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It's like the ignorance is intentional, particularly with those that are conservative republican and have blind support for their local socialist Republican leaders or liberal hippies that want desperately to pay money for the privilege of having hollywood actors come to their state.
Here's a hint:
If the state gives me $1 billion worth of tax breaks then it'll only help me avoid paying about $4k of state income taxes so its not really spending any money.
If the state gives me $1 billion in transferrable tax CREDITS then I'll get around $940 million in cash at the expense of other tax payers and your state's higher education and healthcare departments will need to make some budget cuts.
It's like the ignorance is intentional, particularly with those that are conservative republican and have blind support for their local socialist Republican leaders or liberal hippies that want desperately to pay money for the privilege of having hollywood actors come to their state.
Here's a hint:
If the state gives me $1 billion worth of tax breaks then it'll only help me avoid paying about $4k of state income taxes.
If the state gives me $1 billion in transferrable tax CREDITS then I'll get around $940 million in cash at the expense of other tax payers and your state's higher education and healthcare departments will need to make some budget cuts.
And why do states give those tax credits? Is it to make the state poorer?
And why do states give those tax credits? Is it to make the state poorer?
Partisans often enact tax credits and/or tax breaks for political expediency, or out of favoritism - sometimes to the detriment of a state and its taxpayers.
How many state and/or federal tax credits and tax breaks gave turned out to be failures? Like, oh, say, Solyndra and other clean energy boondoggles.
Partisans often enact tax credits and/or tax breaks for political expediency, or out of favoritism - sometimes to the detriment of a state and its taxpayers.
How many state and/or federal tax credits and tax breaks gave turned out to be failures? Like, oh, say, Solyndra and other clean energy boondoggles.
Yes, some are never meant to benefit the state and others are hare-brained ideas. However, you cannot automatically conclude a tax credit puts burdens on other tax payers or stresses the state's finances.
Yes, some are never meant to benefit the state and others are hare-brained ideas. However, you cannot automatically conclude a tax credit puts burdens on other tax payers or stresses the state's finances.
Not automatically, but I think that state tax credits generally must be 'covered' by other taxpayers picking up the tab, for the simple reason that states - unlike Congress - have to balance their budgets every year.
And right on cue, people in this thread are unable to focus when it comes to tax credits.
Tax credits are NOT the same as tax breaks. That's what the thread is about.
Tax credit is government mandated extortion. You are forcing me, a small business owner, to pay select private companies. If I don't pay them then your beloved state government will penalize me by forcing me to pay $1.05 for every $1.00 that I did not pay these select companies. Yes, that's how it EFFECTIVELY works with TRANSFERRABLE tax credits. Other tax payers buy the credits and the money goes to these chosen ones instead of the government. It's wealth redistribution and welfare and that's the difference between tax breaks and tax credits.
Go to a different thread if you want to champion the merits of such government intervention and wealth redistribution. This is about the convenient misinformation that goes on still today that results people in defending these things because they claim "its not costing us anything because its just government not collecting taxes from somebody" - which obviously isn't true.
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