Despite all the talk of “austerity,” little has been done to stem the tide of the United States’ ever growing debt. The little that has been cut is in area that needs it most: defense. The Budget Control Act’s sequestration hits defense disproportionately and essentially ignores entitlement spending, the leading driver of U.S. debt. President Obama has warned that he would “veto any effort to get rid of those automatic spending cuts.” This stance is irresponsible and unwise for several reasons. First, in an increasingly dangerous world with a rising … More
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On January 1, 2013, the American people will be hit with the biggest tax hike in history. It’s known as “Taxmageddon,” and it will bring $494 billion in higher taxes resulting from tax policies expiring in seven different categories, on top of new Obamacare tax hikes taking effect. In a new paper, Heritage’s J.D. Foster gives five good reasons for Congress to take action to prevent Taxmageddon before it hits. Families and small businesses should not be threatened by their own government with a devastating tax hike. A massive tax … More
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Former Governor Tim Pawlenty (R–MN), national co-chair of the Romney for President campaign, appeared on CNBC yesterday and chastised President Obama for failing to lead on stopping Taxmageddon before the November election. Pawlenty is right: Washington should stop Taxmageddon now. Heritage has been saying just that for weeks. Speaker of the House John Boehner (R–OH) understands that Taxmageddon must be stopped soon. In a speech this week before the Peter G. Peterson 2012 Fiscal Summit, Speaker made clear the House will vote to stop Taxmageddon before the November election: We … More
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By Michael F. Cannon
My French is rusty, but I’m pretty sure the Fresh Prince just flipped out at the idea of a 75-percent marginal tax rate like that advocated by France’s new socialist president. Will Smith: Socialists Just Don’t Understand is a post from Cato @ Liberty – Cato Institute Blog
Will Smith: Socialists Just Don’t Understand is a post from Cato @ Liberty – Cato Institute Blog
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By Andrew J. Coulson
Californians may be forgiven for expectorating coffee over their morning newspapers today, as they learn that their state deficit is not $9 billion, as Governor Brown’s administration had predicted, but rather $16 billion. Oops. Further increasing the breakfast table choking hazard is the Governor’s “solution”: raise taxes. Gov. Brown is pushing a fall ballot initiative [...]
California Knows How to Party… $16 Billlion Too Lavishly is a post from Cato @ Liberty – Cato Institute Blog
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Facebook’s much-vaunted initial public offering is on the horizon and promises to shower a few lucky individuals with millions if not billions of dollars. One of those Facebookers is the company’s billionaire co-founder Eduardo Saverin, who renounced his U.S. citizenship ahead of the IPO, potentially reducing his tax burden. Saverin, who was born in Brazil and is a resident of Singapore, holds a 4 percent stake in the company, which could be worth about $3.84 billion. Bloomberg reports that though Saverin won’t escape all U.S. taxes—he will still owe what … More
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The largest tax hike in history is due to strike the United States on January 1, 2013. Known as “Taxmageddon,” it would impose $494 billion in higher taxes on the American people in the first year. So terrible would be its impact that yesterday Fed Chairman Ben Bernanke warned Senate Democrats that the country is headed toward a “fiscal cliff” and that Congress must deal with the impending tax nightmare. On Wednesday, House Speaker John Boehner (R-OH) announced that his chamber will take up the issue before the November election. … More
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House Speaker John Boehner (R–OH) announced yesterday that the House is gearing up to vote prior to the November election on extending all of the tax provisions scheduled to expire at the end of the year. This is welcome news, given the necessity of swiftly steering this tax policy train in the right direction. Otherwise, Congress assuredly would face an even bigger train wreck—scores of laws expiring during a politically charged, whirlwind lame duck session of Congress. The whopper Boehner is referring to? Taxmageddon: a list of expiring tax policies … More
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There he goes again. It seems that President Obama just can’t help himself. He keeps pushing Congress to pass policies it has rejected in the past or has foolishly passed to little beneficial effect. The latest recycling of policies comes from the President’s Post-It note to-do list for Congress. If only Congress’s actual to-do list was so small. Besides leaving out the most pressing issues facing the country—reforming entitlement programs and full-scale tax reform—the President’s to-do list for Congress curiously leaves off the most urgent issue it needs to tackle … More
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By Michael F. Cannon
Today, New Jersey Gov. Chris Christie (R) became the latest governor to throw sand in the gears of ObamaCare, issuing an eleventh-hour veto of a bill to create an ObamaCare Exchange in New Jersey. An excerpt from his veto message: While I am unwilling to approve the establishment of a statewide health insurance exchange at this [...]
Gov. Christie Vetoes ObamaCare Exchange — ‘At This Time’ is a post from Cato @ Liberty – Cato Institute Blog
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