Tax Code Infested With Special-Interest Tax Credits

Posted by Mr. Franklin   // February 14, 2012   // Comments Off

 

The below statement was released this morning from the Virginia Tea Party Patriots Federation.  Personally, I prefer the FairTax, even though it would initially cost me more money.

 

Alert to Virginia Taxpayers

(Richmond, VA) – “ From beehives to spaceflight, from social engineering to coal mines,  many special interest groups want a tax credit,” said Mark Daugherty, Virginia Tea Party Patriots Federation, Chairman.  “What they are looking for is a legal and financial advantage over fellow Virginians.”

Last November, a JLARC-Joint Legislative Audit and Review Commission study revealed that tax breaks favored select Virginia groups and individuals in 2008 in the amount of $12.5 billion, which is equal to 90% of the $14.3 billion in actual individual and sales taxes paid by Virginians.

“This year, our legislators have submitted over 90 new special-interest tax credit bills to the existing conga line of convoluted preferences and loopholes,” said Mr. Daugherty.  “These special-interest tax breaks have now become a tax code within a tax code, adding complexity and inequality. It seems that the General Assembly wants to keep this under the radar as HB664, intended to shine the light on who is benefiting from these tax credits, was stopped in committee.”

“These carve outs represent the government picking winners and losers as well as a fundamental lack of fairness,” added Mr. Daugherty.  “Virginians with the same income may end up paying vastly differing tax rates.  Most egregious, is the fact that a special-interest tax credit for a select group—is a tax increase for every other Virginia tax payer.” 

Government spending in Virginia has grown at twice the population growth for the last decade. If the General Assembly repealed all special-interest tax preferences, and reduced Virginia income tax rates by a commensurate amount, the tax rates and Virginia sales taxes could be reduced by nearly 50% allowing Virginians to keep more of their hard-earned money.

Mr. Daugherty says, “We encourage Virginians to contact their delegate and senator and urge them to vote NO on the 2012 line-up of special-interest tax credits, ask them to initiate a process to cleanse special-interest tax credits from the Virginia Tax code and pass the savings on to Virginia taxpayers.”

The Virginia Tea Party Patriots Federation is a coalition of 41 independent Tea Party and patriot groups that stand for fiscal responsibility, Constitutionally-limited government, and free market principles.

For a list of special-interest tax credit bills, please contact:

Mark Daugherty                                              540-885-5627
Email: trail100liberty@gmail.com         540-255-1431

Mr. Franklin

About this contributor

Ben Franklin posted 12 articles on this blog.

Mr. Franklin was a Democrat in his early years, but the more he learned, the more he moved away from liberal ideals. He is now a staunch Christian conservative of the classical liberal school and takes joy in being a husband and father of four boys. He is one course from an MA in Law and Public Policy at Regent University's Robertson School of Government and two courses from a M.Ed at Regent University's School of Educaiton. While not a libertarian, Ben believes government often usurps family and community responsibilities to draw power unto itself. He became involved with the Tea Party as a way of protecting the values in the Declaration of Independence and the Constitution for his children and grandchildren. Ben has grassroots organization and legislation experience from two years of leadership within the local and state levels in the Virginia Tea Party Patriots federation.


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