If you had purchased one of each of these items in 1970, you would have paid a total of $17.15, but in 2020, the same items cost $196.37. If the above-listed items had risen by the rate of inflation, you would have paid $115.02, so the cost of items on that list rose over 1000%.
In 1997 the EPA moved to reduce surface ozone, a form of air pollution caused, in part, by emissions from oil refineries. Susan Dudley, an economist who became a top official at the Mercatus Center, came up with a novel criticism of the proposed rule. The EPA, she argued, had not taken into account that by blocking the sun, smog cut down on cases of skin cancer.
The tax break big box stores use to avoid funding your cities schools, police, and fire departments. This tax avoidance gimmick allows big box stores to lower their property taxes and push it on to homeowners. Some of the companies using this gimmick are Target, Walgreens, Wal-Mart, Lowes, Menards, CVS, and Kohls, really any big superstore; some car dealers are even trying to take advantage of the loophole.
Due to under-payments and bankruptcies, the Black Lung Fund has borrowed around $4 billion from the U.S. Treasury. Three coal companies who recently filed bankruptcy posted $27.4 million of collateral and were able to push $865 million of liabilities on to the government, making it a taxpayer expense.
The IRS computer system is old and needs replacing. The IRS Commissioner asked Congress for $2.7 billion over 6 years to modernize its I.T. department but congress has only given them about $.3 billion a year on average, for that department.
When the Affordable Care Act was written it included a small paragraph at the end that stated small clinics and hospitals aren’t eligible for orphan drug discounts that bigger hospitals get. Activase is the drug, that if given within a few hours of having a stroke, can bust the blood clot and save the patient from more brain damage.
Within large corporations there are accounting mechanisms that allow for a variety of creative practices designed to lower tax rates. One of these is called transfer pricing. According to Forbes, “Transfer pricing is the way firms use internal bookkeeping to allocate expenses among various affiliates. For a company like Apple, nearly all the value of its products is in its patents and other intellectual property. By charging a relative pittance to a foreign…
$61.6 billion. If you work for BP, you’d know exactly what that looks like because that’s what the Gulf oil spill cost them. And according to the Washington Post, the company is looking to save billions from it in the form of tax deductions.