By Ilya Shapiro
This blogpost was co-authored by Cato legal associate Carl DeNigris. Before the argument on the Arizona immigration case yesterday, the Supreme Court scored a blow for American taxpayers by rejecting the IRS’s attempt to overturn the Court’s prior interpretation of a disputed provision of the Internal Revenue Code, 26 U.S.C. §6501(e)(1)(A). By avoiding the issue of whether [...]
Supreme Court Gives Taxpayers a Muddled Win is a post from Cato @ Liberty – Cato Institute Blog
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Brace yourself. In a mere 271 days, you and your fellow Americans will be hit with a tax hike the likes of which this country has never seen. The Washington Post aptly called the unprecedented $494 billion tax hike “Taxmageddon,” and Federal Reserve Chairman Ben Bernanke described it as a “massive fiscal cliff.” Whatever your preferred imagery, it’s a really big deal. Despite all the warnings, President Barack Obama has kept his silence while Congress has made no apparent effort to prevent this impending calamity to families and the economy. The prevailing … More
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President Obama used his State of the Union address Tuesday to outline his idea of fairness. To put it simply, that means redistributing wealth by raising taxes on the most successful Americans. “If you make more than $1 million a year, you should not pay less than 30 percent in taxes,” Obama declared. He added: “Now, you can call this class warfare all you want. But asking a billionaire to pay at least as much as his secretary in taxes? Most Americans would call that common sense.” Heritage’s Curtis Dubay … More
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President Obama and Republicans in Congress continue to wage war over an extension of the payroll tax cut. But missing from the debate is any discussion of comprehensive tax reform that would eliminate payroll taxes altogether. Social Security and Medicare payroll taxes are the second-largest source of federal revenue, surpassed only by personal income taxes. This week’s chart from Heritage’s 2011 Budget Chart Book depicts federal revenue by source. That chart would look quite different if Heritage’s tax-reform plan were enacted into law. That plan, part of the Saving the … More
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