TAX POLITIX
The Politics of Taxes
Even the French are Fleeing High Taxes
Last week, I wrote about the population shift from the northeastern states to other parts of the country due to the high taxation. It seems that the Yankees aren't the only ones concerned enough with crushing taxes that they are willing to relocated -- the French are too. From the Independent: "France’s unemployment rate is hovering around 10 per cent. As for high-earners, almost 600 people subject to a wealth tax on assets of more than €800,000 (£630,000) left France in 2012, 20 per cent more...
Joe Biden Gets the Economy Wrong
While stumping for Democrat candidates in Oregon, the Vice President shared his thoughts on the current economy with voters. And he got it very wrong. "Economic growth has replaced the income that was lost during the recession, but the gains went primarily to taxpayers on the top. I think we should make them start to pay their fair share. Take the burden off the middle class” Economic growth has not happened. Since Obama began his presidency: The national debt has skyrocketed from $10.6...
Obama Tries to Claim the Economy
Suddenly, Obama is everywhere talking about economic policies again. He is the mastermind behind the growth in corporate profits. He is the reason for the current stock market highs. He has single-handedly reduced unemployment to its lowest rate since 2008. He is Obama! And yet, the middle class is repeatedly telling Obama that they feel left behind. Why such disparity? The Administration can try to attribute these recent “successes” to Obama, but it only shows that they have a laughable...
Reviving a 30 Year Old Book: The Political Crisis of the 1850’s
Michael F. Holt's book, The Political Crisis of the 1850's, was written in the early 80's, but its content is eerily prescient of today's political playground. In this book, Holt offered his not-so-typical thesis of why the Civil War happened. He suggested that is was not slavery, nor states rights, nor North vs South. Instead, Holt contends that it was the breakdown of the 2-party system of government. The breakdown occurred, not because of the differences of the two parties, but because they...
High Taxes and Demographic Shift Affect Congressional Representation
I have written on this subject before, and now the effects of high taxes and population migration are playing out in a substantial, political way: the decline of about 40% of Congressional seats in the northeast. According to the Census Bureau, high taxpayers are moving south. It notes that in the 11 states that comprise the Northeast, population grew at a rate of only 15% over the thirty year span from 1983-2013, while the rest of the nation grew at roughly 41%. The key factor is high taxes....
Breaking: Pruitt vs Burwell — IRS Rule In Excess of Statutory Jurisdiction
Ruling from the Pruitt vs Burwell Obamacare case. Summary: Federal Courts just hammered Obamacare yet again. The judge sided with the DC panel opinion that the language referring to "state exchanges" meant just that -- State, not federal. This strikes against the federal exchanges set up later by the IRS. From the ruling "The court holds that the IRS Rule is arbitrary, capricious, an abuse of discretion or otherwise not in accordance with law, pursuant to 5 U.S.C. §706(2)(A), in excess of...
The “Internet Tax” Is An Unfair Revenue Grabber
Discussion began heating up again about the "internet tax" last week when lawmakers pushed back the moratorium on Internet access taxes -- set to expire on Nov. 1 -- until mid-December during the lame-duck session. In the meantime, let's call it out for what it really is: a revenue grabber masquerading as "fairness". Last year the Senate passed the online sales tax bill, formally known as the “Marketplace Fairness Act”. There is nothing fair about this act. It is a back-door way for states to...
Chuck Todd is Officially Irrelevant
Whatever shred of actual relevancy Chuck Todd hoped to achieve as the new moderator of "Meet the Press" just collapsed during his MSNBC interview regarding the resignation of Attorney General Eric Holder. Chuck Todd eulogizes Eric Holder as "a non-political person": “He did a lot of the tough stuff that you would say, ‘Hey, the attorney general has to do tough stuff, this is not a forgiving job, you have to do tough stuff. But, what’s interesting about him, he is a very non-political person....
New Inversion Rules Seek to Punish Businesses, Not Raise Revenue
The Department of the Treasury announced last night that it has implemented new rules aimed at making it more difficult for U.S. companies to move their headquarters abroad, which is known as an "inversion". The rules take immediate effect. Interestingly enough, when Obama began his crusade against inversions earlier this summer, Secretary of the Treasury Jack Lew was adamant enough that rules changes must originate in Congress, he wrote a letter to Congress and he penned an Op-Ed about it in...
More Abject Failure From Koskinen’s IRS
John Koskinen has failed the IRS and the American people. Should he resign? IRS Commissioner John Koskinen testified last week about the missing emails lost forever due to computer failures. When questioned about any more crashes or computer issues recently, Koskinen told the House Oversight and Government Reform subcommittee that “Hard drive crashes continue as we speak.” Can someone please buy the IRS reliable computers and a backup system? Don't forget, the IRS canceled the back-up contract...
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