by: Jeffrey Quinn
Well, well, well--now cometh the Obama clan, which previously was heard to espouse tax increases (in the interest of 'spreading the wealth around') and which now ostensibly stands for tax cuts, of all things!
$300 billion or more of such "cuts," accordingly to noises made this week as Congress got back to work. Remains to be seen of course, just who will benefit from the proposed "cuts." Unlikely to be any of you "rich" folk out there. As we pen this little tome, Obama aides remained mum on the level of any income cap which would apply.
We do actually like one thing we're hearing about the plan: some provision may ensue which allows businesses to take more immediate advantage of losses incurred in the dismal year of 2008.
But what the Feds may giveth, the Locals may taketh away--consider the plight of San Francisco, for one, which is apparently considering actually imposing some sort of new tax on drivers who might find it necessary to exacerbate traffic woes by entering certain sections of the city at certain times of day. According to the Seattle Times, SF is using about $1 million of federal funds to enable its County Transportation Authority to study various "congestion-pricing options."
Now there's a new bit of bafflegab.
"I want a San Francisco that is far less congested and far easier to navigate," quoth City Supervisor Jake McGoldrick.
"Congestion pricing" generally seeks to keep drivers out of their cars and instead relocate them to buses, subways and bicycles by increasing the cost of driving into certain parts of a city during peak commuter hours.
No mention of how such a plan might be actually operated in San Francisco. We can hardly wait to hear the details--likely some sort of new GPS device or other (which you would be forced to purchase, of course) which would allow the City Fathers to know your whereabouts at all times. And further allow them to track all of those tolls which your presence might ring up.
And if all of this isn't bad enough, surely by now you have heard mention of the latest from the National Commission on Surface Transportation Infrastructure Financing, which would propose an increase of 10 cents per gallon in the Federal gasoline tax which burdens us all. Why, with the vagaries of the oil market last year, resulting in motorists driving less, and therefore buying less gas, somebody has to make up the Federal shortfall in collections necessary to maintain and improve the highway infrastructure, don't they?
But if we're all driving less, wouldn't that suggest that the roads need less maintenance and might just last that much longer? Just a thought.
And finally, thanks to Howard Ruff for a quote from Thomas Jefferson, who would probably run the other way, were he around in 2008--the year of one bail out after another.
"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, those banks and the corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered."
CONSULT YOUR TAX ADVISOR - This article contains a general discussion of various tax matters. You should consult your CPA regarding the implications to your own particular situation.
Jeff Quinn, the author of this article, is a shareholder in Ashley Quinn, CPAs and Consultants, with offices in Incline Village and Reno. He is also a contributor to the recently-published twelfth edition of Tax Savvy for Small Business, published by Nolo. He can be reached at 831-7288, and welcomes comments at
jquinn@ashleyquinncpas.com.
