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In Budget Plan, Obama Seeks Cuts and Higher Taxes
By not in system - AOL NewsWASHINGTON -- Forcefully rejecting Republican budget-cutting plans, President Barack Obama on Wednesday proposed lowering the nation's future deficits by $4 trillion over a dozen years and vowed he would not allow benefit cuts for the poor and the elderly to pay for tax breaks for the rich. "That's not right and it's not going to happen as long as I'm president," Obama declared. While the president recommended trimming health care costs in Medicare and Medicaid, he also called for cuts in defense, an overhaul of the tax system to eliminate many loopholes enjoyed by individuals and ...
House Republicans Vehemently Oppose Tax Increases
By not in system - AOL NewsWASHINGTON -- Leading congressional Republicans renewed their vehement opposition to tax increases Wednesday, as President Barack Obama prepared to put forth his new prescription for slow growth and national indebtedness. "Most people understand that Washington doesn't have a revenue problem, it has a spending problem," said House Majority Leader Eric Cantor, R-Va. "We can't raise taxes. ... That was settled last November during the elections." Joining Cantor in appearing on morning network news programs, Rep. Paul Ryan of Wisconsin, Republican chairman of the House Ways and Means Committee, ...
Illinois Passes 66 Percent Tax Increase; Twitter Responds
By Mary Phillips-Sandy - AOL NewsIn a drastic move to cope with their state's $15 billion budget crisis, Illinois lawmakers have approved a bill that will temporarily raise the income tax rate by 66 percent. Gov. Pat Quinn, a Democrat, has said he supports the bill and will sign it soon. Under the new measure, Illinois' personal tax rate will climb from 3 percent up to 5 percent, and the corporate tax rate will increase from 4.8 percent to 7 percent. Supporters say the plan will raise $6.8 billion a year and will be combined with tough limits on state spending. On Twitter, reactions to the bill have been mixed. For some, ...
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 ...
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