Tax Guru-Ker$tetter Letter
Tuesday, January 06, 2004
2004 State By State Corporate Tax Survey - As unpatriotic as it seems to some people that corporations would take steps to reduce their taxes, it is a big part of the managers' fiduciary responsibilities to the shareholders to do whatever is legally possible to maximize their net income. This often means moving different parts of a business to other jurisdictions that are less confiscatory.
Another January, another Congressional pay raise - Unlike most private businesses, where compensation is related to performance, our rulers are rewarded for incompetence. It doesn't hurt that they control the government funds and don't have to answer to anyone when awarding themselves annual raises. This doesn't even count the millions of dollars in annual tax free fringe benefits they are given.