“If you make more than $1 million a year, you should not pay less than 30 percent in taxes,” asserted President Obama in his State of the Union speech. For those with predominantly investment income, that would effectively double their capital gains tax rate from the current 15 percent rate, producing a triple negative impact on U.S. economic growth and job creation by reducing the incentive for domestic investment, increasing the incentive to move more jobs and capital overseas, and directly reducing the amount of capital available in the private sector by way of greater transfers of income to the government.
The report from The New York Times on Wednesday about the foreclosure settlement reached between five big banks and 49 states’ attorneys general made it appear that justice was being served. The $26 billion to be paid out to some 2 million homeowners (former and current) “could provide relief” to them under the terms of the settlement. It would also remove a cloud of uncertainty from the banks’ liability and might help in “halting the housing market’s downward slide.”
A new report published by the World Bank has come to a spellbinding conclusion: High government spending and large public sectors substantially diminish economic growth. In fact, a slew of establishment economists and organizations have come to a similar conclusion. Daniel J. Mitchell, senior fellow at the Cato Institute, explained in a recent article that the era of socialism is over, and the field of economics is migrating toward a more laissez-faire ideology, where governmental authority is weakened and economies become more privatized.
The dictionary defines “boondoggle” as: “work or activity that is wasteful or pointless but gives the appearance of having value.” And President Obama's Common Core Standards education boondoggle is going to cost billions of dollars, which everyone involved — educators, administrators, career counselors, assorted federal bureaucrats, textbook writers, and textbook publishers — will be more than happy to rake in.
If President Obama is reelected in 2012, he would unlawfully seek to infringe upon the God-given right to keep and bear arms enshrined in the Second Amendment to the U.S. Constitution, warned National Rifle Association (NRA) executive vice president Wayne LaPierre on Friday.
Western governments and the notorious al-Qaeda terror network have teamed up to bring down the relatively secular dictatorship of Bashar al-Assad in Syria, eerily reminiscent of the “regime change” operation in Libya supported by both NATO and a broad coalition of well-known Islamic terrorists on the ground.
Well, he didn’t make Time magazine’s “Person of the Year.” But Warren Buffett did make the cover of the magazine last month. The picture showed him smiling an impish grin. The article inside explained why.
An armed uprising in Libya is imminent as people in the oil-rich North African nation continue to reject the new NATO-backed regime, one of slain Libyan despot Muammar Gadhafi’s sons told an Arabic TV station on Friday from neighboring Niger. Libya’s new rulers dismissed the statements and threatened the “interests” of the government of Niger if it did not hand over Saadi Gadhafi for prosecution.
After sailing through the subcommittee in late December, last Thursday by a vote of 11-7 the full Senate Judiciary Committee passed on to the full chamber a bill that would permit televising proceedings of the U.S. Supreme Court.
An attorney for an American accused of conspiring to carry out the terrorist attacks of September 11, 2001 has filed suit in the U.S. District Court for the District of Columbia challenging a new rule at the Guantanamo Bay Detention Facility instructing agents of the military and the government to read all correspondence between lawyers and those prisoners suspected of being 9/11 conspirators.