Roth & Company, PC Tax Update Blog

Tax Update Blog: Permalink

« Previous · Tax Update Blog Home · Next »

Thanks for the 'temporary' tax, chumps!

June 02, 2010

In order to provide a nice ballpark for a crummy baseball team, Washington D.C. enacted a "temporary" business gross receipts tax. The politicians said they would use the money raised to pay down bonds used to finance the park. From the Washington Examiner:

But instead of using the surplus funds to pay the stadium off, Mayor Adrian Fenty and the city council are using the money to plug monstrous holes in the District's budget. ...

Many business leaders are crying foul. "The deal that we had ... was that any excess monies would be used to pay down the bond," said D.C. Chamber of Commerce Chief Executive Barbara Lang. "We would like to see those bonds paid off earlier to relieve us of that tax. I'm very concerned that it will become part of the city's operating budget." ... Councilman David Catania, I-At Large, said, "my hope is we'll raid this revenue only so long as we need to."

Expect the need to always be there.

Via the TaxProf.

      Bookmark: del.icio.usDiggreddit

Email:  •  Phone: (515) 244-0266
All content © Roth & Company, P.C.  •  Powered by Movable Type  •  Site by Sekimori Design