Tax Loopholes: Difference between revisions
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! <h2 style="margin:0; background:#000; font-size:160%; font-weight:bold; border:1px solid #000; text-align:left; color:#FFF; padding:0.2em 0.4em;"> | ! <h2 style="margin:0; background:#000; font-size:160%; font-weight:bold; border:1px solid #000; text-align:left; color:#FFF; padding:0.2em 0.4em;">How Corporations Tried Reshaping the Tax Code in Their Favor</h2> | ||
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[[Image:Scales.png|left|140px]] | [[Image:Scales.png|left|140px]] | ||
<big>''' | <big>'''Corporations, Big Business, and Banksters VOTED to reshape the tax code in their favor by:</big><br> | ||
( | * “Constitutional amendment restricting the use of vehicle fees and taxes for highway purposes” (8I0) | ||
''' | * “Vote on taxes joint resolution,” where states ask Congress to pass a constitutional amendment requiring a majority vote of U.S. electors before increasing taxes or spending (8H20) | ||
''' | * Eliminating the Capitol Gains tax (the tax on profits from investments), protecting wealthy investors. (8H18) - Wisconsin 2011, South Carolina legislature considering it. | ||
''' | * Prohibiting states from raising revenue by: | ||
''' | * *“Tax indexing act” (8H17), which indexes tax brackets to inflation / Consumer Price Index (but at the same time disapproving of using the CPI to increase the minimum wage (“Resolution Opposing Increases in Minimum Wage”) | ||
''' | * Providing talking points for how to oppose local taxation efforts (8H15) | ||
''' | * [http://www.alecexposed.org/w/images/5/52/8H14-Resolution_Urging_Congress_to_Permanently_Extend_the_Bush_Tax_Cuts_Exposed.pdf '''Supporting extension of the Bush tax cuts'''] that contributed to the federal deficit and exacerbated wealth inequality | ||
''' | * [http://www.alecexposed.org/w/images/0/09/8H13-Resolution_Urging_Congress_to_Eliminate_the_Alternative_Minimum_Tax_Exposure.pdf '''Supporting repeal (rather than reform) of the Alternative Minimum Tax'''], a tax designed to prevent the very wealthy from avoiding taxes, but after the Bush tax cuts lowered marginal tax rates without changing the AMT rates, swept-in some middle-class households; ALEC supports extending the Bush tax cuts, but would rather do away with the AMT rather than reform it | ||
''' | * [http://www.alecexposed.org/w/images/1/16/8H11-Resolution_to_Repeal_the_Federal_Unified_Gift_and_Estate_Tax_Exposed.pdf '''Calling for repeal of the estate tax,'''] which only taxes very large estates (over $5 million / $10 million for couples) and draws government revenue off perpetuation of wealth and inequality | ||
* '''Supporting a “flat tax” that would reverse America’s history of progressive taxation''' through: | |||
** [http://www.alecexposed.org/w/images/c/ce/8H4-Personal_and_Business_Flat_Tax_Act_Exposed.pdf state-level business and personal income flat tax], and | |||
** [http://www.alecexposed.org/w/images/2/2a/8H3-Flat_Tax_Option_Act_Exposed.pdf giving state-level taxpayers the “option” to pay a flat tax] | |||
** [http://www.alecexposed.org/w/images/b/ba/8H7-Resolution_in_Favor_of_a_Federal_Flat_Tax_Exposed.pdf supporting a federal flat tax] | |||
* '''Prohibiting state governments from increasing revenue as the economy improves''' by | |||
** [http://www.alecexposed.org/w/images/7/7e/8H2-Automatic_Income_Tax_Rate_Adjustment_Act_Exposed.pdf '''automatically adjusting individual and corporate tax rates downward'''] if tax revenue collected in previous years had increased above a certain percent (8H2), squeezing government and forcing cuts | |||
** [http://www.alecexposed.org/w/images/c/c7/8G2-Tax_and_Expenditure_Limitation_Act_Exposed.pdf promoting a constitutional amendment capping revenue and spending], and requiring that collections above the limit be transferred into an Emergency Reserve Fund, severely limiting a state's ability to respond to price increases (for example, a double digit rise in health care costs). | |||
* [http://www.alecexposed.org/w/images/5/5c/8G1-Super-Majority_Act_Exposed.pdf '''A constitutional amendment requiring that all tax and “license fee” increases be approved by a 2/3 majority in each house'''] (unless the state cannot pay interest on its debt), severely restricting the ability to raise revenue | |||
*[http://www.alecexposed.org/w/images/f/f2/8H1-ALEC_Principles_of_Taxation_Exposed.pdf '''Providing talking points for tax reduction'''] | |||
* [http://www.alecexposed.org/w/images/2/24/8H0-A_Resolution_Urging_Congress_to_Reject_Windfall_Profits_Taxes_on_Energy_Companies_Exposed.pdf '''Opposing “windfall profits” taxes on energy companies like Exxon Mobil and BP'''], which have had record earnings in recent years. | |||
*[http://www.alecexposed.org/w/images/6/6e/8G3-The_Taxpayer_Protection_Act_Exposed.pdf “Removing incentives for investigating and prosecuting tax cheats”] | |||
*[http://www.alecexposed.org/w/images/c/c4/8G0-Federal_TABOR_Resolution_Exposed.pdf Supporting federal legislation that limits all spending to the rate of inflation] | |||
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Revision as of 03:27, 20 June 2011
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