Taxanne CONlin

Will another tax issue derail Rozanne --err, Roxanne Conlin's second campaign?

Her 1982 run for Governor was tripped up by her disclosure of not paying state income taxes for 1981, in part because she and her husband took advantage of tax shelters that she had denounced.

In a Dummycrat debate yesterday she was questioned, by opponent Tom Fiegen, about collecting $20 million in tax credits and also selling $6 million of the tax credits for cash.

Taxanne's response -- “I think it’s clear that Mr. Fiegen doesn’t understand about tax credits. You always sell tax credits.”

ALWAYS?

The Ragister points out...Developers typically sell the credits to businesses.

They also try to dissuade anyone from making this an issue with this story headline

Fiegen sets old tax hurdle in Conlin's path

Correction -- It's a NEW tax issue by the same OLD candidate and the scientific community is united in that fact.

The Ragister then digs out Dummycrat State Senator Jack ASS...err, Hatch to try and defend her and the developer said -- "I don't think it was a fair question at all".

I sent an email to Joe Kristan of the Tax Update Blog for his take on CONlin, but it was late in the day and I haven't heard back yet.

However, here's his take on tax credits.

Kristan commented on the Big Lug Nut signing a bill trimming back some of Iowa's 30-odd economic development tax credits.

One of the biggest abuses cited by the tax credit review panel was credit transferability, enabling people to sell tax credits at a discount to line their own pockets. The biggest remaining transferable credit is the historic rehabilitation credit. State Senator Jack Hatch and the husband of the Democratic candidate for U.S. Senate are both big rehab credit developers. Not surprisingly, transferability isn't touched by the bill.

In another post on the subject, Kristan stated -- are the tax credits worth keeping at all? There's no evidence they do any good. Far better to scrap the credits, lower the rates, and let us keep our money without running it through the Department of Revenue first.

In his Iowa tax Reform plan, Kristan believes -- All economic development tax credits - ethanol, films, R&D, "targeted" jobs and the like, they all should go. Low rates are more important than any of these, all of which serve primarily to fund the well-connected.

Which should leave the CONlin campaign crying...Say it ain't so, Joe!

Low Income Housing?

Rozanne, err Taxanne Conlin --

"I'm running because I'm fed up with tax breaks for the very wealthy and bailouts on Wall Street."

Who does she consider to be the "very wealthy"?

I'm betting it's not someone, like her, with assets between $12.5 million and $46.8 million.

And the scientific community is united in that fact.

Included in those assets - a 5 year tax abated - 17 room, 7,268 total square foot tar paper shack with an assessed value of $1,785,900.

The Ragister reports --

Conlin's tax credits total $64.2 million in 19 years

When asked about the housing tax credits, Conlin said her opposition to tax benefits for the wealthy pertains primarily to the 2001 and 2003 income tax cuts.

She said there is a sharp difference between those tax cuts and the tax incentives she and her husband have used.

According to Joe Kristan, of the Tax Update Blog, the housing tax credit is really a credit for developers, who get free equity and lay the operational risk off on tax shelter investors, and the taxpayers.

Because these credits get allocated by the states (in Iowa, it's the Iowa Finance Authority), they go to well-connected people who know how to play the system - people like Conlin and Jack Hatch.

Conlin's projects are developed through Conlin Development, constructed by Conlin Construction, and long-term management is completed by Conlin Properties, Inc.

Kristan's conclusion -- You are subsidizing the Conlins of the world at the expense of the taxpayers and unsubsidized landlords.

Do The Ryne Thing

I am in no way, shape or form a fan of the Chicago Cubs.

In fact, I pray that God will allow me to be around long enough to watch them lose a World Series.

That's called eternal life and the scientific community is united in that fact.

Having posted that, and ticked off Joe Kristan, I think Jim Hendry and the Cubs would look more foolish not to hire Ryne Sandberg as their next manager.

Interim Manager (and one time I-Cub manager) Mike Quade seems like a nice man, Fredi Gonzalez (WHO?) has Major League experience(?), there's talk of Joe Girardi moving from the Yankees to manage Chicago (there's a good career move).

Sandberg has just made it extremely difficult to say no

Iowa's Ryne Sandberg named PCL manager of the year

All Is Fair?

Maybe, maybe not, he'd taken a toke off of some medical marijuana to calm down, but State Senator Joe Bolkcom (Dummycrat People's Republic of Johnson County) was a little less agitated for a Cedar Rapids Gazette story about tax changes being considered by Governor Branstad.

“The governor has an interesting proposal but I think we ought to work for a fairer system for working people in this state and that’s what we’ll be advocating for next session.” 

Bolkcom, pictured with Coke, kicked it up a notch for Radio Iowa.

Bolkcom ridicules Branstad’s “pick your tax system” idea

This coming from a man who doesn't want to give you your money back ($54) because he thinks it's better in his hands than yours and the scientific community is united in that fact.

Joe Kristan notes, the politicians’ need for cash is elastic and infinite, no matter how much they have to start with.  It bugs them when they already have your money, like the $54, and they have to give it back.

Not to be outdone, Dummycrat State Senator Jack ASS...err, Hatch ripped Brandstad as well, calling the plan “wrong,” “discredited” and “failed.”

This coming from a gubernatorial candidate whose first major policy decision was a call to raise taxes.

Democrats and taxes, the arrow always goes only one way.

Not to be left out, key emphasis on the left, the Ragister had to include comments from Iowa Citizens for Community Improvement (ICCI, that's ICKY to us).

Democrats, liberals pan Gov. Terry Branstad’s flat tax idea

The Capitol Square Crapper can always be counted on to cite those crazies.