Commentary

Kill Export-Import Bank — Mother Lode Of Crony Capitalism!

View as PDF
CHICAGO – The president of one of the nation’s largest taxpayer organizations today urged members of the House Financial Services Committee not to renew the charter of the Export-Import Bank, calling it “The mother lode of crony capitalism.” The charter of the 80-year-old agency expires on September 30.
“The Export-Import Bank borrows taxpayer dollars from the U.S. Treasury and uses the money to help American companies sell abroad,” said Jim Tobin, President of Taxpayers United of America (TUA). “It offers low-cost loans to foreign buyers or guarantees against potential losses made by exporters.”
“Companies that benefit from crony capitalism such as Boeing Co., General Electric Co., and organizations such as the U.S. Chamber of Commerce and the National Association of Manufacturers, have started an all-out lobbying effort on behalf of the bank, according to the Wall Street Journal. All members of the U.S. Congress will receive an index card showing what companies in their districts benefit from the bank, and the number of people employed.”
“According to the Journal, business owners will be brought in for fly-ins to go from office-to-office on Capitol Hill to aid in the lobbying effort.”
“Veronique de Rugy, a senior research fellow at the Mercatus Center at George Mason University, makes a moral case against the Export-Import Bank. In her article on NRO, she states that the fundamental case against the Export-Import Bank is simple and unavoidable: It is not the role of the federal government to subsidize private businesses, period.”
“She points out that a major function of the Export-Import Bank, practically speaking, is to coax foreign companies to buy Boeing airplanes.”
“The Export-Import Bank, whose largest beneficiary is aircraft maker Boeing, is universally recognized as inefficient, unnecessary, and distorting to price signals. It’s time to let this crony-capitalism monster, which uses taxpayer funds from the Treasury, to expire on September 30.”

Beware of Dick Durbin – if you Value Free Speech

View as PDF
CHICAGO – U.S. Senator Richard J. “Dick” Durbin (D-IL) joined 40 other Democrat senators in sponsoring a constitutional amendment that would damage the First Amendment of the U.S. Constitution. The proposed amendment, SJ Res.19, would remove freedom of speech protection from certain political activities.
“Illinois has had to endure this ultra-left senator, Durbin, for an unbearable number of years,” said Katie McNeilly, Director of Operations of Taxpayers United of America (TUA), “but now he has shown what a dangerous, radical left-winger he is.”
“This assault on the First Amendment would give Congress the power to regulate the raising and spending of money and in-kind equivalents [emphasis added] with respect to Federal elections.”
“The proposed amendment would regulate the amount of contributions to candidates for nomination for election to, or for election to, Federal office, and the amount of funds that may be spent by, in support of, or in opposition to such candidates.”
“As if that were not bad enough, the amendment also would give states similar powers to restrict participation in state elections.”
“In other words, freedom of speech, which is protected by the First Amendment, would be gutted for the electoral process in both federal and state campaigns.”
“This is a very dangerous direction and I caution all citizens to beware of politicos like Durbin who try to undo the very protection from whom the Constitution was designed to protect us.”
“Durbin has much to answer for, and hopefully Illinois voters will wake up and send him into retirement before he causes more damage.”
“This isn’t his first attempt to squelch the freedoms protected by the first amendment. Just last year, Durbin questioned the wisdom of applying the media shield law to bloggers and tweeters. Mr. Durbin just doesn’t seem to understand or appreciate that the Constitution protects people, regardless of their title.”
“It is ironic that we are about to celebrate our country’s independence, while at the same time, our elected representative in the U.S. Senate is working so hard to crush the freedom of speech protection of the First Amendment that has cost so many lives to attain.”

Illinois’ Corporate Income Tax is 9.5% – Fourth Highest in US!

View as PDF
The Illinois state corporate income tax is continues to be understated by reporters and politicians, according to the president of one of the nation’s largest taxpayer groups, Taxpayers United of America (TUA).
“The total Illinois corporate state income tax rate of 9.5% includes a base rate of 7% and another 2.5% on top of that, which was added by constitutional amendment in 1980,” said Jim Tobin, President of TUA. “The additional tax was called a ‘personal property replacement tax,’ which purportedly replaced a 19th-century tax that was not even being collected.”
The Ill. Dept. of Revenue’s own website states: “For tax years beginning on or after January 1, 2011, corporations pay 7.0 % income tax and 2.5% replacement tax.”
“In 2011, the Democrat-controlled state legislature pushed through a huge, back-breaking 67% increase in the state personal income tax, as well as hiking the state corporate income tax. Every dollar from these gigantic tax increases is being used to prop-up the failed government employee pension system from which they and their special-interest supporters benefit.
According to the non-partisan Tax Foundation in Washington, D.C., “The Illinois corporate state income tax rate, recently raised from 7.3% to 9.5%, rose from being the 21st highest overall corporate tax rate in the country to 4th highest. Almost all nearby states have lower state corporate state income tax rates, putting Illinois in a very unfavorable position competitively.”
“Now Springfield Democrats are pushing for a graduated personal state income tax with a top tier of as much as 11%. This would have a catastrophic effect on the 61% of Illinois businesses that pay income tax under the personal income tax code as ‘pass-through’ businesses. Illinois, which is struggling to survive economically, undoubtedly would become an economic wasteland if the state’s most productive individuals and corporations are forced to flee to states with lower tax rates.”

BLOG POSTS

DISCLAIMER

Taxpayers United Of America: (TUA). is a nonpartisan, 501(c)(4) taxpayer advocacy group. Founded June 27, 1976 in Chicago, Illinois by activist and economist Jim Tobin, TUA works on behalf of taxpayers to reduce local, state, and federal taxes. In the past forty years, TUA has saved taxpayers more than $200 billion n taxes and has become one of the largest taxpayer organizations in America. Check All posts. s.

ADDRESS

Chicago, IL 60606 205 W. Randolph Street, Suite 1305
Phone: (312) 427-5128
Fax: (312) 427-5139
Website: https://taxpayersunitedofamerica.org
Email: info@taxpayersunited.org

Donate