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
Tag Archive: Income tax in the United States
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
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
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
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
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
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
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
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
Here’s the great thing about Obama’s speech to Congress about jobs: it’s never going to happen. Lots of libs are jumping all over this story, detailing Republican reluctance to give Obama a win. Fair enough. I have a Republican-slamming post cooking. But this wailing and gnashing of teeth might be more impressive if Obama himself weren’t scuttling the plan:
The White House said Monday that President Obama wants to pay for his $447