North suburban Rep. Brad Schneider (D-Ill.) explains why some industries should pay lower taxes (or no taxes).
Another “loophole” for American railroads?
Rich people and big business ought to pay their “fair share” of taxes.”
The liberal/progressive/woke paladins so endlessly repeat the “fair share” instructions that “cliche” doesn’t come close to describing it. It’s as if they’ll be excommunicated if they leave it out of their, ahem, guidance.
As recently as today, President Joe Biden raised it again, jabbing Exxon with this demand: “Start investing, start paying your taxes.”
It’s a simple-minded argument for simpletons. For them it sounds like Exxon is a tax cheat, paying zero taxes. It’s never explained how Exxon, the “one-percenters” and big corporations dodge the IRS.
Maybe the high priests of woke are stupid enough to not know that many Americans aren’t stupid enough to buy it.
The tax code is so full of exceptions, exclusions and other breaks because someone thought that special breaks should be provided in the public interest. For a societal good. Like the deductions allowed for home ownership mortgage interest. Those “breaks” are written into the tax code by Congress. Exxon didn’t make them up.
Brad Schneider, a Democrat congressman representing some of the wealthy Chicago suburbs on the North Shore, could explain it to Biden.
He’s introduced legislation that gives a tax credit for those wealthy enough to buy railcars. It’s not a new tax break, but would continue as “loophole” going back decades.It created investment opportunities for, say, physicians who were looking for a place to park their extra cash. It produced extra cash as the owners leased the box cars, tankers, gondolas and other freight cars to the railroads.
The public good that the tax break achieves, according to its backers, is encouraging investment in “more environmentally” friendly rail cars, by making them more fuel efficient and able to carry bigger loads.
As Railroad Age reported:
The new version of the bill offers a time-limited 10 percent tax credit for new railcars or the modification of existing railcars to offset the costs of either replacing two existing railcars with a new railcar that would improve fuel efficiency or capacity by at least 8 percent, modernizing an existing railcar to improve fuel efficiency or capacity by at least 8%, or upgrading a car to DOT-117 tank car specifications.
Lucky us.
Maybe the solution is to eliminate all such credits and other breaks. Or, as the Biden administration has proposed, a world-wide minimum corporate tax of 15 percent.
Of course, all those politicians who are campaigning on the “pay-their-fair-share” baloney should give up their breaks.
To subscribe to The Barbershop, type your email address in the box and click the “create subscription” button. My list is completely spam free, and you can opt out at any time.
Filed under:
Uncategorized
Tags:
Brad Schneider
Visit my new website
Subscribe to The Barbershop
Dennis Byrne’s Facebook Fan Page
Blogroll
Blithe Spirit
Center for Media and Public Affiars
Chicago Daily Observer
Forgotten Chicago
Pat Hickey’s “With Both Hands”
QT brought to you by Zay Smith
Like me on Facebook
Blogroll
Blithe Spirit
Assorted commentary offered in lieu of organized commentary that is not yet organized
Center for Media and Public Affiars
Chicago Daily Observer
Intelligent commentary about Chicago politics
Forgotten Chicago
A great site featuring what Chicago used to be and how it got to what it is now.
Pat Hickey’s “With Both Hands”
QT brought to you by Zay Smith
Chicago’s wittiest columnist
Our National Debt
Tags
politics (269)
Illinois (168)
Chicago (157)
Obama (105)
COVID-19 (95)
Barack Obama (76)
Obamacare (72)
elections (70)
Donald Trump (66)
health care (62)
Recent Comments
Recent posts
North suburban Rep. Brad Schneider (D-Ill.) explains why some industries should pay lower taxes (or no taxes). »
Pro-choice fanatics plan their own insurrection by shutting down the Supreme Court. »
“We must make sure that…” and other political cliches we must cancel. »
Charge that Florida manipulated Covid data is dubunked »
Speaking of “disinformation” what do you think of China owning a major U.S. publication? »
Latest on ChicagoNow
North suburban Rep. Brad Schneider (D-Ill.) explains why some industries should pay lower taxes (or no taxes).
posted today at 3:36 pm
Art Institute of Chicago’s iconic lions are taking a short leave from their Michigan Avenue watch
posted today at 12:59 pm
A Message From The Devil/ Satan and Friends weigh in on Defunding the Police/Please Don’t Stop/Sometimes Lunatics have Good Ideas
posted today at 11:36 am
Summer Festival watch 2022: Taste of Highland Park
posted today at 11:21 am
‘The Munsters’ Teaser Trailer (2022) – A Rob Zombie Film
posted today at 10:57 am
Posts from related blogs
The Chicago Board of Tirade
Most recent post: Arizona John: Please stay glued to Fox “News” tonight
Marching to a Different Drummer
Most recent post: In honor of her jubilee, enjoy these candid & rare QE2 photos
Margaret Serious
Most recent post: ChicagoNow’s Best Posts of May 2022
More from News: Opinion
Read these ChicagoNow blogs
Cubs Den
Pets in need of homes
Hammervision
Read these ChicagoNow Bloggers
Carole Kuhrt Brewer
Dennis Byrne
LeaGrover
About ChicagoNow
•
FAQs
•
Advertise
•
Recent posts RSS
•
Privacy policy (Updated)
•
Comment policy
•
Terms of service
•
Chicago Tribune Archives
•
Do not sell my personal info
©2022 CTMG – A Chicago Tribune website –
Crafted by the News Apps team
Leave a comment