Look, there’s Rod Blagojevich! Governor Branstad defended the big smokestack-chasing tax credit package awarded to the Orascom Lee County fertilizer plant. From QCTimes.com:
Branstad criticized President Barack Obama for “picking winners and losers in the marketplace” in an opinion piece distributed last week. It was the same week he announced the richest incentive package in state history that would be used to land the biggest single capital investment in state history.
As far as picking winners and losers, the governor cracked, “Illinois is the loser, Iowa is the winner.”
Branstad then took some more shots at the Land of Lincoln, describing it as “dysfunctional” and “willing to promise you the moon, then pulling the rug out from under your feet.” The state, he said, has “a reputation for corruption.”
Yes, corruption is unknown in Iowa. Oh, wait…
This is fascinating:
Asked during his weekly news conference about how his column jibes with what he approved for the fertilizer plant, Branstad said the incentive package will be a catalyst for reforming the state’s tax system.
“A catalyst for reforming the state’s tax system?” What does that mean? That the award is so outrageous that it will finally spur legislators to replace Iowa’s futile, loophole-ridden system of high rates and complexity, sweetened with special deals for insiders? “Stop me before I spend again?” If it shocks legislators into adopting the Tax Update’s Quick and Dirty Iowa Tax Reform plan, it might almost be worth it.
More from the Des Moines Register.
Grounded. Former Us Airways Pilot Sentenced in North Carolina to 10 Years in Prison for Tax Fraud (Dept. of Justice Press Release):
Charles A. Davis, 63, formerly of Mooresville, N.C. was sentenced today in U.S. District Court to 120 months in prison for committing tax fraud, the Justice Department and Internal Revenue Service (IRS) announced. U.S. Judge Richard L. Voorhees in the Western District of North Carolina also ordered Davis to serve twelve months of supervised release after his prison term and pay $538,569 as restitution to the IRS.
Trial evidence established that in April 2006, Davis filed five fraudulent amended income tax returns for 1996 through 2000, falsely claiming that he earned little or no adjusted gross income in each of those years. And from April 2008 to February 2009, Davis filed five fraudulent individual income tax returns for 2004 through 2008, reporting false amounts of federal income tax withheld for each of those years and requesting fraudulent refunds from the IRS in amounts up to approximately $1.5 million. The evidence also established that during the time he failed to pay his taxes, the defendant drove a Ferrari and a Mercedes, and lived in a lakefront home on Lake Norman, N.C.
Well, he lived high for awhile. Ten years imprisonment will bring down the average on his lifestyle.
The IRS should check the address of every filed return versus the address on file for the taxpayer. If the Jetsons’ return is filed with the same address as used last year, it’s likely the return is legitimate. If not, then the IRS should put a hold on processing the return, and send a letter to the taxpayers at the address used in the prior year (with forwarding requested).
With this Russ has already done more to solve the $5 billion annual theft problem than Doug Shulman has done in over four years as IRS Commissioner.
Rob Smith, Residential wind energy a lot of hot air? (IowaBiz.com):
I can buy electricity from MidAmerican Energy at about 9 cents a KWH. My electric bill last month was $100. At that rate, which is during the summer peak load, the investment would take 20-25 years to pay for itself. My suggestion instead is to conserve energy or do other measures like insulation or new windows.
Robert D. Flach, NEVER FORGET.
Jason Dinesen On Mike Holmes and Going Cheap. I like the quote he uses.
Peter Reilly, Are Divorce Attorneys Trying To Whipsaw IRS ?
Patrick Temple-West, Essential news: Travelers to Chicago pay steep taxes, and more. I visited Chicago over Labor Day; he’s right.
Brian Strahle, District of Columbia Extends Deadline for Combined Report!!
Politicians? Describe the White House candidates in one (printable please!) word (Kay Bell)
You do? You Have To Admire the Persistence of E&Y’s Partners (Anthony Nitti)