If you are a U.S. senator and have a cool idea about taxes but are worried to speak it aloud for fear some of your constituents will peel your hide off in small strips ... well, there is hope. A couple of your colleagues have come up with a plan.
Republicans forged ahead in their effort to transform North Carolina into a reliably red state, with Gov. Pat McCrory and top legislature leaders agreeing Monday on a tax cut plan to boost economic growth and job creation.
The House of Representatives is scheduled Tuesday to consider a bipartisan bill to add new seasonal flu vaccines to the IRS definition of taxable vaccines. The Senate has already reached an agreement to vote on its version of the bill without further debate if the House passes an identical version. If passed into law, all new flu vaccines would become subject to the 75¢ per dose vaccine tax, and also become eligible to be included in the Vaccine Injury Compensation Program (VICP). A summary of the bill provided by the House Republican Conference explains:
Bernie Becker and Kevin Bogardus write in The Hill that, according to “two top tax writers on Capitol Hill ... the case for tax reform has been strengthened by the recent revelations about Apple’s tax tactics and the Internal Revenue Service’s targeting of conservative groups.”
In his prepared remarks on the IRS’s targeting of his political opponents, President Obama said that “we’re going to hold the responsible parties accountable,” but only once we determine “who is responsible.” In today’s Wall Street Journal, Kim Strassel offers some helpful thoughts on determining responsibility, writing that it’s really not all that hard — and, indeed, it’s not.
Governments everywhere are on the prowl for more revenues. French president François Hollande wants to tax incomes in excess of €1 million at a 75 percent rate. Britain’s chancellor of the exchequer, George Osborne, has jacked up VAT.
Congress is preparing to take action on a bipartisan proposal to raise taxes on flu vaccines. This is not a tax on the wealthy, but rather on a broad swath of Americans, or at least those who choose to be immunized against the flu.
Mark Knoller from CBS News reports this morning that President Obama, in a statement in the Rose Garden, “will stress his budget’s top objective is to boost the economy and create jobs.” To do that, he’ll have to contradict what he previously described as “the consensus among people who know the economy best.