City, Austin school board look to save millions with tax swap
plan, Austin American-Statesman
This isn't about cutting taxes per se; rather, this is the tax swap
to end all tax swaps
We'll focus on the tax swap
and explain how it reduces an investor's federal income tax liability.
This is why such prominent conservative economists as Kevin Hassett, Glenn Hubbard, Greg Mankiw, and Art Laffer have expressed support for a carbon tax swap
Nearly two thirds, 63 percent, opposed the governor's tax swap
proposal, which eliminates state income taxes but increases sales taxes, while only 27 percent supported the plan.
Such a tax swap
would be a bad deal for businesses, families, and public education.
The concerns includes, among others, the definition of tax swap
sales whereby an investor buying shares in the same sector within 1 month of sale will come under the definition and losses booked under such transaction will not be admissible for capital gains tax purposes.
energy tax policy would include an end to energy supply subsidies, a green tax swap
, an end to the gas guzzler tax loophole, the possible use of "feebates," and conservation incentive programs.
It is actually called the Food Tax-Adult Materials Tax Swap
Act of 2007, and is sponsored by Representative Stacey Campfield and Senator DeWayne Bunch.
With school districts across Illinois clamoring for more dollars, the state's gubernatorial candidates offering ways to generate billions of additional dollars for education and some political heavyweights still committed to a controversial tax swap
plan, the stars may never be more aligned for school funding reform.
The recently approved state budget relies on a complicated tax swap
that allows state officials to borrow nearly $11 billion to bridge the state's revenue shortfall, but could prevent Santa Clarita from taking advantage in the coming years of the projected growth in sales tax revenue.
Cruz Bustamante proposed a tax swap
last week that would roll back the recent increase in the vehicle license fee and replace that revenue with higher taxes on alcohol, tobacco and the wealthy.