I get the creeps each time I am forced to drive across the aging Interstate75/71 Brent Spence Bridge connecting Northern Kentucky and Cincinnati. The problem is, replacing a bridge of that magnitude – estimated cost: $3 billion – is among the costliest of transportation projects. It's going to cost up to $3 billion to replace the bridge.
Some local politicians, including Kenton County Judge-executive Ralph Drees, want higher taxes instead. Specifically, Drees wants the federal gas tax increased. Others are floating the idea of tolls.
But the best starting point comes from Brian Richmond of the Kentucky Club for Growth: "Let's begin the dialogue about wasted tax dollars on completely useless earmarked projects before we ever start talking about raising another tax."
He also asks: "Why should working families in Kentucky be asked to pay for a bridge that benefits the entire eastern portion of the United States from Michigan to Miami?"
Why, indeed?
Friday, July 24, 2009
Taxes, tolls or tighter spending?
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A toll that would cover the cost of a people-friendly government would be a proportional rate on the movement of all moneys. Thus, when the $531 trillion of derivatives are moved, or the $1.5 trillion of bank-laundered drug money is moved, at a 5% rate, that would generate about $27 trillion to the treasury.
That's consistent with the views of Alexander Hamilton and the father of capitalism, Adam Smith.
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