Posted on 05/10/2008 2:35:44 PM PDT by 2ndDivisionVet
Well, now in Massachusetts they are looking to tax college endowments, university endowments that have more than a billion dollars in it. They say that by doing this, they can put more than a billion dollars a year into the state revenue. Legislators have asked state finance officials to study a plan that would impose a 2.5% annual assessment on colleges with endowments over a billion dollars. Now, the universities are very upset and here's quite possibly -- I want to frame this. I want to frame this. I want this on my wall of my office. When a nonprofit, when a nonprofit is making money, it's mind-boggling. Why tax them?
Now, one guy who is head of the ways and means committee in Massachusetts says it's mind-boggling that an entity wouldn't be paying taxes that has $34 billion. How can you justify that when people can't afford to live, how could you justify not taxing them? Ready? Here it is. This is what I want framed. Kevin Casey, Harvard's associate vice president for government, community and public affairs said, "You can't do that. You'd be taxing success." No, it gets better. "And over time this would put us at a competitive disadvantage. It would hurt the state." No, you're kidding me. It's like you're taxing success by taxing people who are making money and who happen to be richer than others? You're taxing success? Boy, Kevin, I never looked at it that way. You might be onto something there. "Over time this would put us at a real competitive disadvantage." No, it would put Harvard at a disadvantage against those who didn't get taxed? No. Who might pay a lower tax? It might put that company at a disadvantage? No, no, Kevin, you're looking at it wrong. We're just trying to help out Greater New Haven State Technical College. That's what we're trying to do. We're only trying -- it's affirmative action for Greater New Haven State Technical College. We're trying to help them. We're trying to level the playing field. It's only out of fairness, the rich get richer and the poor get poorer. It might put them at a -- no.
And then he goes on. In the final insult to injury he goes on to say, "And it would hurt the commonwealth. It would hurt the state." How? How? Are you saying because Harvard wouldn't be able to have so much money so they couldn't grow? So they couldn't hire more people? They couldn't bring more people into the state? I never thought of that when I was thinking about taxes and companies. I just thought, oh, they're screwing the state; the bigger they get, the more people they hire, the more people that live here. It's crazy. It's almost like you're talking about the philosophy of, oh, I don't know, Texas. It's almost like you're describing the philosophy of, oh, I don't know, a conservative. It's like you're taxing success. No, Kevin, you're wrong. It's not like we're taxing success. We would be taxing success. Oh, sucks, doesn't it? And yet I could guarantee you it's these same eggheads and people like Barack Obama who will go right after Exxon and not understand.
Right now there's a big offshore oil convention going on in Houston, which is surprising. One of the most profitable and economically secure cities in America right now. Hmmm, what's up with that, I wonder? Maybe it has something to do with no state income tax. Maybe it has something to do with energy and oil. But why concentrate on the little details like that? In Houston right now there is this oil convention going on for offshore drilling. All of the countries, Russia, Sweden, Norway, Kuwait, Venezuela, all of the -- Brazil, everybody is at this convention. And what are they talking about? Offshore drilling. They're all using our technology to drill, and a lot of them in the Gulf of Mexico. "But we won't drill that because that's unsafe. That's wrong." So we'll let other countries do it. They will claim and stake a claim for 100 years for the oil underneath the Gulf of Mexico but we won't take it. We won't take it. No, no, no. We've got evil universities. We've got evil oil companies here. Oh, my gosh, these evil oil companies. We've got to drag their butts in front of congress, ask them why they're making so much money. Oh, yeah. Meanwhile Putin makes people president in Russia if you are the head of an oil company: Hey, congratulations, you are successful; you are the next President.
Us, can you imagine having the president of an oil company be the President of the United States in this country? (Gasping). "What?" Yet, you would absolutely be somebody who is the president of a university. Why, he's respected and he will go after those evil oil companies. "But not the sacred university. That might be like taxing success."
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
All Harvard needs to do is create a foundation in another state and move the assets to it. Then there is nothing left to tax.
How does that hurt MA? Only an idiot liberal would ask that question.
This past week I listened to a webcast of a company's latest quarterly earnings. The CFO stated that the cumulative tax rate was 45%.
Is there really any wonder why so many companies go offshore?
As for universities, I say tax the left like any other money making enterprise.
An entity that is a non-profit while at the same time accumulating wealth in the billions... Interesting concept.
The proposal was for endowments to be taxed at 2.5%.
Meanwhile, individuals who work in MA (including non-residents, commuters) are taxed at 5.3%.
In the end, it won’t matter what entities MA taxes or how much tax money they get, since MA pols will spend it all.
Is that the rate for everyone or just a particular income bracket. I'm paying 11.25% on the first $100,000 in Idaho and 7.8% of the amount over $100,000. They must be collecting big taxes somewhere else to earn the label "taxachussetts".
Remember back in the early days of President Clinton’s first term, the idea was floated to tax all retirement funds (401k, IRA’s, etc) one time at a 15% rate. It was just to get money for all the folks who don’t have money. When it comes to finding money to give away, buy votes with, nothing the Democrats do or say surprises me.
I just wish they would realize it isn’t their money, it is mine(ours).
I don’t think that would fly.
I’m paying 11.25% on the first $100,000 in Idaho and 7.8% of the amount over $100,000.
Oh my freaking God.
I am so glad to have my primary address in Florida.
Why? MA cannot tax income earned by an out of state corp?
What is Idaho’s individual income tax rate?
For tax year 2007, the individual income tax is graduated from 1.6% to 7.8%. The tax rate is applied to the “Idaho taxable income.” The tax brackets are adjusted annually based on the consumer price index.
The 2007 Tax Tables show the amount of tax due on Idaho taxable incomes that are less than $100,000. For taxable incomes of $100,000 or more use the Tax Rate Schedule found on the last page of the 2007 Tax Tables.
You can find additional Information on the tax rates in Idaho Code Section 63-3024.
My income tax rates were much higher in California.
Finally taxing the rich who deserve to be taxed - I love it........
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