GOP governor vetoes a TAX CUT!

[spedtr90]

....for families making $45,000 or less

... because it did not included corporate tax cuts

Iowa Gov. Branstad was has concerns about the $28.5 million in lose revenue from this tax cut. Apparently he does not understand his desired 50% tax cut for corporations would increase the lost revenue.


http://thinkprogress.org/economy/2011/08/03/283386/brandstad-tax-break-poor-veto/

[daleanime]

1. Because our owners want it...

and I sure they will get it.:banghead:

[FreakinDJ]

2. A preview of the "Super-Duper Commission's" Tax policy

Branstad vetoed that part of the bill writing that it is his desire to approach tax policy in a more comprehensive and holistic manner.

[Thav]

3. Except that he doesn't.

All he wants is to cut taxes for corporations and the rich. If you're neither, or a small business, then you can get bent.

I'm not rich, and I just expanded my small business. Braindead's plan to cut property taxes to spur growth will end up hurting the economy. Here's why:

Local governments are the ones that collect/benefit from property taxes. Branstad says the state will make up the revenue lost from the cuts. Funny, $70 million in educating our children was too damn expensive, but an additional $500 million was chump change. He's now on the stump talking with local governments on how it's a great idea and there's no risk. Until the state decides it won't pay that $500m because there's no money and local governments are left picking up the tab the only ways they can: increasing residential property taxes or cutting services. Thus taking more money from the consumers of the economy or killing jobs further driving down consumer spending.

The biggest beneficiaries of this tax cut will be the largest of corporations, many of whom aren't even Iowa companies. Democrats suggested a limit on the value of land that could get the tax break, to provide a cut to all businesses but help out the small businesses the most. Branstad wouldn't have that, it didn't benefit his rich buddies the most.

My view is not from just a taxpayer, but also a business owner. Branstad's tax cut, if enacted to the maximum immediately, would change my business property taxes by $800. Man, I can hire SO MANY PEOPLE with that extra $800 a year.

However, if those people making $45k or less had an extra $500/year, they might just buy my services. Let's say 16 people did just that, I'd benefit by $8000 a year in increased SALES. Way more than the property tax decrease. Why don't we give working Iowans a $500 million tax break. That'd do a lot to increase demand of goods and services.

Businesses don't need less taxes, they need increased SALES. There's plenty of supply out there, you don't need to create any more supply. Create DEMAND.