Archive for the ‘Taxes’ Category

To all my cigarette smoking friends…

…I know there are a few of you still out there.

If you live near one of our neighboring states (with the exception of Michigan) I would recommend that if you want to buy your smokes you consider crossing the border to get them!!!

Once again Wisconsin has a higher tax rate than surrounding states…I thought we were raising the cigarette tax so that we would get more income not chase people out of the state?!?!

From the Tax Foundation:

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Kudos to Representative Robin Vos

In today’s Journal Times Rep. Vos does what he does best: he states things the way they are!

JT: Inauguration signals time to outline principles

Rep. Vos states “Last week, the governor requested a $1 trillion dollar bailout package. Transferring this amount of money from the feds to our state makes no sense. We will drive the federal budget further into the red with the hope that Wisconsin’s budget might run a little less in the red. Many elected officials will have you believe that it’s “free money,” but nothing could be further from the truth. Our grandchildren will be paying for that bill.”

Not only is Rep. Vos correct he shows just how out of sync the Democrats are on this issue.

“In late November, state Sen. Bob Jauch, D-Poplar, proposed a 5 percent sales tax increase because “everybody has to share the pain,” according to one Milwaukee Journal Sentinel article. In the same article, Sen. John Lehman, D-Racine, said he would be in favor of removing sales tax exemptions, claiming about the increase: “I can explain that to my constituents.” Just this week,
Gov. Doyle proposed to reinstate the annual automatic gas tax increase.”

Did you get that?!?! All of you that voted for “Change” are going to get just that…change in your pocket nothing more. The State (and Federal) Governments are going to tax us nearly to death (and then they will tax you again – remember Obama wants the “death tax” reinstated completely!) There will be no place to hide. They see these deficits and in stead of thinking about cutting the budget all they look at is how to increase their revenue to keep the spending there.

I don’t know about you but when my family is facing huge debts we cut our spending to afford just the necessities in life. Why is it that the Government thinks that they are more important than us? Why do they hurt those that fund them and then attempt to fix it by giving back only a portion of what they took?

Kudos to Rep. Vos for doing a terrific job as our elected representative for the 63rd Assembly District and for this:

“Wisconsin must not take the easy route by raising taxes to pay for the overspending of past budgets, we must now summon the political courage to do what’s right and bring our government back to a size we can afford.”



What more can be said.

If you were a corporation…

Would you prefer to set up your business in Wisconsin, Illinois, South Dakota or across the border in Canada (I’d say Mexico but lets just keep things here in the North!)?

Well?

The Tax Foundation took a look at the top corporate tax rates here in the US and abroad and found that Wisconsin’s top corporate tax rate is 40.1% (when combined with the top Federal Rate: 35% + 7.9%), Illinois’s rate is 39.7% (35% + 7.3%), South Dakota has no State corporate tax so the rate there is the Federal rate of 35%, and Canada (assuming you place your company in the province with the highest local rate) is 33.5% (Federal rate of 19.5% + 14%)!! (detail)

So while both Dems and Reps bitch and moan about jobs going over seas isn’t it amazing that they are doing nothing to lower the top Federal tax rate on corporations!!!

For more information on this check out the Tax Foundations CompeteUSA Project, there you will find useful information on the tax rates around the world and how they are impacting the consumer. For instance, did you know that in 2005 the average household paid nearly $2,757 more for goods due to corporate taxes? Want to see how well you understand the Corporate Taxes? Take their quiz here.

Tax Foundation – CompeteUSA

With the election going on I’m working hard to ensure that Racine turns Red next week so blogging has not been a priority but this morning I saw the following come across my desktop and knew that I had to post something about it.

As most of you know I absolutely love the Tax Foundation. They are a non-profit non-partisan group focusing on sound tax policy. Well they created the CompeteUSA project designed to “raise public awareness of America’s high business taxes” and had a video contest and the following videos are the winners…everyone of them is worth watching!!!!

First Prize ($5,000): Andrew Patterson of Edmond, OK – “Tax Attack

Second Prize ($1,000): Craig Kirchoff of Alexandria, VA – “Sally, the Corporate Income Tax and You

Third Prize ($500): Lori Harfenist of Brooklyn, NY – “Taxes, Schmaxes

Digital TV Vouchers…to tax or not to tax

h/t Josh Barro at the Tax Foundation

I found this blog entry by Josh very interesting.

It seems as though Best Buy has sent some “refund” checks out to people here in Wisconsin (and a few other states) with an apology for charging them tax on their purchase of a digital TV in which they used the DTV voucher offered by the federal government.

Josh points out that a large company such as Best Buy could easily make such a mistake when confronted by over 7,400 tax levying authorities in the US but was their decision correct?

Was the voucher a “coupon” or merely a “gift card”?

I think that Josh is right and the State Department of Revenue is wrong…but if I were receiving the refund I’m not so sure that I would be complaining.