TAX POLITIX
The Politics of Taxes
Doublespeak on Double Taxation
The Weekly Standard has a fascinating discussion this week regarding the Obama Administration and Koch Industries. It describes how Obama singles out these libertarian billionaires for their opposition to Democrats -- something that other Democrat politicians have begun to do en masse. Apparently, as part of Obama's attack strategy, his administration disclosed tax information about Koch Industries (which, under law, is supposed to be confidential) in an effort to hint at tax impropriety....
Tax Cuts for Top Earners, Part Two
The media continues to debate Obama's plan to let the Bush tax cuts expire for the highest tax margin. With percentages set to rise to 39.6 percent, top earners will have tens of thousands less in their pockets to reinvest in the economy. My discussion ensues at the Palm Beach Post: But Dlugash, the New York CPA, says the tax increases would sap much-needed investments made by the wealthy. For a $1 million earner, the tax increase amounts to a year's tuition and fees at a top private college,...
Labor Day Musings
The standard cliche for Labor Day is that it's the day to celebrate the triumph of workers over exploitive capitalist employers. This got me thinking about a better cliche--The Cliches of Socialism, by Hans F. Sennholz. For today, I recommend Number 11, which ends on this little gem: "The rise of unionism during the past century is a result of the fallacious labor theory of value, which held that all profit and rent and interest had to come out of the “surplus value” unfairly withheld from the...
NY Senate Race & Rasmussen
Rasmussen polling has Democrat Kirsten Gillibrand in a double-digit lead going into the homestretch before NY's upcoming primary to select a Republican challenger. Yesterday, Rasmussen released the results of its latest poll, giving her 51% over her opponents. However, there are a few interesting things to note, reminding us how inaccurate polling really can be: *Still, "over 15% of voters are either undecided or prefer another candidate in both match-ups", a big vote swing. Likewise, "the...
Public vs Private Option
There has been much talk and support on the Left for the concept of a “public option” in health care. The rationale behind this, according to the federal government, is that there is not a sufficient “free market” for health insurance in some parts of our country. Accordingly, they have deemed it their job to get consumers the best coverage at the best price, by competing with a public option, seemingly on equal footing with private insurers. The promulgation of the Public Option was...
Stifled Economic Growth
In a report over at Bloomburg, Jim Tisch gets right to the heart of spending. He surmises: [E]conomic growth will remain sluggish in part because executives lack confidence in the Obama administration's policies....President Barack Obama's health care reform, financial regulation and moratorium on offshore drilling are keeping businesses from spending money to expand....“The thing that business people don't like is uncertainty. Part of the problem is that business has very little confidence in...
The Tax Man Wants A Slice of the…Bagel?
Bagel lovers, beware! In order to provide more tax revenue for the cash-strapped state, NY plays Goliath to the Brueggers bagel company. Picking out some obscure tidbit in the state sales tax law, NYS has successfully forced this company to cough up additional tax revenue...on sliced bagels and items eaten in-house. A nice chunk of dough for the tax man, indeed. Interestingly enough, the rule isn't explicitly stated in the tax code. Some sliced items (bagels) are taxable, but others, such as...
FHA Irony: A Lifeline to Luxury Condos
FHA Irony: A Lifeline to Luxury Condos CrainsNewYork is reporting how our tax dollars are now supporting a new type of bailout—the luxury condo market in Manhattan. FHA has recently modified its rules to allow this new special financing where private lenders won't dare to delve. The irony exists in the very purpose of the FHA, which was created during the Depression to allow lower-income citizens achieve the dream of homeownership. The fact that commercial property managers are allowed to...
Is There a Double Standard on Ethics in Congress?
Mark Hemingway at the Washington Examiner raises an important question: Is there a double standard on ethics in Congress? I weigh in on the discussion. ------------------------------------------------------------------------------------------------------------------------------------------------ An upcoming trial for Rep. Charles Rangel, D-N.Y., on 13 charges of financial and other misconduct highlights a double standard between regular citizens and members of Congress, congressional ethics...
The Tax Tsunami on the Horizon
The folks over at Investors.com did a great round up of the new taxes slated to start in 2011. The end of the article cuts right to the core: _____________________________________________________ Not all Americans may fully realize what's in store come Jan. 1. But they should have a pretty good idea by the mid-term elections, and members of Congress might take note of our latest IBD/TIPP Poll (summarized above). Fifty-one percent of respondents favored making the Bush cuts permanent vs. 28%...
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