Archive for the ‘Business’ Category

A Rush Of New Taxes For Limbaugh

July 3, 2008

Jealous liberal journalists who long to be richer than Rush Limbaugh have been falling all over themselves to criticize their conservative nemesis and the undisputed champion of talk radio the past couple of days.

Why? Because he just negotiated a contract renewal with Premiere Radio Networks, a subsidiary of Clear Channel Radio, that reportedly will net him $400 million over eight years, including a nine-figure signing bonus.

Why that’s a problem is beyond me. If Premiere didn’t think Limbaugh was worth it based on past performance, the company wouldn’t have made the deal. It’s the free market at work, and every liberal who is whining about the deal would take all that money and then some if offered it for doing their jobs.

Besides, every liberal should be celebrating the rush of taxes that will flow into government coffers thanks to Limbaugh.

The numbers are staggering any way you look at it. I asked Peter Sepp, vice president for policy and communications at the National Taxpayers Union, to guesstimate Limbaugh’s tax bite from his new contract. With the obvious caveat that “there are a whole lot of variables both in the structure of his compensation package and the strategies he employs that would affect the actual tax burden,” Sepp predicted that Limbaugh will pay anywhere from one-third to 40 percent of his compensation to the government in taxes.

I’ll do the math for you: That’s $132 million to $160 million in taxes! And Sepp said the bite would be far worse if Limbaugh lived somewhere other than Florida, which has no state income tax and light business taxes. If he lived in California, the Golden Treasury State, he would have added up to 10 percent more ($40 million) to the tax tab.

That’s not counting all of the sales, property, gas and other taxes Limbaugh will be paying every time he spends a million dimes. And his penchant for cigars and other “sins” means he’ll be on the hook for even more.

Here’s the way all the liberals in the media and government should be looking at Limbaugh’s contract: He’s a one-man economic stimulus machine. Just imagine how many more pork projects will be funded over the next eight years because Rush Limbaugh got a hefty raise.

A Century Of Tax Mischief

May 5, 2008

My Dad forwarded to me an e-mail that included this gem about all of the taxes conceived in the minds of politicians over the past century (the impact of several of them on just our family has been chronicled on this blog):

Accounts receivable tax
Building permit tax
CDL license tax
Cigarette tax
Corporate income tax
Dog license tax
Federal income tax
Federal unemployment tax
Fishing license tax
Food license tax
Fuel permit tax
Gasoline tax
Hunting license tax
Inheritance tax
Inventory tax
IRS interest charges (tax on top of tax)
IRS penalties (tax on top of tax)
Liquor tax
Luxury tax
Marriage license tax
Medicare tax
Property tax
Real-estate tax
Service charge taxes
Social Security tax
Road usage tax (truckers)
Sales taxes
Recreational vehicle tax
School tax
State income tax
State unemployment tax
Telephone taxes
— Federal excise
— Universal service fee
— Federal, state and local surcharges
— Minimum-usage surcharge
— Taxes on recurring and non-recurring phone charges
— State and local phone taxes
— Telephone-usage charge tax
Utility tax
Vehicle registration tax
Vehicle sales tax
Watercraft registration tax
Well permit tax
Workers compensation tax

The kicker to the e-mail: “Not one of these taxes existed 100 years ago, and our nation was the most prosperous in the world. We had absolutely no national debt, had the largest middle class in the world, and Mom stayed home to raise the kids. What happened? Can you spell ‘politicians?'”

America’s Tax Place In The World

March 24, 2008

The United States is a world leader when it comes to corporate taxation — and that’s not a good thing. We rank No. 2 among developed countries, and nearly half of U.S. states have corporate tax rates higher than top-rated Japan.

The Tax Foundation has the scoop in a new report. (Hat tip to Instapundit)

Lest you say “I don’t care about corporate rates as long as the government isn’t taxing me personally,” remember the business world’s penchant for passing the tax bucks along to consumers.

You eventually pay the tax bill in the form of higher prices on goods and services. That truism is most obvious at the gas pump but also on utilities, communications and other bills. Big Business can escape the tax man; Joe Six-Pack of Soda can’t.