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Debate: Spending, Not Taxes, Is the Problem
By not in system - AOL News(April 14) -- Widely used in Europe, the value-added tax (VAT) has always seemed a nonstarter in the United States. That may be changing given apparently insurmountable structural deficits and fear that the financial collapse of Greece could happen here if revenue isn't increased. These days, the VAT is being taken seriously even by pro-market conservatives and libertarians.I do not agree with their arguments, but they present an interesting challenge. __________________________Other Views on VATIt's almost inescapable, say Henry Aaron and Isabel Sawhill of the Brookings Institution.This ...
States Get Creative to Balance Budgets -- Like Taxing Candy for the Kiddies
By Sandra Fish - Politics DailyBOULDER, Colorado -- Colorado kids better stock up on candy and sodas before May 1, when the state reinstitutes a sales tax on the goodies. Meanwhile, folks selling agricultural products (such as pesticides or bull semen), out-of-state online stores and more are already paying higher taxes in the state as of this week. ...
Oregon as Antidote to Massachusetts: There's More than One Way to Send a Message
By Jill Lawrence - Politics DailyThere was no nude Cosmo shoot in Oregon, no old truck, no confusion over whether a former Red Sox pitcher is a Yankee fan. But Oregon did have an election last month and the result -- support for $733 million in tax hikes -- was as startling as Republican Sen. Scott Brown's victory in Massachusetts. Democrats should take a closer look at Oregon. What they see might help them stiffen their spines. Flickr Credit: functoruser / CC BY-SA 2.0 The Bay State election has been interpreted and over-interpreted beyond reason by gleeful Republicans and panicked Democrats. And to be sure, there was a ...
Opinion: Red Ink Rising
By not in system - AOL News(Dec. 14) -- While many U.S. households are struggling with their own personal debt, citizens face an even larger – although less visible – threat from the mounting U.S. government debt. True, they don't receive a monthly mortgage statement or credit card bill for their share, but the effects will slowly chip away at the American standard of living – or even lead to the next major economic crisis. In just one year, the U.S. public debt rose from 41 percent to 53 percent as a share of the economy, largely because of the recession. What is troubling, however, is that the debt ...
Robert Gibbs: Read 'The President's Clear Commitment': No New Taxes
By Patricia Murphy - Politics DailyWhite House Press Secretary Robert Gibbs today dialed back two administration officials' comments yesterday that everything is on the table, including tax increases on the middle class, as the president looks for ways to close the ballooning budget deficit. After Treasury Secretary Tim Geithner and White House economic adviser Larry Summers both refused to rule out tax hikes yesterday on the Sunday talk shows, Gibbs said at his press briefing, "I think they allowed themselves to get into a hypothetical back and forth." When pressed on whether the president will resort to raising taxes on ...
An Evaluation of 'Slightly Higher' Taxes
By Andrew Clark - Politics DailyJonathan Cohn over at The New Republic wrote a recent article on why he thinks Americans should just accept "slightly higher" taxes to fund health-care reform: ...
Obama Tax Hike Hits the Poor Hardest
By Mark Impomeni - Politics DailyAn increase in the federal tax on cigarettes went into effect yesterday, raising the levy to $1.01 per pack. The increase was sought by President Obama and Congressional Democrats to help finance an expansion in SCHIP, the federally funded children's health care program. Leaving aside the obvious irony in relying on smokers – on whom the government spends money on programs designed to help them break their habit – to finace a health care program, the tax increase violates an oft-stated pledge made by both Obama and Vice President Joe Biden on the campaign trail.As candidates, Obama ...
Obama Says Rich can 'Afford' Tax Hike
By Mark Impomeni - Politics DailyIn the latest salvo in his class war against the top earners in America, President Barack Obama told a town hall meeting in California that the rich "can afford" the tax increases called for in his $3.6 trillion budget. The president is in the midst of a public relations push to sell his budget, which has met resistance from Republicans and some moderate Democrats on Capitol Hill. The plan calls for letting the Bush tax cuts expire for those making over $250,000 a year. Republicans say that raising taxes in a recession is a bad idea that will only make the economy worse.Obama explained his ...
Obama Budget Raises Taxes on Charitable Giving
By Mark Impomeni - Politics DailyPresident Barack Obama's $3.5 trillion budget plan contains a number of tax increases on wealthier Americans to pay for his spending proposals. But tucked away in the plan is one tax provision that could hurt the most needy citizens. Obama's tax plan would raise taxes on charitable contributions for families making over $250,000 per year. The Wall Street Journal reports that families in the top two tax brackets would see the value of the tax break for their donations to charity limited. "Households paying taxes at the 33 rates can currently claim deductions at those rates. Under the Obama ...
No Tax Increases in Barack Obama's Economic Recovery Plan, Yet
By Mark Impomeni - Politics DailyPresident-elect Obama is set to announce his economic stimulus plan on Monday, and aides say that it will be much bigger than the $175 billion plan he endorsed during the presidential campaign. The plan is expected to contain the usual infusions of government spending on roads, bridges, and other infrastructure projects, long a favored economic policy idea of liberals; but it is also likely to contain Obama's signature call for "tax cuts" on the middle and working class. Obama proposed cutting taxes for 95% of Americans during the campaign, while promising to roll back the Bush tax cuts for ...
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