Archive for the ‘Taxes’ Category

Sales Tax Changes

There are almost 10,000 sales tax jurisdictions in the US (over 5,000 in just 5 states: TX, MO, IA, AL, OK);
– In 2011, there were over 1,000 tax law and/or rate changes in these jurisdictions causing additional compliance and regulatory burden.
– There is a tremendous burden on businesses to track sales of goods and services, remit taxes appropriately, and face onerous penalties for inadvertent failure to comply and differing tax bases and definitions further increase complexity.

Adopting a uniform national sales tax partnership (I.e., one rate, one return administered by the federal government with most of revenues sent back to the states to support state projects) between the federal government and the states is a win-win for all taxpayers by reducing complexity for businesses, increasing business compliance, increasing understanding and predictability for consumers, and equitable sharing of tax dollars across the nation.

Categories: Commerce, Taxes

Trade is the real issue

October 12, 2012 Leave a comment

When you have thousands of companies whose job it is to educate on the complexities of the layers of laws protecting workers, it costs the business time and money.  Eventually you get to a point where you cannot effectively compete internationally with other countries in producing ‘widgets’.  Soon company after company that produces ‘widgets’ shuts down and the local population can’t even find a pair of khakis or a towel made in the host country.   The end result is heightened unemployment, large trade deficits, and ballooning budget deficits.  We can give everyone healthcare, protect everyone’s rights, and ignore either of two options:

Option I:  We figure out a way to tax products coming into the country for the lack of environmental, legal and social protections that we have here in the US.  At the same time find a way to remove the burden on the domestic supplier when exporting goods.

Option II:  Reduce our own protections to equalize the difference between us and the other guys.

Do we have any more options?  Anyone care to suggest an alternative?

Categories: Commerce, Taxes