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Keyword: taxincreases

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  • Obama Won’t Extend Bush-Era Tax Cuts to Wealthy

    09/07/2010 5:24:53 PM PDT · by truthandlife · 84 replies
    NY Times ^ | 9/7/10 | Jackie Calmes
    President Obama will rule out on Wednesday any compromise that would extend the Bush-era tax cuts for the wealthy beyond this year, officials said, adding a populist twist to an election-season economic package that is otherwise designed to entice support from big businesses and their Republican allies. Related Mr. Obama’s opposition to allowing the high-end tax cuts to remain in place for even another year or two would be the signal many Congressional Democrats have been awaiting as they prepare for a showdown with Republicans on the issue and ends speculation that the White House might be open to an...
  • Extending the Expiring Tax Cuts: What, How, When and Why

    07/27/2010 6:17:59 AM PDT · by reaganaut1 · 9 replies · 1+ views
    Goldman Sachs: US Daily ^ | July 26, 2010 | Alec Phillips
    Momentum behind extending all of the expiring 2001/2003 tax cuts has increased lately, and while it is clearly possible that Congress will extend them, the most likely scenario appears to be a one- or two-year extension of only the middle-income rates, with the top brackets and the capital gains and dividend tax rates left to expire. Tail risks to growth related to fiscal policy are increasing. An increased focus on the budget deficit has made further fiscal stimulus unlikely, so we recently removed any further extensions from our assumptions. On the tax side, there a clear risk that Congress extends...
  • The Bitter Fruit of Obamacare

    07/16/2010 6:55:58 AM PDT · by Kaslin · 24 replies · 4+ views ^ | July 16, 2010 | Floyd and Mary Beth Brown
    Click here to find out more! Get ready for your life to change. The so-called benefits of ObamaCare don't start until 2014, but the tax increases, misallocated resources and federal regulations start now. Speaker Nancy Pelosi famously said the night of ObamCare's passage, "We have to pass the bill so that you can find out what is in it ." The emerging picture is frightening. ObamaCare dramatically alters the already-overregulated health insurance market. The federal government will now manage your health care decisions. The law creates a maze of mandates, federal directives, price controls, tax increases and subsidies. We all...
  • Coming soom from the Democrats: The worst tax increases of 2011

    07/14/2010 6:44:50 AM PDT · by justsaynomore · 20 replies
    Herman Cain web site ^ | July 11, 2010 | Herman Cain
    All tax increases are bad, but there are some that are just plain unfair and punitive for no logical reason. The marriage penalty, the small business penalty, the retirement penalty, and the death penalty are in that category.Everyone except the most clueless “mushrooms” of our society know that tax rates will return to 2000 levels if the Democrat-controlled Congress does nothing to stop them.And they have shown a real skill for doing nothing but legislative carnage to this country in the last 18 months. That carnage has included the publicly unpopular Health Care Deform bill, the House-passed Cap and Trade...
  • New York Reaches Deal to Raise Cigarette Tax

    06/19/2010 4:26:36 AM PDT · by reaganaut1 · 47 replies · 1,063+ views
    New York Times ^ | June 18, 2010 | NICHOLAS CONFESSORE and DANNY HAKIM
    Cigarette taxes in New York would jump by $1.60 a pack under a tentative deal reached between Gov. David A. Paterson and legislative leaders, which would give New York the nation’s highest state cigarette taxes. The proposal, which officials said Mr. Paterson would include in an emergency budget bill due for a vote on Monday, would also raise wholesale taxes on other tobacco products like chewing tobacco, bringing the tax on those products closer in line with those of cigarettes. In New York City, which levies steep taxes of its own on tobacco products, a pack of cigarettes would come...
  • CALIFORNIA: AG's office questions legality of Assembly budget borrowing

    06/17/2010 6:21:26 PM PDT · by SmithL · 8 replies · 345+ views
    SacBee: Capitol Alert ^ | 6/17/10 | Jim Sanders
    In 2004, Gov. Arnold Schwarzenegger barnstormed around the state for Proposition 58, using an oversized credit card as a prop and vowing that it was time for the state to "tear up its credit card." Now Attorney General Jerry Brown has concluded that Assembly Democrats' plan to borrow billions to help ease the state's $19.1 billion deficit could be deemed illegal under that ballot measure if challenged in court. "We conclude that a court could reasonably determine that the proposed transaction violates Proposition 58," the attorney general's office said in a letter to Schwarzenegger's legal affairs secretary. Assembly Speaker John...
  • Hillary Clinton: Rich 'Not Paying Their Fair Share' in Taxes ("Brazil should be our example")

    05/28/2010 8:12:01 AM PDT · by SeekAndFind · 65 replies · 1,351+ views
    Fox News ^ | 05/28/2010
    The rich are not being taxed enough and the economy is suffering for it, Secretary of State Hillary Clinton said Thursday. The former first lady broached the subject during a national security discussion at the Brookings Institution. She lamented that the United States has lowered taxes on the wealthy and said nations around the world need to "increase their public revenue collections" to spur investment. "The rich are not paying their fair share in any nation that is facing the kind of employment issues (the United States is), whether it's individual, corporate, whatever the taxation forms are," she said. Clinton...
  • Live blogging the Nevada Vision Stakeholder Group

    05/14/2010 9:51:58 AM PDT · by NevadaPolicyResearchInstitute · 3 replies · 141+ views
    Write on Nevada ^ | 14 May 2010 | Victor Joecks
    The Nevada Vision Stakeholder Group, (comprised mainly of government officials, government employees (or union officials) and those receiving government handouts), was created by the IFC todetermine that Nevada needs more government. This is a live blog of their second to last meeting. If you are concerned about Nevada raising taxes in 2011, you need to follow this group, because its report is going to be used to try and justify raising taxes in 2011.
  • Backing Off the Tax Pledge? (It was a "preference" or "stance".)

    05/13/2010 6:21:02 AM PDT · by reaganaut1 · 30 replies · 869+ views
    Daily Beast ^ | May 13, 2010 | Lloyd Grove
    Remember President Obama’s supposedly inviolable pledge—repeatedly uttered during the 2008 campaign and at countless town meetings since the inauguration—that he would never raise taxes on middle-class citizens who earn $250,000 a year or less? This morning at a Manhattan breakfast sponsored by Thomson Reuters, White House Budget Director Peter Orszag threw that pledge out the window. Instead, he described Obama’s “read my lips, no new taxes” pledge as a “stance” and a “preference” that is subject to study by the president’s newly formed bipartisan Commission on Fiscal Responsibility. “The president has been very clear about what he prefers,” Orszag said...
  • Reagan’s Tax Increases

    04/07/2010 10:33:57 AM PDT · by jentilla · 47 replies · 583+ views
    As politically unpopular as raising taxes is, cutting spending is much, much harder. And it’s getting harder by the day, as the share of the budget going to entitlements and interest on the debt increases and therefore “discretionary” spending becomes an ever smaller slice of the pie.
  • Obama Economic Adviser Says U.S. Should Consider 'Value Added Tax' (Here it comes!)

    04/07/2010 4:37:00 AM PDT · by Red in Blue PA · 144 replies · 4,094+ views
    Foxnews ^ | 4/7/2010 | Staff
    Acknowledging it would be a highly unpopular move, White House economic adviser Paul Volcker said yesterday the United States should consider imposing a "value added tax" similar to those charged in Europe to help get the deficit under control. A VAT is a national sales tax that, like state and city sales taxes, would be collected by retailers. Volcker, at the New-York Historical Society, told a panel on the global financial crisis that Congress might also have to consider new taxes on carbon and energy.
  • The Rich Can't Pay for ObamaCare

    03/30/2010 7:35:12 AM PDT · by reaganaut1 · 10 replies · 1,172+ views
    Wall Street Journal ^ | March 30, 2010 | Alan Reynolds
    President Barack Obama's new health-care legislation aims to raise $210 billion over 10 years to pay for the extensive new entitlements. How? By slapping a 3.8% "Medicare tax" on interest and rental income, dividends and capital gains of couples earning more than $250,000, or singles with more than $200,000. The president also hopes to raise $364 billion over 10 years from the same taxpayers by raising the top two tax rates to 36%-39.6% from 33%-35%, plus another $105 billion by raising the tax on dividends and capital gains to 20% from 15%, and another $500 billion by capping and phasing...
  • New Health-Care Taxes Help Obama ‘Spread the Wealth’

    03/22/2010 12:47:56 PM PDT · by reaganaut1 · 11 replies · 870+ views
    Bloomberg | March 22, 2010 | Ryan J. Donmoyer
    No excerpt of Bloomberg allowed, story here .
  • Timeline of Tax Provisions in the House Health Care Bill

    03/21/2010 5:25:41 PM PDT · by reaganaut1 · 6 replies · 1,441+ views
    Tax Foundation ^ | March 21, 2010
    In order to finance $940 billion in new health care spending over the next ten years, the health care bill that the House of Represenatives is likely to pass this (Sunday) evening contains many spending cuts to Medicare, along with many tax increases that are set to go into effect over the next decade. Courtesy of the Joint Committee on Taxation's scoring of each of the provisions in the bill and the CBO, this Tax Foundation Fiscal Fact contains a timeline of when each of the tax provisions in the bill is set to go into effect. Some of the...
  • To Cut Debt, Obama Shifts on No Tax Vow

    02/11/2010 1:28:30 PM PST · by jessduntno · 39 replies · 1,197+ views
    NYT ^ | CALMES
    By JACKIE CALMES President Obama, still seeking to get Congressional Republicans to join in a bipartisan commission to reduce the federal debt, suggested he would be willing to break his campaign promise against raising taxes on households with less than $250,000 annual income. “The whole point of it is to make sure that all ideas are on the table,” the president said in the interview on Tuesday with Bloomberg BusinessWeek that the publication released online today. That included not only tax increases, he added, but also spending on the popular government health programs, Medicare and Medicaid, whose fast-growing costs are...
  • To Cut Debt, Obama Shifts on No Tax Vow

    02/11/2010 1:29:07 PM PST · by reaganaut1 · 12 replies · 882+ views
    New York Times ^ | February 11, 2010 | Jackie Calmes
    President Obama, still seeking to get Congressional Republicans to join in a bipartisan commission to reduce the federal debt, suggested he would be willing to break his campaign promise against raising taxes on households with less than $250,000 annual income. “The whole point of it is to make sure that all ideas are on the table,” the president said in the interview on Tuesday with Bloomberg BusinessWeek that the publication released online today. That included not only tax increases, he added, but also spending on the popular government health programs, Medicare and Medicaid, whose fast-growing costs are driving the projections...
  • Obama budget would impose host of tax increases

    02/01/2010 10:57:46 AM PST · by NormsRevenge · 14 replies · 719+ views
    AP on Breibart ^ | 2/1/10 | Stephen Ohlemacher - ap
    WASHINGTON (AP) - While President Barack Obama is proposing to cut some taxes for companies that hire workers, his budget would raise a host of other taxes on businesses and wealthy individuals. Obama's budget would extend his signature Making Work Pay tax credit—$400 for individuals, $800 for a couple filing jointly—through 2011. The administration released the budget Monday. But it would also impose nearly $1 trillion in higher taxes on couples making more than $250,000 and individuals making more than $200,000 by not renewing Bush-era tax cuts for them. Obama would extend tax cuts enacted under former President George W....
  • Keep The Cuts

    01/25/2010 5:31:21 PM PST · by Kaslin · 4 replies · 449+ views ^ | January 25, 2010 | INVESTORS BUSINESS DAILY Staff
    Taxes: On the eve of President Obama's first State of the Union address, two Democratic congressmen are advising him to extend the Bush tax cuts instead of letting them expire. Now that's a stimulus. We hear that the administration is considering taking a more populist tack as it sails the choppy political waters of 2010. Some of President Obama's plans reportedly include several tax tidbits for the "middle class," including a doubling of the child care tax credit for families below $85,000 in income, and $1.6 billion for child care and a cap on student loan payments. Such transparent populism...
  • Tax Increase for the Rich Is at Issue in Oregon (money already spent)

    01/23/2010 3:36:35 PM PST · by reaganaut1 · 11 replies · 812+ views
    New York Times ^ | January 23, 2010 | William Yardley
    ... On Tuesday, voters here and across Oregon will have the chance to make that happen when they decide the fate of two ballot measures that would raise taxes on higher-income residents and on businesses to help pay for public education and other services. Known as Measures 66 and 67, the votes are referendums on $727 million in tax and fee increases that were approved last year by the Democratic-controlled Legislature. ... Opponents say the proposals are the wrong fix at the wrong time. State income taxes for wealthier Oregon residents are already among the highest of any state. But...
  • U.S. Chamber warns of 'double-dip' recession because of Dem policies

    01/12/2010 2:32:03 PM PST · by maddog55 · 5 replies · 409+ views
    The Hill ^ | 01/12/10 09:44 AM ET | By Ian Swanson
    U.S. Chamber of Commerce President Tom Donohue warned the U.S. faces a double-dip recession because of the taxes and regulations under consideration by the Democratic Congress and President Barack Obama. “Congress, the administration and states must recognize that our weak economy simply could not sustain all the new taxes, regulations and mandates now under consideration. Donohue said the lawmakers should not let former President George W. Bush's tax cuts expire at the end of year and lambasted Democratic efforts on healthcare and financial regulatory reform as well as climate change. If the tax cuts are allowed to expire, “we will...
  • Tax Tsunami

    01/09/2010 8:17:41 AM PST · by timesthattrymenssouls · 7 replies · 757+ views
    Constitutional Guardian ^ | 1/9/2010 | Nancy Tengler
    In the storm of the daily news flow: unemployment; terrorists on planes, terrorists being tried in our courts, terrorists shooting our soldiers on a U.S. base; the president vacationing in Hawaii in the midst of the Pantie Bomber crisis, playing golf and basketball, cool as a cucumber; corruption in his Cabinet, Timothy Geitner the tax cheat again; a failed $800 billion plus stimulus; the secretive, partisan, unconstitutional health care bill being finalized behind closed doors between Nancy Pelosi, Harry Reid and the President despite his repeated assurance of transparency; it is easy to miss the real storm brewing: the overwhelming...
  • Promise to Trim Deficit Is Growing Harder to Keep (without letting all Bush tax cuts expire)

    01/06/2010 5:50:20 AM PST · by reaganaut1 · 8 replies · 551+ views
    New York Times ^ | January 6, 2010 | Jackie Calmes
    President Obama is making final decisions on his budget for next year and is still promising to outline a path to substantially lower federal deficits. But on nearly every front, that goal has gotten harder since his first budget a year ago. ... Meanwhile, the biggest tool usually employed to chisel away at projected deficits — shaving Medicare payments to health care providers — is already being used to offset the costs of overhauling the health care system. At the same time, the persistently high unemployment rate has intensified the pressure on the White House and Congress to not emphasize...
  • Voters Agree Only on Taxing The Rich To Pay for Health Care Plan

    01/04/2010 8:41:57 AM PST · by reaganaut1 · 55 replies · 1,806+ views
    Rasmussen Reports ^ | January 4, 2010
    When it comes to paying for the cost of the proposed health care reform plan, voters are okay with taxing the rich but strongly reject cuts in Medicare and excise taxes on “Cadillac” health plans provided by employers. The latest Rasmussen Reports national telephone survey finds that those who support the health care plan overall are strongly supportive of all three approaches to paying for the program. Most of those who are opposed to the plan are also opposed to each proposed means of paying for it. Sixty-four percent (64%) of all voters favor imposing an income tax surcharge on...
  • California budget crisis means program cuts, tax increases or both in 2010

    01/02/2010 7:42:52 PM PST · by NormsRevenge · 19 replies · 896+ views
    ap on Mercury News ^ | 1/2/10 | Judy Lin - ap
    During last summer's fiscal crisis, Gov. Arnold Schwarzenegger borrowed the title of a film classic to describe California's budget, saying it contained "the good, the bad and the ugly." He was referring to welfare reforms and the streamlining of state boards that he was able to broker, along with deep spending cuts for schools, health care programs for the poor and AIDS-prevention efforts. All that's left in 2010 is the ugly. The nation's most populous state faces a nearly $21 billion shortfall over the next 18 months, a deficit that comes after years of making deep cuts in core state...
  • The Case Against the (House health care) Millionaire Surtax

    12/28/2009 7:49:31 AM PST · by reaganaut1 · 4 replies · 405+ views
    American Enterprise Institute ^ | December 21, 2009 | Alan D. Viard
    On November 7, 2009, the House passed H.R. 3962, the Affordable Health Care for America Act. The bill would expand Medicaid, grant subsidies to moderate-income households buying health insurance on newly established exchanges, and provide health insurance tax credits to some small businesses. These expenditures would be financed, in part, by a new 5.4 percent surtax on households with very high incomes, including married couples with incomes above $1 million. The proposed millionaire surtax is politically attractive because its direct burden would fall on a very small group, roughly 0.3 percent of the population. Moreover, this group is extremely wealthy...
  • A Review of Significant State Tax Changes During 2009

    12/23/2009 10:51:55 AM PST · by reaganaut1 · 9 replies · 614+ views
    Tax Foundation ^ | December 21, 2009 | Joseph Henchman
    State Changes to Individual Income TaxesIncreasesCalifornia in May added 0.25% to each income tax bracket, retroactive to January 1, 2009 and expiring December 31, 2010. Connecticut in September added a new top bracket of 6.5% on income over $500,000, retroactive to January 1, 2009. Delaware in June added a new top rate of 6.95% on income over $60,000 retroactive to January 1, 2009. Hawaii in May added three new brackets retroactive to January 1, 2009: 9% on income over $150,000; 10% on income over $175,000; and 11% on income over $200,000. New Jersey in June added three new brackets retroactive...
  • Cosmetic Surgeons Get Reid to Tax Tanning Salons Instead ($13,500 a year)

    12/22/2009 3:04:23 AM PST · by reaganaut1 · 25 replies · 1,229+ views
    Wall Street Journal ^ | December 22, 2009 | Barbara Martinez
    Doctors were able to surgically remove the so-called Botax from the Senate's health-care overhaul bill and replace it with a 10% tax on tanning services. "We suggested that the tanning tax would be a better alternative to the cosmetic tax and hopefully will reduce the incidence of skin cancer down the road," said David M. Pariser, president of the American Academy of Dermatology Association, which represents dermatologists. The American Medical Association had also opposed the proposed 5% tax on cosmetic procedures -- dubbed the Botax after the antiwrinkle product Botox -- which was among the issues it wanted changed by...
  • Many See the VAT Option as a Cure for Runaway Deficits

    12/11/2009 5:55:39 AM PST · by reaganaut1 · 36 replies · 1,023+ views
    New York Times ^ | December 10, 2009 | Catherine Rampell
    Runaway federal deficits have thrust a politically unsavory savior into the spotlight: a nationwide tax on goods and services. Members of Congress, like their constituents, are squeamish about such ideas, instead suggesting spending cuts or higher taxes on the rich. But with a lack of political will to do the former, and a practical ceiling to how much revenue can be milked from the latter, economists across the political spectrum say a consumption tax may be inevitable once the economy fully recovers. “We have to start paying our bills eventually,” said Charles E. McLure, a tax economist who worked in...
  • Health Bill Hoax ...

    11/19/2009 5:29:17 PM PST · by Kaslin · 19 replies · 1,236+ views ^ | November 19, 2009 | INVESTORS BUSINESS DAILY staff
    Reform: Only a Bernie Madoff could believe the Senate's health care bill will extend coverage to 31 million Americans while cutting deficits by $127 billion over 10 years. It would be the first profitable entitlement. But that's what Majority Leader Harry Reid, citing Congressional Budget Office estimates, tells us the 2,074-page bill — said to cost only $849 billion over a decade — would do. Like House Speaker Nancy Pelosi, he seems to be following Vice President Joe Biden's admonition at an AARP town hall meeting that "we've got to spend money to keep from going bankrupt." We suspect Reid's...
  • Reid Proposes a Tax on Cosmetic Surgery

    11/19/2009 2:57:53 AM PST · by reaganaut1 · 14 replies · 722+ views
    New York Times ^ | November 18, 2009 | David M. Herszenhorn
    Senator Harry Reid’s health care bill included an array of new provisions that are being scrutinized on Wednesday night, but one particular tax proposal in particular already has attracted a buzz — a 5 percent levy on elective cosmetic procedures that was quickly dubbed the “botax.” Hold the guffaws. For all the instant punchlines about taxing nose jobs, breast enlargements and facelifts — cynics righteously demanded to know if members of Congress had written in an exemption for themselves (they did not) — the proposed tax is both serious and controversial policy. It would raise an estimated $5 billion over...
  • Is Obama planning a $3 trillion income tax increase? (repealing all Bush tax cuts)

    11/17/2009 12:45:54 PM PST · by reaganaut1 · 42 replies · 1,882+ views
    Reuters Blogs ^ | James Pethokoukis
    Did I just see a trail balloon launched? Over at a Wall Street Journal conference, Christina Romer, chairman of President Obama’s Council of Economic Advisers had this to say about deficit reduction: But the chairman of the president’s Council of Economic Advisers admitted that health reform and a growing economy isn’t enough to bring down the deficit. She did mention one other place that revenue could come from: letting the Bush tax cuts expire. Me: Since Obama already wants to get rid of the income and capital gains tax cuts for wealthier Americans that expire at the end of 2010,...
  • AP buries the lede: Obama will push additional tax hikes next year

    11/16/2009 5:27:53 PM PST · by Mount Athos · 15 replies · 871+ views
    washington examiner ^ | 11/16/09 | David Freddoso
    Buried in this Friday story on Obama's future plans is a curious statement, attributed to White House Budget Director Peter Orszag, which didn't get nearly enough attention: Orszag has said the spending blueprint, for the budget year that begins Oct. 1, 2010, would put the nation "back on a fiscally sustainable path" and suggested it would include a mix of spending cuts and new revenue-producing measures. "New revenue-producing measures." In other words, more tax increases -- increases beyond the dozen or so that are already planned in the health care reform package. President Obama's advisors understand that they have to...
  • The Return of the Inflation Tax (tax surcharge in Pelosi health bill)

    11/06/2009 2:59:36 AM PST · by reaganaut1 · 9 replies · 787+ views
    Wall Street Journal ^ | November 6, 2009
    ... Buried in Nancy Pelosi's health-care bill is a provision that will partially repeal tax indexing for inflation, meaning that as their earnings rise over a lifetime these youngsters can look forward to paying higher rates even if their income gains aren't real. In order to raise enough money to make their plan look like it won't add to the deficit, House Democrats have deliberately not indexed two main tax features of their plan: the $500,000 threshold for the 5.4-percentage-point income tax surcharge; and the payroll level at which small businesses must pay a new 8% tax penalty for not...
  • To Close the Deficit, Federal Income Tax Rates Would Have to Nearly Triple

    10/24/2009 6:42:46 PM PDT · by reaganaut1 · 58 replies · 2,310+ views
    Tax Foundation ^ | October 22, 2009
    Federal income tax rates would have to be nearly tripled across the income spectrum if Congress were to close the deficit in fiscal year 2010, according to a new report from the nonpartisan Tax Foundation. Instead of taxing joint filers with rates ranging from 10 percent to 35 percent, tax rates would have to start at 27.2 percent and reach up to 95.2 percent. "Federal government spending levels are so high that even if policymakers were willing to stop debt-financing government services, the federal tax system in its current form wouldn't be able to raise that much," said Tax Foundation...
  • Senate Healthcare Bill - Tax on Employer paid insurance begins this January!

    10/19/2009 8:20:11 PM PDT · by erk · 206 replies · 9,858+ views
    Senate Finance Committee ^ | 10-19-09 | Senate Finance Committee
    From Section 6002 on page 1435: INCLUSION OF COST OF EMPLOYER-SPONSORED HEALTH COVERAGE ON W–2The definition of taxable income is revised to include "the aggregate cost of applicable employer-sponsored coverage". . . "The amendments made by this section shall apply to taxable years beginning after December 31, 2009."
  • Democrats Weigh Tax On Financial Transactions

    10/10/2009 5:03:04 AM PDT · by reaganaut1 · 56 replies · 2,930+ views
    Wall Street Journal ^ | October 10, 2009 | John D. McKinnon
    Taxing financial transactions on Wall Street is gathering support in high places. With federal budget deficits soaring, policy makers and other advocates are eyeing the huge sums that could be raised as a way to cover the costs of new initiatives. Labor unions, in particular the AFL-CIO, have proposed a financial-transactions tax as a way to defray costs of a health-care overhaul. Lawmakers have discussed a similar fee as a way to cover the cost of future financial oversight. Liberal advocates are pushing the tax to pay for new stimulus spending. This week, the left-leaning Economic Policy Institute floated the...
  • Group Tied to Obama Urges Tax Increase (VAT on middle class and rich)

    09/30/2009 6:33:07 AM PDT · by reaganaut1 · 31 replies · 2,109+ views
    Wall Street Journal ^ | September 30, 2009 | John D. McKinnon
    A liberal think tank with close ties to President Barack Obama says the administration and Congress should consider raising taxes on Americans to help close federal budget deficits, an opening salvo in what is likely to be a protracted debate on tax policy. In a draft report, the Center for American Progress says the size of projected budget gaps requires considering options including tax increases as well as curbs on annual spending and entitlement programs supported by Democrats. Such ideas could pose problems for Mr. Obama, who pledged during the campaign to not increase taxes on families making less than...
  • The Fight Over Flexible Spending Accounts

    09/26/2009 5:58:52 AM PDT · by reaganaut1 · 13 replies · 1,315+ views
    New York Times ^ | September 25, 2009 | Ron Lieber
    Who would have thought that so many people would go to the mat over the lowly flexible spending account? Flexible spending accounts allow people to take money out of their paychecks before paying taxes on it and to set it aside to use for health care expenses that insurance doesn’t cover. There is no legal limit on how much you can set aside each year, though employers generally set a cap around $4,000 or $5,000. Senator Max Baucus, Democrat of Montana and author of the Senate health care bill, would like to place a much lower $2,500 annual limit on...
  • House Democrats considering insurance tax

    09/25/2009 12:42:09 PM PDT · by reaganaut1 · 90 replies · 6,194+ views
    Associated Press ^ | September 25, 2009 | Erica Werner and Ricardo Alonso-Zaldivar
    House Democrats are considering an insurance tax to help pay for their health care overhaul plan, even though such a funding scheme is bitterly opposed by labor unions that are among the party's most loyal constituencies. House Speaker Nancy Pelosi, D-Calif., said Friday a tax on high-cost health insurance plans is "under consideration" as Democrats search for consensus within their ranks before taking a bill to the House floor later this fall. "We just have to see how much money we need for what," Pelosi said. "And if we're taking the bill down in cost, there are other provisions in...
  • FACT CHECK: Coverage Requirement Enforced With Tax

    09/21/2009 2:06:34 PM PDT · by reaganaut1 · 30 replies · 1,387+ views
    Associated Press ^ | Ricardo Alonso-Zaldivar
    Memo to President Barack Obama: It's a tax. Obama insisted this weekend on national television that requiring people to carry health insurance — and fining them if they don't — isn't the same thing as a tax increase. But the language of Democratic bills to revamp the nation's health care system doesn't quibble. Both the House bill and the Senate Finance Committee proposal clearly state that the fines would be a tax. And the reason the fines are in the legislation is to enforce the coverage requirement. "If you put something in the Internal Revenue Code, and you tell the...
  • A Proposed Tax on the Cadillac Health Insurance Plans May Also Hit the Chevys

    09/20/2009 8:29:27 PM PDT · by reaganaut1 · 23 replies · 1,478+ views
    New York Times ^ | September 21, 2009 | Reed Abelson
    Although cast as a tax on gold-plated insurance policies for the well-heeled, it has prompted anxiety among the middle class. The idea, proposed last Wednesday by Senator Max Baucus, is to help raise money for the nation’s health care overhaul by placing a new excise tax on the most expensive health insurance policies, like the ones offered to partners at Goldman Sachs and other affluent professionals. The tax is meant to raise more than a quarter of the $774 billion needed to pay for the Baucus plan. But just as much, the tax is intended to discourage the overly generous...
  • Obama's Nontax Tax

    09/20/2009 5:35:29 PM PDT · by GOP_Lady · 23 replies · 1,458+ views
    The Wall Street Journal ^ | 09-20-09 | The Wall Street Journal Editorial Staff
    On a Sunday show, the President offers a revealing definition. President Obama didn't make much news on his round of five Sunday talk shows yesterday, with one notable exception. The President revealed a great deal about his philosophy of government and how he defines a tax increase. It turns out the President thinks a health-care tax is not a tax if he thinks the tax is for your own good.
  • Will Obama or the congress impose a gay tax?

    09/16/2009 9:21:13 AM PDT · by Halfmanhalfamazing · 9 replies · 435+ views
    Well! They want money from everywhere else, constantly holding out their hands for that which they didn't lift a finger to earn. Consider the fat tax, sugar taxes, tobacco taxes, the global warming sin tax(cap and trade) and on and on. All kinds of taxes that are based solely on trying to "help" you make better decisions by dissuading you economically from certain other choices. I don't think anybody could ever argue that what one man does to another man's body is healthy. Therefore, if it's unhealthy, will it be taxed? Will there be a gay tax?
  • Sarah Palin was right: House Dems seek massive tax increase

    09/13/2009 7:56:42 PM PDT · by Josh Painter · 9 replies · 1,701+ views
    Texas for Sarah Palin ^ | Sunday, September 13, 2009 at 9:27 PM | Josh Painter
    From Despite a still-lagging U.S. economy and rising unemployment rate, House Democrats announced late Friday that they will seek a massive increase in federal income taxes to help pay for the national health-care reform proposal that President Obama is urging Congress to enact this summer. House Ways and Means Chairman Charles Rangel (D.-N.Y.)revealed late Friday afternoon that House Democrats will seek to increase income taxes by $540 billion. The move, which had been discussed earlier in the week by House Democrats, broke in an Associated Press story that was published at 4:14 PM Eastern Daylight time on Friday afternoon...
  • Land Of The Fee (IBD Exclusive Series: Government-Run Healthcare: A Prescription For Failure)

    09/09/2009 5:23:59 PM PDT · by Kaslin · 10 replies · 667+ views
    IBD Editorials ^ | September 9, 2009 | INVESTORS BUSINESS DAILY Staff
    Reform: The chairman of the Senate Finance Committee wants levies on insurers to pay for ObamaCare and fines for families who don't sign up. We can cut costs and expand coverage without sacrificing freedom.To keep ObamaCare alive, Montana Democrat Max Baucus has proposed a Rube Goldberg scheme of fees and fines on insurers and the uninsured designed to forcibly bring everyone into the loving and protective arms of the nanny state. To help finance his Plan B, Baucus would impose annual fees of $6 billion on health insurers, $4 billion on medical-device makers, $2.3 billion on drug manufacturers and $750...
  • New Fee on Health Insurance Companies Is Proposed to Help Expand Coverage

    09/07/2009 4:03:08 AM PDT · by reaganaut1 · 35 replies · 3,267+ views
    New York Times ^ | September 6, 2009 | Robert Pear
    In a last effort to give the Senate a bipartisan health care bill, the chairman of the Senate Finance Committee circulated a comprehensive proposal on Sunday to overhaul the health care system and proposed a new fee on insurance companies to help pay for coverage of the uninsured. ... The proposal by Mr. Baucus does not include a public option, or a government-run insurance plan, to compete with private insurers, as many Democrats want. ... It remains to be seen how Mr. Baucus’s plan might mesh with any proposals Mr. Obama lays out as he tries to pump up support...
  • Study Calculates Economic Cost of Higher Tax Rates, Health Care Surtax

    08/22/2009 5:44:48 AM PDT · by reaganaut1 · 10 replies · 519+ views
    Tax Foundation ^ | August 14, 2009
    The actual economic costs of the proposed health care surtax and the expiration of the 2001 and 2003 tax cuts will be twice the amount of revenue the government intends to collect. According to a new analysis from the Tax Foundation, the higher tax rates are estimated to raise $88 billion in 2011, but the economy will incur an additional burden of $76 billion—or "deadweight loss"—as a result, which raises the total cost of the tax increases to $164 billion, roughly double what lawmakers intend to raise. Tax Foundation Special Report No. 170, "The Excess Burden of Taxes and the...
  • Tax on High-End Health Plans Threatens Wider Group (18% of plans by 2011)

    08/10/2009 5:18:25 AM PDT · by reaganaut1 · 8 replies · 791+ views
    Wall Street Journal ^ | August 10, 2009 | Vanessa Fuhrmans
    A proposal to tax generous health plans could ensnare a broader swath of employers and workers whose benefits aren't necessarily gold-plated. The idea, first pitched by Democratic Sen. John Kerry late last month, is being given serious consideration by members of the Senate Finance Committee. Senior House leaders and the Obama administration have said they are willing to entertain the idea to help finance a health-care overhaul. Besides potentially generating tens of billions of dollar, proponents argue the move could slow the steep rise in health spending. They say generous insurance plans can encourage people to spend more freely on...
  • Obama Budget, Health Care Surtax Will Shrink Federal Income Tax Base

    08/08/2009 2:12:23 PM PDT · by reaganaut1 · 11 replies · 957+ views
    Tax Foundation ^ | July 29, 2009
    With the expiration of the Bush tax cuts and the implementation of a proposed health care surtax, in 2011 the top federal individual income tax rate will rise to more than 46% and over 50% for those living in many states. This sharp increase in tax rates can be expected to reduce the size of the tax base and may raise substantially less revenue than the casual observer might think—perhaps only 60 cents on the dollar. In Tax Foundation Fiscal Fact No. 182, "The Economic Cost of High Tax Rates," Senior Fellow Robert Carroll explains that for every 1% decrease...
  • Atlas might not be able to shrug off new taxes to pay for Obamacare

    08/05/2009 6:07:03 AM PDT · by jmaroneps37 · 14 replies · 849+ views
    The Collins Report ^ | August 4, 2009 | Kevin "Coach" Collins
    Atlas may have too much to shrug off. The Commerce Department says personal income fell 1.3% in June, the worst in four years. The Internal Revenue Service reports a staggering 18% drop in tax receipts thus far this year, the biggest drop since Franklin Roosevelt’s Great Depression. Conservative estimates of the nation’s deficit peg it at $1.8 Trillion dollars. Individual taxpayer receipts have fallen by 22% compared to this point last year. Corporate tax receipts are down 57% from last year. For just the second time since 1940 Social Security tax receipts have dropped. Unless something miraculous happens, Medicare tax...