Local Tax Talk, your town is next!
Well usually my post here are treasures found throughout the blogsphere are more of national interest. However here is a local story from my hometown paper the Lawrence Journal-World.
You know through the web you read various sites with people complaining that there is no difference between the D’s and the R’s or the Libs vs Conservatives well this story is the perfect illustration of just how wrong that rationale is.
As we march towards the very real notion of a Hillary Clinton kingdom this is the type of thinking we can all look forward to.
Don’t blink or this type of tax talk idiocy will be coming to your town real soon.
Sphere: Related ContentCompound interest.You know, the pennies that accrue day after day, week after week on your savings account. The concept is one of the few things in life that will allow a man to make money while he walks the beach in Bermuda shorts and black socks.
Einstein was such a fan of the notion that he supposedly said “there’s no force more powerful in the universe than compound interest.”
A few leaders in Lawrence City Hall are beginning to believe him. At least, they’re beginning to think it’s powerful enough to tax.
City Hall staff members recently prepared a report detailing how the city could begin requiring residents to pay a tax on the interest they earn on savings accounts, on the dividends they receive from stocks, and from a few other “intangible assets.”
A state law has been on the books since the early 1980s that allows cities, counties and townships to collect what is called an intangibles tax. More than 100 Kansas communities collect the tax. Lawrence is not one of them, but City Commissioner Boog Highberger said that might need to change.
“I think it could make our tax system fairer,” Highberger said.
Highberger said he thinks an intangibles tax wouldn’t hit low income residents as hard as an increase in the local sales tax rate. The thinking is higher income residents are more likely to have hefty savings accounts or dividend income from stocks or bonds.
Read the rest here, these people are crazy!
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October 22nd, 2007 at 2:41 pm
Nice to see some local politics on the blog, even if it is one of the most asinine proposals ever.
This town’s gov’t spends money like a crack whore on a binge - oh, we’re out, guess we’ll just go screw the next guy on the street for the next fix. Yes, we’re a college town, but do we really want to scare everyone away who’s not a prof. or a student and therefore required to be here? If I wasn’t tied here because of my company I’d be looking to get the fuck out, ASAP. As it is, once Marcy and I have paid down our mortgage some and have a downpayment for a nicer house, we’re moving to the country and turning this house into a rental. And with proposals like this, you can be damn sure my money goes with me.
I’m just waiting for them to float the community wide vote on the increase in sales tax, once they do that, even if I work over 12 hrs per day, I’m going to do everything I can to get every one of them on a recall ballot. It’s insane to think that our population is stagnant or decreasing and that the city should be spending more money every year. Especially on people’s pet projects!