AS THE FISCAL cliff looms, leaders in Washington draw red lines. President Obama is “asking the wealthiest to pay a little more in taxes,” as he repeated Friday. House Speaker John A. Boehner is “open” to more revenue but only in exchange for significant spending cuts — and raising existing tax rates is “unacceptable,” the Ohio Republican insisted. So, more gridlock? Not necessarily. There are politically feasible ways to get more revenue, mostly from the wealthy — without raising tax rates. One is to limit the value of itemized deductions, 80 percent of which accrued to the top 20 percent
Comments: Where did we hear this before - recently? I remember. It was a guy called Mitt Romney.
Either way the govn would be taking more money from the private sector and wasting it in the public sector. None of the stolen $$$$ would go towards paying down the debt. Less private sector dollars means less jobs and personal income.
For every action there is an equal an opposite reaction - Newton`s 3rd Law of Gravity, which also applies to the laws of economics.
It may be worthwhile to let the mandatory cutting and tax increases occur (so called fiscal cliff). Otherwise, through negotiation, a revenue increase will occur immediately while cuts will phase in over a long time, if ever.
As we all know, this has been one of Obama´s goals since/before his first election, and as we also all know, this will not solve the USA debt/deficit crisis. This is a a class warfare agenda item to bring Obama more low income supporters, and just a con game so he can blame the rich and the GOP for HIS OWN ECONOMIC DEFICIENCIES.
The IRS code currently limits itemized deductions. The deductions are reduced at about 150,000, and then essentially eliminated at some higher level of income. This is Washington Post smoke and mirrors.
Sooner than everyone thinks, all sorts of deductions will be gone, including the one for mortgage interest. The real money is in the Trust Funds, but that is a hot donor button, so they will get to that later.
If they raise money for the government by limiting the charitable deduction, then they are robbing Peter to pay Paul. With lower charitable contributions, nonprofits will either need to cut back on services or seek government grants to continue services at the same level.
Unfortunately, there is no difference today, taxwise, in giving to the billion dollar plus endowments of a Harvard and giving to the local food pantry. Harvard would howl at not receiving so much...but wouldn´t have to change its mission. On the other hand, that local food pantry might have to shut its doors, leaving the government to pick up the pieces.
Limiting the deduction for payments of state and local taxes might be a fun-to-watch thing. Remember that NY, IL and CA with their high taxes - the effective rate is really about 2/3s the stated rate because the Feds let those state residents deduct those taxes.
It´s going to hurt high income taxpayers in high tax states. I like that.
Personally I think the Republican should propose the following. Every college and university in the country has to rollback their undergraduate tuition for the 2013-14 school year to 1980 levels as adjusted for inflation or we impose a 50% tax on the value of the endowment as of 12/31/2012. Future tuition increases may not exceed the prior year´s increase in the CPI. If they do, pay a tax of 10% of the value of the endowment.
The day after the election my Alma Mater called seeking a donation. I told them since most of their professors and students voted for Obama they are never seeing another dime from me.
Well,there´s lots of orgs that are considered charities but are far from it. My guess is liberals don´t give to charities that actually help a person in need.They give to things like the Sierra Club or save the whales or any environmental group actually. They don´t want to give to real charities because they think it´s the govt´s job to help people.
But anyway,getting rid of charitable deductions would create a huge backlash.For one thing every deduction in the tax code has a lobbyist behind it.If you tried to limit the home mortgage deduction the national realty folks would have pitchforks in their hands the next day.
The left,meanwhile would love to get rid of R&D deductions for highly profitable companies like big oil while diverting that money into building more wind farms.
The left would also love to kill the GOP´s reputation for being against tax increases.That´s what this big push on taxing the rich is really about.As liberal as Cal.is,they couldn´t pass a tax increase on the rich without putting it on the ballot so freeloaders can make the decision.
I did a few what-ifs on Turbo-tax (the only way these days to estimate the impact of some activity on your taxes) and found that if your AGI is say 300K limiting state inc tax deductions can have a big impact on your tax bill. For higher incomes - say 500k however, the deduction benefits are pretty much phased out. But of course you still pay more simply based on the now higher tax on the income you earned at that 300k level.
Raising enough revenue to cover the Trillion dollar deficit is going to be really really hard. We´re going to need a lot more regulations or something. I propose that we erect two million wind turbines thus improving national efficiency by providing all Americans with essentially wind-blows-free electricity. And then tax the free electricity. Oh yeah, and legalize weed, taxing it to cover all future Medicare expenses. Tax Cheetos too.
Democrats lie. We have seen this year after year after year.
Therefore: First, cut spending, a bunch!. Three years from now, reduce the deductions, IF the spending cuts happen. Any "tax the rich" scheme the democrats throw our way should be considered only after 3 years of spending cuts.
I really think the WH wants the financial cliff to happen. That way all taxpayers will be affected not just the rich and they get to blame the repubs for letting it happen. In a perverse way it would serve those who voted for O right.
Since apparently no one on the WaPo editorial board has ever taken an economics course, nor do they seem to understand how the world works, maybe they need to spend some quality time in France. First of all WaPo, rich people invest. Brain dead government moochers strutting around with Obama phones do not. Secondly, to France´s dismay, their new President, the white version of ours, just raised taxes on the rich to around 70% and the rich are fleeing out of France with their money as fast as they can - as will the rich here. They have the means. We will end up paying the freight for this travesty and you can take THAT to the nearest bank.
LUNENBURG, Mass. —Investigators say the mother of a Lunenburg teen whose home had racist graffiti sprayed on it last month is a "strong suspect" in the case. According to the search warrant, Isaac Phillip´s mother, Andrea Brazier, replied "OK" when an FBI agent said she was the one who spray painted graffiti on the house. Watch Report "Most of the leads we have followed up throughout the investigation have led back towards the house," said Lunenburg police Lt. Michael Luth. When asked if police considered Brazier a strong suspect, Luth responded, "I would." Court documents also claim Brazier made false statements and then asked
The fight for Christmas took a hit this week when politics bigfooted a troupe of adorable little ballet dancers performing “The Nutcracker.” MSNBC’s Chris Matthews is scheduled to interview President Obama on Thursday night at American University as part of the “Hardball College Tour.” MSNBC approached AU to host the chat, and officials jumped at the chance for a free, hour-long commercial for the university and its students. But the interview, announced Tuesday morning, abruptly kicked the Ballet Petite’s rehearsals of”The Nutcracker” out of AU’s Greenberg Theatre. That didn’t sit well with the ballet school’s staff, teachers and parents who
Well, it’s not like there’s any danger of this stuff crossing the porous border into the US… Tepojaco (Mexico) (AFP) – Mexican authorities scrambled Wednesday to find a truck containing “extremely dangerous” radioactive material used in medical treatment that was stolen by two gunmen two days ago, officials said. The white Volkswagen Worker truck was transporting a teletherapy device containing cobalt-60 when it was stolen Monday in the central Hidalgo state town of Tepojaco, near Mexico City, according to the International Atomic Energy Agency. (Snip)So they found the container, just not the incredibly dangerous material that was in it. The
A fourth student at the University of California Santa Barbara has come down with a strain of meningitis similar to the one that sickened eight Princeton University students in New Jersey, authorities said. The California students began getting sick about three weeks ago, according to a university statement. One student had to have both legs amputated, ABC News has learned. "He´s from my hometown. I hope he is doing well," said David Burkow, another student. "It´s just kind of scary because there is a constant fear." The California school has suspended social events, including sorority and fraternity parties, to avoid
With a ruling by a federal judge on Tuesday that Detroit is eligible to enter bankruptcy, the fate of the city’s art collection — one of the finest in the country — now moves front and center in the legal battle over the city’s future. But the judge, Steven W. Rhodes, questioned for the first time the push by some of the city’s largest creditors to sell paintings and sculpture from the Detroit Institute of Arts, a sale that could generate hundreds of millions of dollars or more. While he did not say specifically that the art should be spared,
WASHINGTON – The National Transportation Safety Board has removed the Association of Commuter Rail Employees as a participant in its investigation into the December 1 fatal derailment of the Metro-North passenger train in the Bronx that killed four people. Organizations designated as parties to investigations sign an agreement to abide by NTSB rules during an investigation, but on Tuesday, the chairman of the union, Anthony Bottalico, spoke to the media and discussed what he thought happened during the derailment and engineer William Rockefeller. “While we value the technical expertise that groups like ACRE can provide during the course of an investigation, it
A truck carrying potentially "extremely dangerous" radioactive material has been stolen in Mexico, the UN atomic watchdog said Wednesday. The International Atomic Energy Agency said the truck was carrying cobalt-60, used for radiotherapy treatment to combat cancer. An IAEA statement Wednesday said the truck was stolen Monday while taking the material to a radioactive waste storage center from the northern city of Tijuana. The IAEA said the heist occurred in Tepojaco, a town near Mexico City, and describes the load as `´extremely dangerous" if damaged or removed from its protective shielding. It said Mexican authorities are searching for the material. The statement provided
The National Highway Traffic Safety Administration has announced a new five-year strategic plan to improve safety for elderly drivers and passengers. Although they are statistically among the safest on the road, the number of older drivers is increasing dramatically — and with it, that group´s numbers of injuries and deaths. Since 2003, the population of older adults, defined as age 65 and older, has increased by 20% and the number of licensed older drivers increased by 21% to 35 million in 2012, according to NHTSA. Last year, NHTSA reported that 5,560 people older than 65 died and 214,000 were injured
A veteran Washington adviser who has worked for four Presidents on both sides of the political aisle said that the stunning Government Accountability Report report that found President Barack Obama has not had a one-on-one meeting with Health and Human Services Secretary Kathleen Sebelius since the passage of Obamacare over three years ago is an indictment of the entire White House operation and shows that the Obama administration has bordered on "malfeasance." "I have no doubt the White House is right, that Secretary Sebelius was in several group meetings with the president about health care," Gergen caveated, "but the whole
President Barack Obama’s Facebook page on Saturday posted a message honoring the dead from Pearl Harbor—accompanied by a picture of Obama descending the stairs next to the Pearl Harbor Memorial. The picture barely fits the name of the Arizona Memorial so it can frame Obama in the foreground. The post´s statement reads: Today, with solemn pride and reverence, let us remember those who fought and died at Pearl Harbor, acknowledge everyone who carried their legacy forward, and reaffirm our commitment to upholding the ideals for which they served. President Obama The Obama Administration´s current shipbuilding plan shrinks the size of
Dr. Ezekiel Emanuel, the hapless, goalpost-shifting so-called "architect" of Obamacare, told Fox News´ Chris Wallace on Fox News Sunday that President Barack Obama´s promise "if you like your doctor, you can keep your doctor" was absolutely true--with one important caveat: if you like your doctor, "you can pay for it." Wallace grilled Dr. Emanuel, challenging his false claims that California´s enrollment was keeping pace with the percentage of the young population necessary to keep the system afloat, and pointing out that the president´s promise on doctors would collapse once people lost their insurance or their
Just how much do many Hollywood liberals hate conservatives? In an interview with Playboy, Ben Affleck said, "When I watch a guy [on film] I know is a big Republican, part of me thinks, I probably wouldn’t like this person if I met him": PLAYBOY: You developed a political profile campaigning for presidential candidates Al Gore, John Kerry and Barack Obama. How did that come about? AFFLECK: I grew up in a house with a mother who was a teacher and a Freedom Rider—very left-wing Democrats living in a heterogeneous working-class neighborhood. I picked up a lot of those values there, and I
The U.S. isn´t called "America the Beautiful" for nothing. Each year, millions of tourists come from home and abroad to see the country´s majestic landscape and iconic sites, from the Grand Canyon to the Statue of Liberty. But there are also cool, quirky attractions, like Vermont´s Ben & Jerry´s Factory and Tennessee´s Graceland, the former home of Rock and Roll King Elvis Presley. From California to New York and everywhere in between, the country is chock-full of incredible attractions that keep luring in visitors. Here are the best tourist attractions in every state.
MSNBC host Melissa Harris-Perry opened her program over the weekend with a commentary about the Affordable Care Act’s colloquial moniker: “Obamacare.” She said that the word was originally created as a “derogatory term,” designed by white men as a way to delegitimize President Barack Obama and his achievement. However, she said that the term will soon be synonymous with all of Obama’s accomplishments and she urged her audience to use the term with pride. “I want to talk today about a controversial word. It’s a word that has been with us for years, and like it or not, it’s indelibly