Gov. Gregoire to Sign Suspension of I-960 Into Law

If anyone out there still remembers the great Johnny Carson’s (host of NBC’s The Tonight Show pre-Jay Leno) fortune-telling character Carnac the Magnificent, read on. For those who do not, take a quick detour to watch this video, and return with your cultural intelligence improved.

Now…

Imagine the sounds of a number 10 envelope being opened, blown into, and an index card being pulled from within. The Magnificent Carnac reads aloud:

Walt Disney’s cryogenically-frozen body, Lindsey Lohan’s acting career, and Washington state’s Initiative 960 tax restraint law.

What are three things currently on ice that have the same chance of being revived as Tiger Woods if he fainted at a conference of the National Organization of Women.

Tomorrow at 10:00 a.m., Washington governor Christine Gregoire will sign Senate Bill 6130 that put on ice the voter-approved I-960 that would have forced a two-thirds vote in the Legislature on all tax increase measures. SB 6130 postpones full enactment of I-960 until July of 2011, just enough time to do a little free-wheeling tax raisin’ and for Democrats to figure out how to legally kill off the spending restraint law while it sleeps, like a vampire story in reverse.

According to sources in Olympia, the signing will take place in the governor’s private conference room.

Gov. Gregoire still has the power to veto sections of the bill and Sens. Mike Hewitt and Joe Zarelli delivered a letter to her on Monday requesting that she strike the repeal of non-binding public advisory votes on tax increases. Cross your fingers but the reality is that the request hasn’t a meatball’s chance in Michael Moore’s lunchbox.

For those who have the stomach, read the full text of the legislation Gregoire will sign into law. If that doesn’t floor you, the Washington Policy Center plans to publish the I-960 public disclosure that would have been printed in the voters’ pamphlet for this year’s general election.

Remember SB 6130 on Election Day 2010.

Obama’s Tax Plan Draws Stiff Opposition

In a story earlier this month from Bloomberg News, Microsoft CEO Steve Ballmer came out strongly opposed to a new corporate tax plan President Obama proposed.  

For many leading American firms who do business overseas, Obama’s plan to eliminate the deferral of taxes on foreign profits could increase costs and cut into profits by as much as 10 to 15 percentage points.  Bloomberg reported:

…Ballmer, Symantec Chairman John Thompson and the heads of smaller companies such as privately held Bentley Systems, an Exton, Pa.-based maker of engineering software, said such policies would hurt domestic investment, reduce shareholder value and increase the cost of employing U.S. workers.

Ballmer said the deduction limits for companies that defer tax on foreign profits would raise the cost of employing U.S. workers. Fiduciary responsibility to shareholders would require Microsoft to cut costs, he said, meaning many jobs would be moved out of the country.

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