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.
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.
