Word: taxed
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...Texas law has raised First Amendment concerns for the Motion Picture Association of America. "It has serious constitutional overtones," Vans Stevenson, senior vice president for state government affairs, said. The MPAA also is watching a North Carolina bill now before the Senate Finance Committee that would limit film tax credits to those films that have "serious artistic merit" and also mandates consideration of the "general standards of decency and respect for the diverse beliefs and values of the citizens of North Carolina." The amendment was prompted by outrage of some conservative politicians over the filming of Hounddog in North Carolina...
Among the reforms Unger, who declined to comment for this story, has proposed in the past are the levying of a value-added tax on purchases to broaden the nation’s tax base, making education and employment legal rights, and creating a governmental agency devoted to destabilizing entrenched interests...
...industry, which helps small companies get big and is the envy of the world. Private-equity firms--which buy companies with mostly borrowed money, fix them up or pare them down, then sell them--are more controversial but have perhaps made corporate America more efficient and competitive. Ramping up taxes on these guys could lead to unpleasant consequences: think about the next Google going unfunded because money was diverted to pay taxes. Losing such opportunities might far outweigh the few billion dollars in annual revenue the tax change would bring...
That's just a guess, though. What is certain is that when capital gains tax rates drop well below income tax rates, taxpayers react. On the positive side, the lower rate brings more risky, productive investments. On the negative, it prompts more unproductive accounting games. The Tax Reform Act of 1986 tried to end the games without killing entrepreneurship by setting both rates at 28%. (A quirk in the law kept the effective top rate at 33%.) But since 1992, as the chart on the previous page shows, income and capital gains rates have followed very different paths. One inadvertent...
...beyond identifying preservation-worthy specimens in various parts of the country, then cheerleading for them, there isn't much a mere trust can do. Only a handful of houses from any period ever gain legal protection as historic sites, though some states offer tax breaks to offset the cost of their maintenance. "What we're trying to do," says Richard Moe, National Trust president, "is encourage appreciation for the best of Modernism, which is now coming of age historically...