I suppose you can call this the post-election edition because a few of these items were swept aside in the runup to our primary earlier this week.
This one’s a bit controversial.
It’s only 37 seconds and while it makes a great point, I find it intriguing that the “dislikes” are running 2-1 over the “likes” on YouTube. Truth hurts? Any questions?
One thing we can’t question is the fact that as of Sunday the United States had the highest corporate tax rate in the developed world. But the Republican Study Committee makes a good point:
Of course, volumes and volumes of special credits, deductions, and loopholes mean similar companies often pay very dissimilar tax bills. It’s natural for people and businesses to use every means available to hang onto the money they earn. We wouldn’t be an entrepreneurial nation if we didn’t. But the more time and money we spend navigating our ridiculously complex tax code, the less we produce of real value.
And that was part of the point in the Cain video. Not only is the tax rate high, but those who can afford lobbyists and campaign contributions tend to be the ones who pay the least in taxes – meanwhile, the mom and pop operation takes it in the shorts again. (That’s why 9-9-9 appealed to me. Any questions?)
The state of Maryland doesn’t get this either, according to Kimberly Burns of Maryland Business for Responsive Government.
As the Governor said himself, all this proposal does is delete the word ‘gas’ from ‘tax.’ A sales tax increase is an easy, unacceptable short-term fix to the longer term problem of business competitiveness. Just like the gas tax, it hits every Maryland working family and business right in the wallet.
Say hello to more factory outlet stores near Maryland’s borders in Delaware and Virginia. When you’re a small state like Maryland, sandwiched between two low-tax states, it’s foolish to think increasing the sales tax won’t effect Maryland’s competitiveness and the behavior of consumers.
If the 7% sales tax is passed – and remember, anything is possible in these desperate last days of the session – Maryland would have one of the highest sales taxes in the country and Delaware merchants will be licking their chops as their price advantage jumps to seven percent.
Maryland Republicans in the Senate point out another misconception on the offshore wind boondoggle by citing a Sun letter from Teresa Zent which makes an interesting charge: that $1.50 per month price is only “a cap on what a developer can plug into its proposal. It is not a cap on what a ratepayer might actually have to pay.” And that’s a tremendous point, because if your electric bill is figured on a price of perhaps 11 cents per kilowatt hour and wind energy will cost a quarter per, someone has to pay and the utilities (which, remember, have a monopoly on servicing a particular area) aren’t in it to lose money. By necessity, Maryland would be stricken with a further competitive disadvantage in electrical costs.
And while the election is over, I have to commend the participants in the U.S. Senate nomination battle for the campaign which was waged. They differed on issues, but when it came to attacking the opponent that was reserved for the real opponent, Ben Cardin. And even those weren’t personal but focused on how Cardin is out of touch and lacking in leadership in fighting for Maryland’s working families.
So it wasn’t unexpected that the two leading contenders released statements in this vein after the counting was done. Rich Douglas conceded thusly:
I want to congratulate my opponent on a hard-fought race in the Republican primary. Republicans and Democrats challenging Ben Cardin know that defeating elite royal family rule in Annapolis and incompetence on Capitol Hill is an enormous undertaking. I urge like-minded Democrats and Independent voters to close ranks with Mr. Bongino to replace Ben Cardin in November. It is time for a strong Maryland voice to be heard in the U.S. Senate. Today was the first step toward that goal.
Meanwhile, Bongino praised his opposition for the races they ran:
I am grateful to the voters of Maryland who have given me this amazing opportunity. I would also like to thank the other Republican challengers. We all share the same concerns about the direction of this country and agree it is time Maryland had new representation in Washington. I hope they will join my campaign to bring an outsider’s perspective to the US Senate.
Dan also set himself up for November, promising a campaign devoted to “the economy, national security, energy and government accountability.” He also added:
The people of Maryland deserve a Senator who will fight for them, and not the Washington establishment. We need leadership in the Senate that will work to increase opportunity for middle-class Americans, that will provide a path for those in poverty to advance and ensure this nation will once again be a place where jobs are created and people are willing to invest.
Part of doing that will be encouraging entrepreneurs and small business by making the tax code simpler and fairer instead of what the Cain video depicted.
Lastly, some laughed when Newt Gingrich spoke about bold initiatives in the space program, as he did last week. But the Competitive Enterprise Institute posited a step even beyond mere space travel: private ownership of other celestial bodies?
A proposed law requiring the United States to recognize land claims off planet under specified conditions offers the possibility of legal, tradable land titles, allowing the land to be used as loan collateral or an asset to be sold to raise funds needed to develop it.
Such a law would vitiate the 1979 Moon Treaty, which does outlaw private property claims in space, but to which the U.S. is not a signatory. This should be viewed as a feature, rather than a bug. The law would not impose any new costs on the federal government, and would likely generate significant tax revenue through title transaction fees and economic growth from new space ventures carried out by U.S. individuals and corporations. It would have great potential to kick the development of extraterrestrial resources—and perhaps even the human settlement of space—into high gear.
It’s quite a fascinating report, and it points out the difference between development in similar areas deemed off-limits to private property (Simberg cites Antarctica as an example of government-controlled property) where little development is occurring, as opposed to the far northern reaches of the planet where several companies are exercising mineral rights. He theorizes that billions of dollars could be made if private property rights were granted in space, and I can’t disagree.
I’m not going to be the first in line to be a space tourist or worker, but if opening up space can help the economy and promote future prosperity for succeeding generations, what are we waiting for?