The Downside of Fantasy Tax Plans
Ramesh Ponnuru and the tag team of Amity Shlaes and Matthew Denhart have been engaged in a spirited debate (here, here, and here) over the merits of the Mike Lee-Marco Rubio tax plan. Ramesh for, Shlaes-Denhart against. Shlaes and Denhart …
Obama's Veto Threat Blows Up Bipartisan Tax Extender Deal
Who’s the obstructionist now? Leaders of both parties on Capitol Hill were close to an agreement on extending tax breaks scheduled to expire… and the Obama blew it up with a veto threat.
President Barack Obama’s threatened veto of a $400 …
90 Percent or Bust: The Left's Strange Eagerness to Raise Top Tax Rates
The top income-tax rate is back to where it was during the Clinton years, thanks to the Obamacrats letting the high-end Bush II cuts expire. But don’t think for a second that the left wouldn’t love to take tax rates …
GAO: Taxpayer-funded Website to Track Fed Grants Only Covers 2 to 7 Percent of Grants Properly
A recent Government Accountability Office report estimates that a taxpayer-funded website launched to track the awarding of taxpayer-funded grants and contracts only has accurate and complete information for 2 to 7 percent of all contracts.
The federal government makes over $1 trillion in …
Trading a Sales Tax Hike for Eliminating the Gas Tax?
The midweek edition of the Morning Jolt offers a look at the ambitions of Stanley McChrystal, the predictable pattern of Obama meetings with foreign leaders like this week’s one with Karzai, a strange entertainment event at the White House, …
What Americans Are Finding in Their Pay Stubs Today
The good folks at Right Change have put together this chart of how much more each income level will pay under the new Social Security taxes.
(My only quibble would be that it’s not really the “fiscal cliff deal” …
A Long Cliff-mas Break Comes to an End
The first Morning Jolt of 2013:
Welcome back! I don’t know about you, but this holiday season seemed to stretch on forever — a school vacation that kept the kids at home for eleven days, an awful cold that …
How Many Wealthy Democrats Really Want to Pay Higher Taxes?
In the Morning Jolt, further thoughts on structuring the tax hikes so that they hit the blue states hardest:
Of course, there are some wealthy right-leaning folk living who will get snared under this plan. But they will have at …
Shouldn't 'Millionaires' Taxes' Target Actual Millionaires?
This morning, Warren Buffett appears on the op-ed page of the New York Times, renewing his call for “Congress, right now, to enact a minimum tax on high incomes. I would suggest 30 percent of taxable income between $1 million and $10 million, …
The 3 Percentage Points Between Unjust Catastrophe and Nirvana
A point worth noting, as President Obama continues to campaign on the notion that the single greatest problem facing the country is that the wealthy are under-taxed.
36 percent: Current tax rate on income above $388,350.
39.6 percent: The tax rate Obama would …
Wrong Subsidy Payments Mean 2015 Tax Season Will Be a 'Disaster'
From the Thursday edition of the Morning Jolt:
Obamacare: The ‘Success’ Story Continues
An Obama supporter takes to the Washington Post to lay out how the promises of the Affordable Care Act just weren’t kept:
“If you’re one …
Rev. Al Sharpton: Tax Rebel
Welcome, Reverend Al Sharpton, to a gathering of tax-protest legends that includes Evelyn Gregory, Wesley Snipes, Howard Jarvis, Lauryn Hill, and Tom the Tinker. Some were outlaws, some were lawful. Some gave all, all gave some; but none wanted to …
Washington Post: Vote for Mark Warner Because He'll Raise Your Taxes
Today’s Washington Post endorsement of Democratic Virginia senator Mark Warner is not surprising, but the editorial board’s case against Republican challenger Ed Gillespie is a revealing window on how people think in the city that takes what America makes:
Washington Suddenly Notices the Economy Still Stinks for Most People
President Obama pivots to the economy#…#arguably for the second time this month. The RNC collected these “pivots” for a while, until they became as numerous as his statement expiration dates.
Sure, the unemployment rate is down to 7.6 percent, after …
You Cannot Raise Taxes on the Rich
Thanks to the fiscal-cliff deal and the Obamacare tax, we now have a tax code that is more “progressive” than at any time since Jimmy Carter was president. It will be interesting to see what long-term effect that …
POOF! The Democrats' Favorite Tax Argument, Used Since 2001, Gone!
The final Morning Jolt of the week includes a quiet backtrack, a prominent conservative columnist taking an . . . unexpected turn, and this assessment of future tax debates:
After a Frustrating Tax Concession, Much Friendlier Political Terrain in 2013
So to those of …
New York Times Editors: Wait, Save the State-Tax Deduction!
Last week we talked about the “Blue State Tax Hikes,” which would be limiting or eliminating deductions for state and local taxes and the deduction on mortgage interest. Of course, those tax changes would go into effect nationwide, but taxpayers …
Can Congress Hike Blue-State America's Taxes the Highest?
Hmm. Joel Kotkin of Forbes lays out how the tax hikes envisioned by Obama and congressional Democrats will hit blue states hardest.
From this, the GOP could conceivably propose a “tax Blue America” plan:
Keep the tax rate on capital …
The Economic-Policy Debate: Not Rational, but Ritual
One thing that is missing from the debate about economic policy is the critical ingredient of humility. Humility isn’t critical for moral reasons, although humility is a virtue, and we would like our politicians to be more virtuous. …
Democrats: We Prefer Another Recession to Not Raising Taxes
What the heck? The Washington Post reports:
Democrats are making increasingly explicit threats about their willingness to let nearly $600 billion worth of tax hikes and spending cuts take effect in January unless Republicans drop their opposition to higher taxes for …