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Keyword: taxes

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  • Caterpillar won't build North American plant in Illinois

    02/09/2012 6:52:11 AM PST · by 1rudeboy · 33 replies
    PEORIA -- Caterpillar Inc. will not be building its new North American plant anywhere in the state of Illinois, officials with the company told local leaders Tuesday, with part of the reason being continued concerns about the business climate in the state. The company will instead focus on a location closer to its division headquarters in Cary, N.C., Peoria County officials were told in an email sent to them shortly after the close of business and later obtained by the Journal Star. The plant stood to bring with it from Japan roughly 1,000 jobs manufacturing track-type tractors and mini hydraulic...
  • Pension reform down, taxes up

    02/08/2012 2:15:03 PM PST · by landsbaum · 3 replies
    Two sweeping public employee pension reform measures won’t be placed on the November ballot, as their backers couldn’t raise the $2 million or so to mount petition drives for either, it was announced today. And if you think that’s bad, consider the fact that three huge tax increase measures are likely to be on the ballot, as our editorial today notes...
  • WI: Unions ask Democrats in Walker recall to make veto pledge (Falk signs)

    02/08/2012 1:04:16 PM PST · by MNlurker · 31 replies
    JS Online ^ | 2/8/2012 | Jason Stein
    Union leaders are asking Democratic candidates for governor to veto the next state budget if it doesn't restore collective bargaining for public workers and at least one leading candidate - Kathleen Falk - has agreed, participants in the private meetings say.
  • Dependency Index Surges 23% Under President Obama

    02/08/2012 10:33:59 AM PST · by Hunton Peck · 11 replies
    Investors Business Daily ^ | 2/8/2012 | JOHN MERLINE
    The American public's dependence on the federal government shot up 23% in just two years under President Obama, with 67 million now relying on some federal program, according to a newly released study by the Heritage Foundation. The conservative think tank's annual Index of Dependence on Government tracks money spent on housing, health, welfare, education subsidies and other federal programs that were "traditionally provided to needy people by local organizations and families." The increase under Obama is the biggest two-year jump since Jimmy Carter was president, the data show. The rise was driven mainly by increases in housing subsidies, an...
  • Illegal Immigrants Pay Income Tax, Won't Get Deported Says Initiative

    02/08/2012 10:34:05 AM PST · by moonshinner_09 · 20 replies‎ ^ | Feb 08, 2012 | Brooke Holmquist
    SACRAMENTO, Calif- A new tax proposal could be the answer to our state's budget mess. The proposal? Tax illegal immigrants. The people behind the initiative said they can get illegal immigrants to pay income taxes, but first the Governor must get a promise from the federal government, it won't go after anyone here illegally and is part of the program. "Trying to get the federal government to not spend resources on those folks who are filing and paying I don't know why that would come about, I would suspect some sort of political motivation in Sacramento visa vie Washington." Attorney...
  • California voters may face triple tax-hike threat

    02/08/2012 9:50:33 AM PST · by landsbaum · 16 replies
    The Orange County Register ^ | 2-8-2012 | Orange County Register editorial boarad
    It's not good when people want to raise taxes. But, ironically, it may turn out to be good that so many different people want to raise taxes in California. It appears increasingly likely that three competing tax initiatives will appear on the November ballot, which could result in voters rejecting them all. We don't often agree with Gov. Jerry Brown, who is pushing one of the three tax increases. But we do agree with the governor that several initiatives on the same ballot could confuse voters and divide the pro-tax vote, resulting in none of them passing. The difference is...
  • When Is a Tax Cut Not a Tax Cut?

    02/08/2012 6:49:26 AM PST · by SeekAndFind · 8 replies
    American Thinker ^ | 02/08/2012 | Henry Percy
    When it spawns a new tax. Remember last December when our public "servants" in Washington "gave" working folk tax relief in the form of a payroll tax holiday? Yay! An early Christmas! Thank you Santa! Well, they needed to "pay" for this generosity somehow, so our dear Congresscritters and president devised a brand new tax--sorry, fee--on home mortgages originating from Fanny Mae and Freddy Mac, or about 90% of all new mortgages. Let's look at some of the salient features of this political sleight-of-hand: •The fee is not broken out as a separate line item in the loan paperwork, it's...
  • Newt, Nancy Pelosi and the Nadir of American Politics

    02/07/2012 4:50:17 PM PST · by billflax · 31 replies
    Forbes ^ | 02/07/2012 | Bill Flax
    Nowhere is the haughtiness of American politics better displayed than with our dueling former Speakers. The latest love spat between Newt Gingrich and Nancy Pelosi illuminates America’s sorry political state. She keeps coyly insinuating she knows something and will time its release for maximum damage. It appears Mr. Gingrich is finished anyway, and I’m no fan. His infidelities trouble me. His overarching concern seems to be Newt Gingrich, a not uncommon trait in politicians, but hardly the attribute of a transcendent leader. His prior associations with Mrs. Pelosi promoting Cap and Trade and frequent policy flip-flops reveal an unscrupulous opportunist....
  • No Senate Budget But It Ponders Buffett Rule Law

    02/06/2012 5:26:55 PM PST · by Kaslin · 3 replies
    IBD Editorials ^ | February 6, 2012
    Taxes: The Senate hasn't passed a budget in over a thousand days, yet it has time to consider one member's bill to make the no-growth logic of the administration's favorite billionaire the law of the land. Senate Majority Leader Harry Reid, Democrat from the state ranking among the highest in foreclosures and unemployment, would prefer leaving the ship of state to drift rudderlessly. "We do not need to bring a budget to the floor this year — it's done, we don't need to do it," Reid told reporters Friday. Reid's idea of getting things done is punting to a supercommittee...
  • ATR Opposes Retroactive Tax Hikes

    02/07/2012 2:24:53 PM PST · by 92nina · 6 replies
    ATR ^ | 2012-02-07 | Ryan Ellis
    As a general matter, retroactive tax hikes are bad tax policy and even worse governance. There's a reason the Founding Fathers put a prohibition on "ex post facto" laws in the Constitution. When it comes to taxes, it's not fair for employers and families to comply with the tax code only to find that the rules then changed after the fact, and after it's too late to do anything about your original choice. It's "heads I win, tails you lose" government at its worst. Yet that is precisely what Senate Finance Committee Chairman Max Baucus (D-Mont.) is proposing to do...
  • Does paying taxes earn you something more than those who don’t pay?

    02/07/2012 10:34:03 AM PST · by landsbaum · 19 replies
    We're sure there will be those who read this post and blame the messenger, yours truly. But we’re just passing along a suggestion from a reader. Here goes: “…here is a fair idea for all us tax payers. In the investing world, shareholders get 1 vote for each share they own. . ."
  • Thoughts on Fair Taxation

    02/06/2012 8:19:14 PM PST · by bthockey · 11 replies
    The Band Of Patriots ^ | 1/6/12 | Bryan Thomas
    President Obama is now campaigning all of the country in the name of “fairness” especially how it relates to the US Tax Code. According to President Obama, “fair” means a progressive tax (where as one makes more money, they pay a higher percentage in taxes). What he’s trying to do through his “fairness” campaign is make the progressive tax more progressive by increasing tax rates on those that have higher incomes. According to the Obama administration, it is more “fair,” to raise taxes on the rich. I’m here to tell you that this isn’t true. Of course all of that...
  • The Root of All Evil

    02/06/2012 5:05:11 PM PST · by gabriellah · 3 replies
    TheCollegeConservative ^ | 02/06/2012 | Christin Lopac
    The state of the world is undoubtedly disturbing. Our President has proposed that the Federal Government become involved in mortgages, the United Nations is considering more foreign adventures, and Europeans are still attempting to prevent Greece from defaulting on its crushing debt from decades of socialist policies. Many wonder, “How did we (the West) get here?” True, most European nations have never been what the United States was at its founding. But, it is not only Europe that has strayed far. The United States is among the worst, considering the basic principles of the Founders. So, how did we get...
  • Surprise! Borrowers get to pay for payroll-tax holiday (All costs get passed to consumers. Always)

    02/06/2012 1:06:03 PM PST · by SeekAndFind · 2 replies
    Hotair ^ | 02/06/2012 | Ed Morrissey
    So you think you got a payroll-tax holiday for free? Think that the big fat-cat mortgage lenders will foot the bill as part of Obama’s promise to make the cut pay for itself? CBS’ Sharyl Attkisson delivers the wake-up call to home buyers, who will pay a pretty penny for the latest gimmick of Obamanomics:CLICK ABOVE LINK FOR THE VIDEO Guess what? The fees collected won’t even cover the loss to the Social Security fund. It’s going into the general fund instead. Meanwhile, the Obama administration says to quit whining and suck it up so that we can recapitalize the...
  • Thieves preying on tax returns, IRS says

    02/06/2012 10:03:27 AM PST · by SoFloFreeper · 8 replies
    - If you haven't filed your tax return yet, someone may have filed it for you. The federal government has stepped up efforts to get between identity thieves and their latest targets: fat tax refunds. Last week, the Internal Revenue Service announced that 105 people in 23 states had been targeted as part of a national identity theft crackdown involving the potential theft of thousands of identities and taxpayer refunds. At one IRS office in Florida, at least a dozen tax filers said they spent hours in line to report someone had already filed their returns - with the tax...
  • Wisconsin: State urging online buyers to pay tax

    02/05/2012 4:09:11 PM PST · by Jean S · 29 replies
    Milwaukee Journal-Sentinel ^ | 2/5/12 | Marissa Evans
    Letter, new form reminding taxpayers of their obligation Wisconsin taxpayers could find themselves digging through more receipts than usual this tax season as the state Department of Revenue makes another effort to collect taxes on out-of-state purchases. In a letter, the department is asking taxpayers to look through their records from 2007 to 2010 to find any taxes on out-of-state purchases that may have been overlooked and send in payments by Feb. 17. "The real mission is to help make sure (taxpayers) understand tax law and to remind taxpayers about their responsibility to pay the use tax," said Jennifer Western,...
  • EDITORIAL: Big spenders on the Chesapeake

    02/05/2012 3:09:20 PM PST · by Tolerance Sucks Rocks · 7 replies
    The Washington Times ^ | February 3, 2012 | The Washington Times
    Maryland Gov. Martin O'Malley may be more skilled at implementing President Obama’s agenda than the White House itself. The Democratic governor is bringing the same big-spending, high-tax and class-warfare policies to the Free State. It’s going to cost residents a bundle. Tough economic times have forced ordinary Americans to cut back in order to get by. Not so Mr. O’Malley, who spends $35.9 billion in the budget released last month. That’s up from $34.2 billion last year and $32 billion the year before that. As Maryland Business for Responsive Government points out, the general fund budget fattened 11.4 percent last...
  • Why Your 2012 Tax Bill May Jump By $8,000

    02/04/2012 9:37:56 AM PST · by Qbert · 76 replies
    Daily Finance ^ | 02/03/12 | DAN CAPLINGER
    From Mitt Romney to Warren Buffett, people are clamoring for fairer taxes. But thanks to yet another lapse by our lawmakers in Washington, more than 20 million taxpayers may pay a tax that was originally designed to hit only the ultra-rich -- and the increase could cost you as much as $8,000. When it was first designed, the alternative minimum tax, or AMT, was meant to make taxes more fair. The idea behind the AMT was to make sure that rich people didn't use deductions to zero out their taxes every year. Because of inflation, though, the AMT threatens to...
  • Komen Funding Flap Exposes Planned Parenthood's Lie

    02/03/2012 4:30:57 PM PST · by IBD editorial writer · 14 replies
    Investor's Business Daily ^ | 2/3/2012 | IBD Staff
    On the surface, the Komen Foundation's reversal of its Planned Parenthood grant cut-off shows the left's power to enforce conformity. What it really reveals is that Planned Parenthood doesn't need taxpayer support.
  • Many missed the point: Obama quoting Jesus means ALL elected officials get to do the same

    02/03/2012 8:45:30 AM PST · by Laissez-faire capitalist · 26 replies
    2/3/2012 | Laissez-faire Capitalist
    Obama's erroneous interpretation of Luke 12:48, which drew a rebuke from Sen. Orrin Hatch (over the invoking of the scripture not the interpretation of it) now opens up the door for ALL elected officials to talk about Jesus and how His words apply to political positions or policies on a host of issues, be it tax policy, marriage, the sanctity of life, abortion etc. while some already have done this... You see, others have talked about "God" and "my faith dictates that I do this or that" but never has anyone went so far as to invoke Jesus' name in...
  • Imagine if Barack Obama gave you the $5,000 a year you’re on the hook for…

    02/03/2012 8:10:25 AM PST · by Starman417 · 3 replies
    Flopping Aces ^ | 02-01-12 | Vince
    I’m a huge fan of lotteries. It is one of the few taxes that citizens pay willingly. Spending a dollar for the prospect of winning a hundred million is kind of fun. And the fact that the state’s provide the fig leaf of responsibility by suggesting all funds go to support education makes players feel like they are doing their part to support the kids… Imagine, a way of taxing people that is actually voluntary! Unfortunately however, most taxes are anything but voluntary, particularly those levied by the federal government. In 2011 the federal government took in $2.3 trillion in...
  • The Top Five Tax Polling Questions Anyone Would Ever Need to Know

    02/03/2012 8:07:10 AM PST · by 92nina · 3 replies
    ATR ^ | 2012-02-02 | [Staff]
    Tax questions are among the most commonly polled issues by America’s opinion survey industry. It is important that conservatives use this positive tax polling data to our advantage, since the American people are generally supportive of the conservative message on taxes. "Do you favor or oppose completely eliminating the estate tax, that is, the tax on property left by people who die?" When the Kaiser Family Foundation, National Public Radio and Harvard University asked about the "death tax," 60% favored eliminating it; 54% favored eliminating the tax when it was called the "estate tax" in another question on the same...
  • According to Php 1:15-18, Sen. Hatch was wrong to chastise Obama for quoting Jesus' words

    02/03/2012 6:18:26 AM PST · by Laissez-faire capitalist · 39 replies
    2/3/2012 | Laissez-faire Capitalist
    Do I agree with Obama's interpretation of Luke 12:48? No. Do I agree with Obama in his 2004 interview "I have a deep faith" in which he said that there many paths to heaven/the Father and his words which were contrary to Jesus saying He is the "Way, Truth, man comes unto the Father but by me." Absolutely not. Do I agree with Mormon teaching that Jesus and Satan are brothers? Again, absolutely not. (link below in comments section.) The point of the this thread is to point out that Orrin Hatch was wrong. In fact, I believe that...
  • The GOP's Working Class Muddle (Santorum, Romney and class-warfare)

    02/02/2012 1:50:41 PM PST · by CutePuppy · 13 replies
    WSJ (opinion, editorial) ^ | January 6, 2012 | Kimberley A. Strassel
    < snip > ..... If Republicans have an opening this year, it is with the white working class, a crowd the Democratic Party has been hemorrhaging for decades. Barack Obama did better than John Kerry or Al Gore with these voters, though even he earned just 43% of their vote. ..... < snip > ..... The white working class will make up as much as 55% of the vote in states like Ohio and Pennsylvania. ..... < snip > ..... And so at the heart of the Santorum agenda are policies designed to give special handouts to the working class,...
  • Obama: Jesus would tax the rich

    02/02/2012 8:20:06 AM PST · by Sub-Driver · 200 replies
    Obama: Jesus would tax the rich By: Jennifer Epstein February 2, 2012 10:12 AM EST President Barack Obama tied his proposal to raise taxes on wealthy Americans to his faith on Thursday, telling leaders gathered for the National Prayer Breakfast that Jesus’ teachings have led him to that conclusion. The rich pay more not only because “I actually think that is going to make economic sense, but for me as a Christian, it also coincides with Jesus’s teaching that ‘for unto whom much is given, much shall be required.’” Obama said at the Washington Hilton, delivering remarks at an annual...
  • Romney fundraiser a lobbyist for failed green energy firm (Silence from the "conservative" media

    02/02/2012 8:10:41 AM PST · by Laissez-faire capitalist · 9 replies
    CNN ^ | 2/1/2012 | Jessica Yellin
    One of Mitt Romney's fundraising "bundlers" works as a lobbyist for the Green energy firm Ener1, which became a flash point for Republicans last week after it filed for bankruptcy three years after receiving a $118.5 million grant from the Obama administration...
  • Florida Legislature to Propose Internet Sales Tax

    02/01/2012 3:59:04 PM PST · by kara2008 · 5 replies · 1+ views
    Americans for Prosperity Florida (via email) ^ | 2/1/2012 | Americans for Prosperity
    The Senate has confirmed our fears and on Thursday they will be proposing a new tax on Internet purchases. During a full-fledged recession, leave it to the Florida Legislature to propose a new tax - and one that they have questionable constitutional authority to enact.On Thursday morning the Senate Subcommittee on Finance and Tax, chaired by Sen. Ellyn Bogdanoff, will propose SB 7206 for consideration. This bill would institute a new sales tax on Internet purchases if the retailer uses affiliates or referrals in the state. This bill aims to tax transactions by companies like Amazon, and has been proposed...
  • Democrats Push 'Buffett Rule' Bill

    02/01/2012 1:40:05 PM PST · by Oldeconomybuyer · 13 replies
    Wall Street Journal ^ | February 1, 2012 | By KRISTINA PETERSON
    WASHINGTON — Democratic senators introduced a bill Wednesday based on President Barack Obama's proposed "Buffett rule" that would require the wealthiest Americans to pay at least 30% in taxes. The legislation introduced Wednesday by Sen. Sheldon Whitehouse (D., R.I.) would ensure that anyone earning more than $2 million in income each year, including from capital gains, would pay a minimum 30% federal tax rate, Mr. Whitehouse said on the Senate floor Wednesday morning. Wealthy taxpayers who face a tax rate above 30% would still pay the higher rate. Democratic Sens. Daniel Akaka of Hawaii, Mark Begich of Alaska, Patrick Leahy...
  • 'Birthday Tax' Unveiled in Michigan

    02/01/2012 10:47:44 AM PST · by MichCapCon · 14 replies
    Michigan Capitol Confidential ^ | 2/1/2012 | Michael LaFaive
    Legislation been introduced that reportedly would extract more than $1 billion from motorists through a new state fuel tax and a huge increase in the vehicle registration tax. The latter, paid each year on a car owner’s birthday, would increase 67 percent on average according to The Detroit News. Happy Birthday taxpayer! Now, give your state government $60 more. The plan also moves the current gas tax from the pump to the wholesale part of the transaction, raising the per-gallon levy from 19 cents per gallon to around 28 cents per gallon. The money would be spent on road and...
  • Three Things to Know About the CBO Budget Report

    02/01/2012 10:46:59 AM PST · by 92nina
    ATR ^ | 2012-01-31 | Ryan Ellis
    It's Christmas in the geeky budget world today. While everyone else is thinking about the Florida GOP primary, DC budget and tax wonks are reading the annual "CBO Budget and Economic Outlook." Here's my three takeaways after reading the report. They are by no means exhaustive: 1. If all scheduled tax increases are avoided, tax revenues will still come in at historical levels. CBO has to use a "current services baseline," which means they have to assume that Congress will let the path of current law run its course. That means that Obamacare is implemented, the 2001/2003 tax relief goes...
  • Florida businessman, 48, adopts adult girlfriend, 42, as his daughter

    02/01/2012 9:02:36 AM PST · by Responsibility2nd · 28 replies ^ | 02/01/2012
    A 48-year-old Florida businessman has legally adopted his 42-year-old girlfriend as his daughter in what one attorney is calling an attempt to shield assets in a wrongful death civil suit that has entered a "legal twilight zone," according to a judge. John Goodman, who founded the International Polo Club Beach in Wellington, legally adopted Heather Hutchins on Oct. 13 in Miami-Dade County, according to a court order by Circuit Court Judge Glenn Kelley. "The events which serve as the grounds for the relief sought by the Plaintiffs border on the surreal and take the Court into a legal twilight zone,"...
  • Gingrich Going After Romney's Wall Street $: Romney Is A Crony Capitalist Corporate Welfare Queen

    02/01/2012 9:13:50 AM PST · by Laissez-faire capitalist · 14 replies
    2/1/2012 | Laissez-faire capitalist
    According to the following from Zerohedge, Baltimore Sun, Los Angeles Times, American Spectator, Politico, Dirtdiggersdigest and others, Romney is about as big a pro-crony capitalism, taxpayer-funded corporate welfare hog/queen as you can get. He will make Obama look like an amateur. Hence, why Wall Street is lining up behind Mitt Romney. You can't have what many on Wall Street want and support free enterprise. Corporatism/crony capitalism/corporate welfare should be eschewed by conservatives. If only many in the so-called conservative media would be honest with people instead of trying to mischaracterize and pigeonhole Gingrich... Zerohedge On Mitt Romney's Defense of Bain...
  • Was Jesus A Socialist, Capitalist Or Something Else?

    01/31/2012 7:05:50 PM PST · by billflax · 54 replies
    Forbes ^ | 01/31/2012 | Bill Flax
    It’s fascinating how frequently modern dilettantes re-make Christ in their image via Matthew 25. Socialists finesse Scripture to justify redistributing wealth to “the least of these” (Matthew 25:40), while capitalists overplay the Parable of the Talents (Matthew 25:14-30). Both tout Christ’s teachings as a trump card. Other passages are mentioned. Socialists highlight descriptions in Acts of voluntary, privately orchestrated, local and temporary communalization to prescribe permanent, coerced communism under a distant, godless government. But Matthew 25 leads from both directions. The rapidity and carelessness of these misappropriations of “End Time” parables startles anyone who actually reads Matthew 25. Either these...
  • Commissioners visit New Mexico for natural gas conference

    01/30/2012 8:59:55 AM PST · by greenwill · 1 replies
    THe Daily Review ^ | 01/21/12 | JAMES LOEWENSTEIN
    TOWANDA - While Bradford County has experienced extensive gas drilling for a few years, what will it be like after the drilling has gone on for decades? The three Bradford County commissioners and other local officials had a chance to get a sense of what could happen when they traveled last week to participate in a two-day conference in Lea County, N.M.
  • U.S. Leans Toward Taxing Chinese Solar Panels

    01/31/2012 2:57:13 PM PST · by goodnesswins · 8 replies
    OPB ECOTROPE ^ | 1/31/12 | Cassandra Profita
    The U.S. Department of Commerce hinted on Monday that American solar panel manufacturers might prevail in their case against subsidized Chinese imports. Led by SolarWorld of Hillsboro, a group of U.S. solar panel manufacturers have asked the federal government to add a 50 to 250 percent tariff to imported solar panels from China to make up for 30 Chinese government subsidy programs that artificially reduce the panel prices Chinese manufacturers can offer. Chinese-made solar panels already represent half the American market, according to this story in the New York Times.
  • Not everyone agrees he’s the Con-Man-in-Chief

    01/31/2012 10:34:12 AM PST · by landsbaum · 6 replies
    One of our letter writers, and we love you all, complained that our Sunday column wasn’t civil enough for his liking. “While columnist Mark Landsbaum cannot be accused of harassing the president…” Whew. At least we aren’t a harasser. But the writer had his complaints:...
  • CBO: Taxes Will ‘Shoot Up by More Than 30 Percent’ Over Next 2 Years

    01/31/2012 9:42:21 AM PST · by Sub-Driver · 15 replies
    CBO: Taxes Will ‘Shoot Up by More Than 30 Percent’ Over Next 2 Years By Terence P. Jeffrey January 31, 2012 ( - The amount of money the federal government takes out of the U.S. economy in taxes will increase by more than 30 percent between 2012 and 2014, according to the Budget and Economic Outlook published today by the CBO. At the same time, according to CBO, the economy will remain sluggish, partly because of higher taxes. “In particular, between 2012 and 2014, revenues in CBO’s baseline shoot up by more than 30 percent,” said CBO, “mostly because of...
  • Obama Bureaucrats Owe Billions in Taxes While Wanting to Raise Yours

    01/31/2012 8:53:25 AM PST · by 92nina · 4 replies
    ATR ^ | 2012-01-30 | Ryan Ellis
    President Obama and Congressional Democrats have called for hundreds of billions of dollars in higher taxes on American families and small employers. Yet, there are thousands of federal bureaucrats who owe billions of dollars in taxes. Here are some of the most notable agencies:   Bureaucrat Tax Cheats Amount Owed to IRS Delinquency Rate   Executive Office of the President     36   $833,970   2.01% U.S. Senate   217 $2.1 million 3.08% U.S. House   467 $8.5 million 4.24% Postal Service   25,640 $269.6 million 3.84% Homeland Security/TSA     4,647   $36.9 million   2.46% Treasury Department/IRS...
  • Obama’s Silly Buffet Rule (it doesn’t address the deficit or inequality)

    01/31/2012 5:01:35 AM PST · by SeekAndFind · 10 replies
    National Review ^ | 01/31/2012 | Rich Lowry
    President Barack Obama is making his reelection about raising the taxes of an Omaha billionaire who is volunteering for the honor. The so-called Buffett Rule to make millionaires and billionaires pay at least 30 percent in taxes is such an obvious exercise in poll-driven populism, it should come with cross-tabs attached. It shows that as an economist, David Axelrod is a hell of a political consultant. It is a non-solution to a non-problem, the intellectual basis of which is a badly distorted anecdote repeated over and over. By now, if you haven’t heard that Warren Buffett pays a lower tax...
  • When Irish Eyes Are Smiling, It Must Mean the World’s Focus Is Elsewhere

    01/30/2012 7:39:34 PM PST · by Razzz42 · 1 replies
    Notes From Underground | January 30, 2012 | Yra Harris
    Greece is balking at surrendering its sovereignty as the Merkel-led European elite is shouting for more austerity from the “profligates” in an effort to insure the large continental banks against the ravages of default. As one reader e-mailed today, IT IS AS IF THE GERMANS ARE PLACING THE ENTIRE NATION OF GREECE INTO DEBTORS PRISON. Life was much easier when a country could send in its gunboats to collect its loans. Tonight the Czechs have purportedly joined the Brits in opposing the fiscal straitjacket being demanded by Berlin. The official vote on the fiscal treaty won’t take place until March...
  • Legislating by anecdote (Foolish to base tax policy on a story about Warren Buffett’s secretary)

    01/30/2012 10:53:01 AM PST · by SeekAndFind · 10 replies
    The Daily ^ | 01/302012 | james Pethoukoukis
    Time to pay up, rich people. “If you make more than $1 million a year,” President Obama said during his State of the Union address the other night, “you should not pay less than 30 percent in taxes.” And why should that be the case, exactly? Is it because the secretary of billionaire investor Warren Buffett — who attended the speech — apparently pays a higher tax rate than her boss, a relatively rare situation that strikes the president as unfair? Well, it’s a reason, and perhaps a politically persuasive one when the issue of income inequality has re-entered the...
  • Idaho Has a Surplus; Why Raise Taxes?

    01/30/2012 8:49:56 AM PST · by 92nina · 3 replies
    ATR ^ | 2012-01-30 | Joshua Culling
    In the next few weeks, the Idaho Revenue and Tax Committee may vote on a bill to raise the state's cigarette tax $1.25 per pack. That would take Idaho from the lowest tax among its neighbors to the second-highest. As we have argued before, high excise taxes drive commerce across state lines as consumers seek lower prices. That negatively impacts small businesses in high-tax states, especially those close to the border with lower-tax states. Recently in South Carolina, for example, lawmakers imposed a 50 cent per pack increase, bringing the state's tax rate 20 cents higher than neighboring Georgia. In...
  • The Harsh Realities Of a Buffet Tax

    01/30/2012 6:46:56 AM PST · by SeekAndFind · 3 replies · 1+ views
    Real Clear Markets ^ | 01/30/2012 | Robert Samuelson
    Whatever else they are, the super-rich have now become political props. We can thank President Obama and Mitt Romney for this. Obama thinks he can ride resentment against the rich into the White House for a second term; and Republican Romney's fortune, estimated at $190 million or more, qualifies him as super-rich. By all means, Congress should pass the "Buffett Tax," named after billionaire Warren Buffett, who noted that his 2010 tax rate (17.4 percent) was about half his secretary's. The explanation is that Buffett's income comes mostly from dividends and capital gains - profits on sales of stocks and...
  • Outrageous! Free Cell Phones And Free Cell Phone Minutes To Welfare Recipients

    01/29/2012 8:56:46 PM PST · by blam · 38 replies
    TEC ^ | 1-29-2012 | Michael Snyder
    Outrageous! The Government Is Giving Out Free Cell Phones And Free Cell Phone Minutes To Welfare RecipientsMichael SnyderJanuary 29, 2012 Did you know that the federal government is giving out free cell phones and free cell phone minutes to welfare recipients? It may be hard to believe, but it is true. Right now, there are companies that are running advertisements specifically targeted at low income Americans informing them of the fact that all they have to do is sign up and they can get a free cell phone and hundreds of free cell phone minutes every single month and it...
  • LAUSD Must Heal Breach of Trust With the Public (Libs-CA-Humor)

    01/29/2012 12:11:25 PM PST · by Mark · 3 replies
    Los Angeles Daily News ^ | 01/29/12 | Doug McIntyre
    John Deasy is no pushover. Neither are the taxpayers of Los Angeles. Put them together in one room and you have an explosive town hall meeting like last week's Daily News-sponsored "Thrilla in Woodland Hilla" at El Camino Real Charter High School featuring Los Angeles Unified school board member Tamar Galatzan on the under-card and Superintendent Deasy as the main event. As referee for the evening I had a ringside seat - always risky, since I'm famous for my glass jaw. I was constantly on guard to block Galatzan's lightning-quick right hook and Deasy's devastating left jab. I was bobbing...
  • What am I paying for in the price of a gallon of gasoline?

    01/29/2012 9:11:53 AM PST · by w4women · 27 replies
    Exxon Mobile Perspectives ^ | January 27, 2012 | Ken Cohen
    I’m asked this question a lot. And I know a lot of drivers ask themselves this question when they pull up to the pump. The answer is based on the economics of supply and demand and how products are manufactured and sold – along with what the government takes in taxes. Let’s take a look, based on the U.S. Energy Information Administration’s breakdown of the estimated average price of a gallon of gas in December 2011, which was $3.27.
  • Close Ties to Goldman Enrich Romney’s Public and Private Lives

    01/29/2012 2:46:26 AM PST · by 2ndDivisionVet · 6 replies
    The New York Times ^ | January 27, 2012 | Nicholas Confessore, Peter Lattman and Kevin Roose
    When Bain Capital sought to raise money in 1989 for a fast-growing office-supply company named Staples, Mitt Romney, Bain’s founder, called upon a trusted business partner: Goldman Sachs, whose bankers led the company’s initial public offering. When Mr. Romney became governor of Massachusetts, his blind trust gave Goldman much of his wealth to manage, a fortune now estimated to be as much as $250 million. And as Mr. Romney mounts his second bid for the presidency, Goldman is coming through again: Its employees have contributed at least $367,000 to his campaign, making the firm Mr. Romney’s largest single source of...
  • State of the Union: President Says Higher Taxes, More Spending & Regulation Needed

    01/28/2012 9:43:34 AM PST · by John Semmens · 5 replies
    Semi-News/Semi-Satire ^ | 28 Jan 2012 | John Semmens
    Three years of failure failed to blunt President Obama’s enthusiasm for more of the same policies that have yet to show a positive influence on the nation’s economic health. Despite the fact that both economic logic and historical experience argue that higher taxes discourage the investment that is essential to economic growth and the creation of jobs, President Obama vowed to push for higher levies on investors as part of his “recovery program.” “It’s not fair that some have more than others,” the President said. “All should share equally in the Earth’s bounty. It is the government’s responsibility to ensure...
  • Obama Pulls The Trigger On The January Surprise

    01/28/2012 7:35:51 AM PST · by KeyLargo · 29 replies
    Business Insider ^ | Jan 25, 2012 | James Pethokoukis
    Obama Pulls The Trigger On The January Surprise James Pethokoukis, American Enterprise Institute Jan. 25, 2012 I told you so. This was the housing policy bombshell from President Barack Obama’s State of the Union address: And while Government can’t fix the problem on its own, responsible homeowners shouldn’t have to sit and wait for the housing market to hit bottom to get some relief. That’s why I’m sending this Congress a plan that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage, by refinancing at historically low interest rates. No more red tape. No...
  • (Maryland governor) O'Malley wants to tax apps, e-books, other downloads

    01/27/2012 10:39:15 PM PST · by lowbridge · 29 replies
    washington examiner ^ | 1/26/2012 | brian hughes
    Marylanders might have some extra inspiration when they download "Angry Birds" to their smartphones in coming months. The state would charge a 6 percent sales tax on virtually every downloaded product under an obscure provision in Gov. Martin O'Malley's proposed budget. In other words, that 99-cent downloaded song from iTunes would corst $1.06, and smartphone apps, e-books for your Kindle, ringtones, chat discussions and other digital products would get pricier. Among the few exceptions, gift certificates and gift cards would not be taxed.