Sunday, February 15, 2009

Watching the Watchers: It's All About Money Edition

My home state of North Carolina is considering applying the sales tax to downloadable files. Currently the sales tax only applies to physical items. Analysis indicates this would allow the state and local governments to extract twelve million more dollars from the taxpayers.

Meanwhile, the federal government, in a move guaranteed to give conservative talk radio a subject for years, placed a half million dollar limit on the compensation of executives at financial companies who receive taxpayer money. Government oversight didn't stop the financial mess, and there is no evidence that more will prevent it. At the same time, with top executive compensation set by boards made up of people who are themselves top executives, the industry has clearly demonstrated they have no interest in regulating themselves. So where does the solution lie?

Could that solution be the massive stimulus bill that's on it's way to be signed by President Obama? Read it yourself and see. Warning: legislative language may cause excessive drowsiness and fits of anger; don't attempt to operate heavy machinery while reading the stimulus bill.

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