President Obama’s tax plan announced yesterday claims to simplify the tax code and make it fairer. This being an election year it is more likely his proposal is designed to attract votes instead of Congressional approval.
According to a new report by The Heritage Foundation, the White House handed out "administrative earmarks" to Democratic legislators to sway them to vote for major legislative efforts such as cap-and-trade and the healthcare overhaul.
In his 2013 budget proposal, President Barack Obama is asking for what amounts to a tripling of the corporate dividends tax rate for high-income earners (individuals and households with annual incomes exceeding $200,000 and $250,000, respectively). If it were just a typical attack on the wealthy, with the usual negative side effects of transferring cash from job creators to politicians, it would be bad enough. But a huge hike in the dividend tax rate will have ripple effects throughout the economy, discouraging investments, depressing stock prices, and reducing dividend payments — all of which will harm Americans at every income level.
With the publishing of a “white paper” about the housing market, Fed Chairman Ben Bernanke has rankled some Republicans that suggestions made appear to have transgressed some line of propriety that separates monetary policy, fiscal policy, and the Fed’s “independence.”
We’ve slipped away from a true Republic,” Texas Congressman Ron Paul claimed in a speech to a Missouri audience February 18. “Now we’re slipping into a fascist system where it’s a combination of government and big business and authoritarian rule and the suppression of the individual rights of each and every American citizen.”
President Obama’s 2013 budget and proposed tax increases have been construed as a direct assault on the wealthy Republican class. But according to past election analyses, and despite the prevailing notion that America’s wealthy overwhelmingly oppose progressive taxation, the President may in fact be targeting his own base.
The U.S. unemployment rate jumped in February from 8.3 percent to 9.0 percent, according to Gallup. Gallup’s numbers are highly correlated to the same reports from the Bureau of Labor Statistics (BLS). The differences between the two are very slight: Gallup calls people age 18 and up; the BLS calls people age 16 and up. Gallup polls 30,000 people every month; the BLS polls 60,000. Gallup makes those calls continuously throughout the month; the BLS calls during one week in the middle of the month. Gallup’s numbers aren’t seasonally adjusted; the BLS numbers are.
Following a 13-hour marathon session on Monday, eurozone ministers announced an agreement to loan Greece another $170 billion, which saves the banks while punishing private investors and damaging Greek national sovereignty.
Last Friday marked the third-year anniversary of President Obama’s $787-billion economic "stimulus" law — and it scored a rather grim milestone: The unemployment rate held steady above eight percent for 36 months, the longest period since World War II. In fact, according to the Bureau of Labor Statistics, the current 8.3-percent unemployment rate is precisely where it stood three years ago when the legislation, called the American Recovery and Reinvestment Act (ARRA), was signed into law. The previous record for above-8-percent unemployment was 27 months, which transpired in the early 1980s.
It is fascinating to see people accusing others of things that they themselves are doing, especially when their own sins are worse. Academics love to say that businesses are not paying enough to people who work for them. But where in business are there people who are paid absolutely nothing for strenuous work that involves risks to their health?