TAX POLITIX
The Politics of Taxes
March Jobs Report Spin and Population Growth
There was a lot of discussion this past weekend on the Sunday talk show circuit regarding the March Jobs Report released last Friday. Only 88,000 jobs were added in March. Compared to February, which added 268,000 jobs, this is a 180,000 drop. Actually, more like a plummet: economists had figured more than twice that number would be added. However, this number was the lowest jobs addition since in nine months (June 2012). Why was this one so terrible? The pundit debate this weekend was puzzled...
“Fairness” Punishes Success
In another class-warfare move, The Hill reports on the latest Obama gimmick: Obama's budget includes a cap on IRAs and other retirement accounts. The White House apparently has a problem with how much money might be in your retirement account(s). The senior administration official said that wealthy taxpayers can currently “accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving.” The administration official then...
More Obamacare Surprises
The latest Obamacare atrocity is the way in which Obamacare subsidies have the potential to be grossly under-or-over calculated. Because the process is run through the IRS, the IRS can only rely on the tax earnings...of the previous year. And of course, the income amounts for people fluctuate every year.
Once a Tax, Always a Tax (especially on the wealthy)
In a surprise move this week, the NY state legislature is contemplating making permanent a "temporary" tax on the wealthiest New Yorkers.
Patrick Henry: March 23, 1775
No man thinks more highly than I do of the patriotism, as well as abilities, of the very worthy gentlemen who have just addressed the House. But different men often see the same subject in different lights; and, therefore, I hope that it will not be thought disrespectful to those gentlemen, if, entertaining as I do opinions of a character very opposite to theirs, I shall speak forth my sentiments freely and without reserve.
Obamacare Must Read: Taxation Without Representation
Spring Issue of Health Matrix, the Journal of Law-Medicine out of Case Western, had a great piece on Obamacare and the legality and eligibility of certain tax credits. The abstract is below. I advise that you read the piece in its entirety.
The White House Cancels the White House
This is out-and-out manipulation of public opinion and playing on the emotions of Americans for political gain. The Washington Times reported that the White House announced in an email,
Sequestration Anagrams and White House Narratives
This entire week has seen a whole gambit of sequestration blame and doomsday scenarios (no more bacon!) from the White House administration. However, over the last few days, we've also seen the White House changing its tune on sequestration.
Obama’s Sequestration Plan Was to Add $ 1 Trillion in New Revenue
Obama's been acting like a petulant child since his sequestration plan showed signs of backfiring. It was intended to force the Republicans to cave to his demands for yet another "balanced approach" to deficit reduction because he took the gamble that the Republicans would never, ever allow sequestration/defense cuts to happen. He tried everything from inciting fear to media collaboration to foist new taxes upon us.
February 27: A Day For Liberty and History (and 1400 Days Without A Budget)
This Wednesday, February 27, marks some watershed moments of liberty in United States History. In 1922, the Supreme Court unanimously upheld the 19th amendment and a woman's right to vote In 1951, the 22nd Amendment to the U.S. Constitution was ratified, limiting a U.S. President to two terms. In 1991, U.S. President George H.W. Bush announced live on television that "Kuwait is liberated".
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