A Tax Increase I Can Get Behind!

Here are some suggestions by Glenn Reynolds!

Oh, too lazy to click the link, hunh? Ya need a teaser?

Were I a Republican senator or representative, I would be agitating to repeal the “Eisenhower tax cut” on the movie industry and restore the excise tax. I think I would also look at imposing similar taxes on sales of DVDs, pay-per-view movies, CDs, downloadable music, and related products.

I’d also look at the tax and accounting treatment of these industries to see if they were taking advantage of any special “loopholes” that could be closed as a means of reducing “tax expenditures.” (Answer: Yes, they are.)

America, after all, is facing the largest national debt in relation to GDP that it has faced since the end of World War II, so a return to the measures deemed necessary then is surely justifiable now.

The president’s own rhetoric about revenues certainly suggests so. Perhaps the bill could be named the “Greatest Generation Tax Fairness Act” in recognition of its history.

Should legislation of this sort be passed — or even credibly threatened — I think we can expect to see Hollywood rediscover the dangers posed by “job killing tax increases,” just as pro-tax-increase Warren Buffet changed his tune once his own corporate-jet business was threatened.

And there’s more!

And that’s not the only “revenue enhancement” we might employ. I note that FCC Commissioner Meredith Attwell Baker, who approved the Comcast merger, left the commission to take a lucrative job at Comcast, just as many members of the not-so-successful Obama economic team have left their government positions for lucrative jobs in private industry.

Obamacare drafters went to work for the health care industry at inflated salaries. And drafters of the Dodd-Frank financial bill have gone on to big-shot lobbying and consulting jobs at high salaries.

Because much of their value to their employers comes from their prior government service, I think that the taxpayers deserve a share of the return, say in the form of a 50 percent surtax on any earnings by political appointees in excess of their prior government salaries for the first five years after they leave office.

Some would say that a 75 percent tax on “revolving-door profiteers” would be more appropriate, and I’m certainly willing to entertain arguments to that effect; I’d also like to extend this to members of Congress, but I don’t think Congress would ever pass that bill.

Read more at the Washington Examiner:


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