Tag Archive: Income tax in the United States

The Tax Man Cometh Again

Remember, as you read through these stories, the cardinal rule of government: everything you have is theirs. If you have such a thing as “take-home pay” it’s only because of their generosity in allowing you to take it home. Sort of the way a highwayman might let you keep enough bread to feed your family while stealing everything else.

First, Chicago. The city of Chicago has figured out what every economist knows: when … Read more

What the class warriors are really aiming for: tax everyone more

Thrill had a post up discussing the upcoming tax battle as the Bush tax cuts are scheduled to expire at the end of this year. The donkeys are clamoring for that to happen, because they want stupid people to believe that tax hikes on the rich will somehow cover the $1.3 trillion – estimated since we conveniently have had no budget in the last 3 years to verify it is only this much that they … Read more

A Gold Medal in Pandering

There’s been a bit of a furor lately over Olympians having to pay taxes on cash bonuses they get for winning medals. Yglesias has the details:

In this particular case, the issue is that the U.S. Olympic Committee—the nonprofit group that organizes Team USA for the games—rewards athletes with cash bounties for medals won. Gold medalists receive $25,000, silver medalists get $15,000, and bronze medalists receive $10,000. That’s income, so come spring of 2013

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Sunday Six Pack

NPR recently had group of economists discuss policies that they think are great for the country but that politicians consider radioactive. The group of economists was actually quite diverse, ranging from George Mason libertarian (and frequently linked Cafe Hayek blogger) Russ Roberts to Cornell liberal Robert Frank. What six policies could that group possibly agree on? And why wouldn’t politicians embrace policies that enjoy such a broad consensus?

One: Eliminate the mortgage tax deduction, which

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The Most Hated Woman In America?

OK, “hate” might be a bit strong, how about the most hypocritical?

Sticking with that truism that you dance with the girl who brought ya, the president will not let go of that class warfare bone. The politics of envy and deflection, worked before, and since there are no magic bullets for what is ailing this economy (from a social European POV) making the rich pay their fair share is as old reliable.

But how … Read more

Liberals class warriors fail yet again..

Remember Buffet’s poor secretary? Well when I was told she paid more income taxes than Buffet, my first question was “How much does she make?”. My wife has a friend that is a personal assistant to a real big-wig worth a lot of millions. She makes something around $65K a year – and she is one of the high earners in that field according to my wife – so she told me to assume Buffet’s … Read more

Proof is in the pudding..

A while back, when we where debating the democrat’s demand that they be allowed to raise taxes as part of the strategy being looked at to bring the outrageous and out of control government spending that has been going on since the democrats took control of congress and the purse strings back in 2007. Some of us pointed out how horrible an idea allowing them to raise revenue now , while pretending to make cuts … Read more

By the numbers..

The Chicago Sun-Times has this article dealing with Obama’s recent claim that his new plan to plunder $1.5 trillion from the evil productive was not class warfare based on the math. As many of us pointed out Obama was lying when he said this was not class warfare because the math proves it is just that.

When President Barack Obama rails against “millionaires and billionaires,” as he does often, Republicans accuse him of trying to

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The Other Way

As I’ve said before, I don’t think we can balance the budget without raising taxes. Of course, tax hikes have to be conditional on even larger spending cuts (a 3-1 ratio at least). And they should be real spending cuts, not phony-baloney baseline cuts or giving ourselves credit for ending the war in Afghanistan.

Given that, you might think I see Obama’s tax proposal — which mainly involves setting higher marginal rates for millionaires — … Read more

More Perspective..

During the comments discussion on one of our recent posts dealing with the effect of our current leaders on the economic and job situation in the US, the issue of what kind of impact the blatant hostility from the Obama administration towards business came up. Some people refused to accept that, in general, based on the laws and policies pushed over the last 3 years, this administration was exhibiting some serious and severe hostility towards … Read more

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