Michigan’s Senate approved a bill yesterday to extend the state’s film tax credit program, which was limited and reduced in 2011 and set to expire in 2017. It’s now up to the House to decide whether to proceed. From...
- The Tax Policy Blog
- Bono Tax
Ireland is currently dealing with a budget crisis. In addition to making large cuts in the budget, Finance Minister Brian Lenihan has proposed a levy on Ireland's richest citizens, nicknamed the Bono Tax. The tax would affect individual's holding an Irish passport and earning over $1.5 million a year. The levy would be at $300,000 per person. Many feel is this is based on recent reports that show many of the top earners in Ireland pay less than 5% of their income in tax due to exemptions and deductions. As Ireland faces major fiscal problems, now is not the time for a quick-fix patch in the tax system. If many Irish believe that there are too many credits, deductions, and exemptions then let them address those problems directly. If they don't; Bono, The Edge, Adam Clayton and Larry Mullen, I have an extra room in the basement you're more than welcome to use as a practice studio.
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