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Michael Bloomberg: Business People Who Obsess Over Tax Rates Will Go the Way of the Dodo

Posted on by Caleb Newquist

Speaking to "a ballroom full of bankers, corporate executives and financial analysts, with a guest list that ranged from JPMorgan to PriceWaterhouseCoopers to leading lobbyists," Hizzoner downplayed all the attention that some people give to low tax rates:

When it comes to improving the business climate, “Usually the pundits think of this as lowering taxes,” Bloomberg said in a Wednesday speech in downtown D.C. “But taxes are just one element of the environment — and usually not the most important. The first question most entrepreneurs ask is not can I afford the taxes — it’s not that. It is: Who are my customers, and where do I need to be to serve them, and how do I get up and running quickly?” […] “You show me a business person who cares about his federal tax rate more than his customers, and I’ll show you Darwin at work,” he added.

Mayor Bloomberg: Low taxes aren’t the most important priority for business [Wonkblog/WaPo]

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Memo to Anyone Under the Impression That There Is Some Secret Backdoor Escape Hatch in the Taxpayer Protection Pledge That Says a Hike in the Capital Gains Tax Is Allowed: There Isn’t One

Because a whole slew of people out there seem to have severe memory loss and there are rumors that the not-so-Supercommittee is kicking around a hike in the capital gains tax, Americans for Tax Reform will go over this ONE. MORE. TIME.

The Congressional “Super Committee” is now in its final week of deliberations. Rumors are constantly swirling around Washington about what they are talking about. One rumor we have heard is that the Super Committee might consider hiking the capital gains tax rate paid by a wide range of investment partnerships, including partners and employees at private equity, venture capital and real estate firms. The Taxpayer Protection Pledge commits signers to “oppose any and all efforts to increase the marginal income tax rates for individuals and/or businesses.” This clearly precludes any hike in the capital gains tax rate.

Does Grover Norquist have to slap you people?

Any Capital Gains Rate Hike Violates Tax Pledge [ATR]

GC Weekend: Take a Break, We Insist

Jon Hamm as Don Draper.jpgHere it is, Sunday evening so we thought we’d check on all you weekend warriors. Now that the day is over, you can relax and do whatever it is you do on Sunday evenings. Personally, we’d recommend watching some lady slaying courtesy of Don Draper but if reading up on more healthcare policy debate is your thing, knock yourselves out.
Even though lots of you are probably too exhausted to keep your eyes open to read this, we’ll kindly remind you that there’s only two more days to go. Yes, we realize you 1040 prep experts still have a month to go and we’ll give your recognition in due course.
As for the rest of you, give yourselves a pat on the back and have a drink, do a jay, whatever gets you in the mood for love or simply vegging out in front of the tube because you’ve earned it. You’re going to make it through another tax season despite all those times you considered quitting in the middle of it.
And if this is your first tax season, special congrats to you. You’re well on your way to becoming a glutton for punishment courtesy of tax deadlines for many years to come. Cheers.