Revenooer Rants: 5 more of our favorite federal fumbles
More of our favorites from Senator Lankford’s (R-OK) recently released report on federal wasteful spending:
1: This year the Liston B. Ramsey Center for Regional Studies at Mars Hill University (ed-Says it all, right?) in North Carolina was awarded a $5,000 grant to produce a documentary film about local Master Fiddler, Roger Howell! The grant was funded through the Blue Ridge National Heritage Area in recognition “of the unique character, culture, and natural beauty of the Blue Ridge Mountains and foothills in Western North Carolina.” So, we guess it’s the federal government’s job to increase local tourism now. Where’s that one in the Constitution?
2: The National Science Foundation recently squandered a little over $374,000 in a research study intended to delve into the dating habits of single adults over the age of 60! The study, “Understanding Age-Related Changes in Relationship Maintenance Strategies” questions whether the mature population’s accumulation of life experience impacts approaches toward conflict in relationships. (Weren’t you just itching to find out the answer to that question?)
3: Because Obama and his minions have completely screwed up this country’s health care delivery system, the matter of the standard work week has become an issue for employers, since all businesses with at least 50 full time workers are to provide employees with health care coverage. Under the Administration’s definition, an employee working at least 30 hours per week is now considered “full time.” Employers failing to offer coverage which satisfies the “employer mandate” are subject to a penalty. Consequently, employers all over the place have been forced to hire Philadelphia lawyers and other advisors to help them navigate around this and other Obamacare rules, incurring something like $30 billion in regulatory compliance costs according to the Lankford report!
4: You’ll love this one: the National Science Foundation (here we go again) recently provided a $50,000 grant in support of a project named, “Killer Snail: An Interactive Marine Biodiversity Learning Tool,” which thus far has accomplished only the creation of a card game: “Killer Snails: Assassins of the Seas.” As Lankford points out, “The Killer Snail project is hardly a compelling use of NSF funds, especially when the national debt continues to climb to almost $19 trillion.” Here, here.
5: And last but not least, we all know by now the fact of American companies taking shelter abroad, mainly due to the unfairness of the U.S. tax code, thus taking American jobs with them. Lankford notes that if the U.S. had a 25 percent tax rate (versus the current 35 percent top rate), “U.S. companies would have acquired $590 billion in cross-border assets over the past ten years instead of losing $179 billion in assets (a net shift of $769 billion in assets from foreign countries to the U.S.).”
CONSULT YOUR TAX ADVISOR – This article contains general information about various tax matters. You should consult your CPA regarding the implications to your own particular situation. Jeff Quinn is a shareholder in Ashley Quinn, CPAs and Consultants, Ltd., with offices in Incline Village and Reno. He welcomes comments at email@example.com.
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