One of the most entertaining items to come out of last week’s Democrat National Convention was the YouTube put out by our favorite political and economic gadfly, Peter Schiff of EuroPacific Capital, who managed to get delegate after delegate at the convention to agree to ban – or at least cap – corporate profits.
And one of Schiff’s willing victims was state Rep. Edward “Ted” James (D-Baton Rouge), who was elected to the Legislature in 2011 amid a free-for-all race in which no less than three black Republicans were on the ballot at one point (one of them, Tiffany Foxworth, switched to Democrat before making the runoff, and then lost to James by a 58-42 count).
The freshman state legislator then made a rather wild claim to Schiff – namely, that we’re capping “corporate giveaways” in Louisiana…
We might need some help from our readers here, because we’re not aware of anything like what James is talking about. Whether he was shining Schiff on or was completely ignorant about what the legislature he’s a member of is actually doing is a decent question.
Yes, there is a committee which was formed this spring to study whether Louisiana ought to be eliminating tax breaks – it’s conceivable that’s what James meant.
But even where that’s concerned, it’s hardly likely that committee will come up with anything like what he was boasting about in the Schiff video…
The Revenue Study Commission — a panel of legislators — is reviewing the myriad tax exclusions, suspensions, deductions, credits, refunds, rebates and preferential tax calculation methods that divert several billion dollars a year in state government revenue.
The study comes as the state struggles to fund health care and other public services.
Up for review Friday were state sales tax exemptions involving Mardi Gras throws, vending machine snacks, phone books, airplane parts, school buses, newspapers, racehorses, hot dogs and other purchases.
And of course, everyone who was affected by the commission’s potential review of their favorable tax treatment came out in force to lobby against any changes being made. There is little to no chance the tax treatment given to the New Orleans Jazz Festival, coin dealers and others who have organizations or means to hire lobbyists will change.
So what is James talking about? If we can get an answer, we’ll let you know.