Don't bail out out our state!
The Commonwealth Foundation has joined with 58 other groups (led by the NTU) sending a letter to Congress on why a bailout of state and local governments is a bad idea, and only encourage more misspending of taxpayers' dollars. The full letter is below, or click here. For more on why federal bailout of states are a bad idea, check out South Carolina Governor Mark Sanford's testimony to Congress or op-ed in the Wall Street Journal
NTU's Andrew Moylan also has a roundup of bailout-related links - beginning with a clip comparing the bailout to a Family Guy joke that isn't funny, except that it goes on too long - including a new site, BailoutSleuth which has been tracking where the $700 billion is going and all those sorts of minor details.
One recent applicant for the bailout money is Americans for Tax Reform head Grover Norquist - who applied for the full $700 billion. He wants to use to to cut the corporate income tax from 35% to 15%; cut the top individual income tax rate from 35% to 15%; eliminate the death, capital gains, and dividend taxes; and allow companies to fully-expense capital assets purchased the first year. If that last one doesn't seem nearly as sexy as the others recall - it takes that many tax cuts to equal $700 billion. No chance he gets the money of course, it makes too much sense.
L081117_NoStateBailout
1 comment:
My thought is if the Federal Government provides tax dollars to bailout cities or states, I should be able to vote in those cities or states. Otherwise, it is taxation without representation.
Post a Comment