveaway bill that Congress plans to take up in the coming weeks. 

Since the 1980s, when Washington last enacted comprehensive tax reform, Congress has passed extensions of ostensibly "temporary" tax breaks for interest groups. The package is referred to as "tax extenders" because the breaks are almost always extended by Congress without much opposition. The 2014 installment could cost $85 billion in the next two years, and legislators are piling on their pet projects since it's considered "must pass" legislation. 

This is all a mistake. Congress needs to clean up the tax code and lower marginal rates across the board, but tax-extender legislation delays any serious reform. Congress should let the extenders expire permanently, and the Club for Growth, the free-market organization I run, intends to oppose the package. If a vote occurs, we'll likely include it on our annual congressional scorecard, which goes out to more than 100,000 of our members.  

Click here to read the whole thing.
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Remy: Happy (Tax Day Edition)

Posted on Apr. 15, 14 | 08:55 AM by Barney Keller | Topic: Taxes
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Jim Jordan on the IRS Scandal

Posted on Aug. 01, 13 | 01:59 PM by Andrew Roth | Topic: Taxes
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Obama's New Tax Plan

Posted on Jul. 31, 13 | 12:44 PM by Andrew Roth | Topic: Taxes
Cato's Dan Mitchell has a good retort to Obama's new plan to lower the corporate tax rate.  Key takeaway?  Read the fine print.
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Posted on Dec. 19, 12 | 01:38 PM by Andrew Roth | Topic: Taxes
This coalition letter was sent to the Hill this morning.

NO MORE TAXES!!!!!!!!!

As leaders of broad based American citizen groups we call upon Republican House Members to vote no on Speaker Boehner’s Tax Hike known as “Plan B.”  This tax increase bill is just like the tax increase proposal Nancy Pelosi offered last year on May 23rd.
Speaker Boehner, President Obama, Nancy Pelosi and too many Members of the Republican conference have forgotten that the problem in Washington is too much spending and not too little taxation.

When the American people voted to return the Republican majority in the House last month we sent you to cut spending.  Instead, you are now voting on the Pelosi plan to increase taxes next year.  
We urge Members of the House to vote no on the procedural rule to stop the Pelosi/Boehner tax plan from coming to the House floor for a vote. 

Edwin Meese III, former Attorney General
Brent Bozell, President, ForAmerica
Erick Erickson, Editor,
Colin Hanna, President, Let Freedom Ring
J. Kenneth Blackwell, Ohio Faith & Freedom Coalition
Tony Perkins, President, Family Research Council
David N. Bossie, President, Citizens United
Alfred Regnery, President, The Paul Revere Project
William Wilson, President, Americans for Limited Government
Michael Needham, CEO, Heritage Action for America
Peter Thomas, Chairman, The Conservative Caucus
Amy Kremer, Chairman Tea Party Express
Richard Viguerie, Chairman,
David Y. Denholm, President, Public Service research Council
Becky Norton Dunlop, former Reagan Administration official
Gary Bauer, President, American Values
David Williams, President, Taxpayers Protection Alliance
David McIntosh, former Member of Congress, Indiana
T. Kenneth Cribb, former Domestic Advisor to President Reagan
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Quote of the Day

Posted on Nov. 23, 11 | 08:58 AM by Andrew Roth | Topic: Taxes
Alex Tabarrok writes about how General Electric paid no taxes on its $14 billion in profits, and yet it filed a 57,000-page tax return.  Great excerpt:

Consider the resources that GE spends to lowers its tax bill, not just the many millions spent on clever accounting and accountants and the many millions spent on lobbying but also the many inefficient ways that GE structures its businesses just to avoid paying taxes and the many millions it invests in socially wasteful projects just in order to produce privately valuable tax credits. Now add to that the allocational inefficiencies of taxing some firms at different rates than others and you have a corporate tax system which wastes a lot of resources and raises relatively little revenue. Indeed, a corporate tax system with a tax rate of zero could well be preferable as it would waste fewer resources and raise not much less revenue.
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Happy Holidays from the Obama Administration

Posted on Nov. 09, 11 | 09:21 AM by Andrew Roth | Topic: Taxes
In another idiotic move to depress the economy, the Obama Administration just announced that it was going to promote and improve the image of the free Christmas tree industry by placing a tax on Christmas trees!  Here's an excerpt from the Heritage Foundation blog:

In the Federal Register of November 8, 2011, Acting Administrator of Agricultural Marketing David R. Shipman announced that the Secretary of Agriculture will appoint a Christmas Tree Promotion Board.  The purpose of the Board is to run a “program of promotion, research, evaluation, and information designed to strengthen the Christmas tree industry’s position in the marketplace; maintain and expend existing markets for Christmas trees; and to carry out programs, plans, and projects designed to provide maximum benefits to the Christmas tree industry” (7 CFR 1214.46(n)).  And the program of “information” is to include efforts to “enhance the image of Christmas trees and the Christmas tree industry in the United States” (7 CFR 1214.10).

To pay for the new Federal Christmas tree image improvement and marketing program, the Department of Agriculture imposed a 15-cent fee on all sales of fresh Christmas trees by sellers of more than 500 trees per year (7 CFR 1214.52).  And, of course, the Christmas tree sellers are free to pass along the 15-cent Federal fee to consumers who buy their Christmas trees.

Yes, little Bobby, that's right.  Obama just killed the Christmas spirit.
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Sen. Pat Toomey Talks About Tax Reform and the Super Committee

Posted on Sep. 27, 11 | 09:51 AM by Andrew Roth | Topic: Taxes

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The Buffet Rule

Posted on Sep. 23, 11 | 12:21 PM by David Keating | Topic: Taxes
I read Charles Krauthammer's column today on Obama's new tax agenda, and my reaction is that Obama made a mistake when he said his tax plan would follow the Buffett rule, after investor Warren Buffett. 

He has too many "T"s in the rule.

It actually follows what I would call the buffet rule, as in the all-you-can-eat rule where the guests (in this case Obama and the Democratic leadership) hope to serve themselves so they can spend a lot more!  In this case, there is a smorgasbord of new taxes that will give our economy indigestion.

As Krauthammer concludes, "

The authentic Obama is a leveler, a committed social democrat, a staunch believer in the redistributionist state, a tribune, above all, of “fairness” — understood as government-imposed and government-enforced equality.

That’s why “soak the rich” is not just a campaign slogan to rally the base. It’s a mission, a vocation. It’s why, for all its gratuitous cynicism and demagoguery, Obama’s populist Rose Garden lecture on Monday was delivered with such obvious — and unusual — conviction.

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The Great Political Migration

Posted on Aug. 29, 11 | 03:50 PM by David Keating | Topic: Taxes
Michael Medved has a good article in The Daily Beast that asks this question:

If liberal approaches work so well, why are so many people choosing to pack their bags and desert some of the most big-government states in the union?

Good question!

As he points out, nearly 900,000 people moved out of President Barack Obama's home state of Illinois between 2009 and 2010, while another 782,000 moved into Texas.
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Share of taxes paid by the Top 1%, and more....

Posted on Jul. 01, 11 | 10:43 AM by David Keating | Topic: Taxes
I appeared on C-Span this morning, and at least one caller railed that the rich were not paying their share of taxes and that they were paying less than those in the lower middle class.  On the program I said I would post data.

In 1980, before Reagan won his election and passed his tax cuts, the share of all income taxes paid by the top 1% was 19%.  The top 5% paid about 37% of the total.

The figures today?  The top 1% pay 38% and the top 5% pay nearly 59% of the income tax collected!

So all these decades of tax cuts for the rich produced a larger share of the tax burden paid by the rich.

Complete figures here.

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