The Bush-era income tax rates will expire at the end of the year. That is only one of a number of financially significant–some say cataclysmic–deadlines that occur around year end: the payroll tax holiday ends, the alternative minimum tax patch will expire, $36 billion in Obamacare taxes will take effect, tax extenders will expire, the (minimal) 2009 “stimulus” tax cuts will run out, the inheritance tax will increase, and 100% expensing for business investment will expire. At the same time, $109 billion in sequestration begins, affecting both non-defense and, disproportionately,
Yes. It´s exactly what the Republicans should do. Raise taxes on everyone, especially the rich, and let the Democrats spend whatever they want on any social program that comes to mind.
Yes, it will wreck the economy, but the only way to get anyone´s attention any more is a complete catastrophe.
We neglected our military until Pearl Harbor. We ignored terrorism until 9/11. Our only choice is to create an economic 9/11. Then, people might start to realize that liberalism is a fraud and always will be.
Can´t remember who said this recently on TV but, the reason Republicans aren´t just letting the Dem´s have the big tax increases is because they´re scared the Dem´s would hit GOP for raising taxes then cut tax rates and claiming they are the party of tax cuts.
Yes, yes, yes. I have been saying this all week. It is time for the democrats to OWN their policies. Let the people see.
We have been saving the democrats from themselves since 1994. I REMEMBER the 70´s and 80´s and my 13% mortgage. But do any of those who voted for obama remember them? I doubt it.
The standard of living for MOST Americans is about to go way down THANKS TO LEFTIST policies. They are NOT going to have the life they did under George W. Bush who actually helped the middle class a great deal and kept prices of goods way down. Now we will suffer shortages and NO CAPTIAL INVESTMENT into new and more EFFICIENT products and ideas. Just wait and see....
The very people the leftists claim they want to "help" will be significantly hurt. THERE WILL BE NOTHING LEFT FOR THEM TO TAKE (read be given by democrats, imho) when smart and industrious Americans say: ENOUGH, NO MORE. We are done. No more exceptonalism.
We have turned our country over to people who actually hate it...they just want what we have built, imho. But they will have a rude awakening, imho.
And then there´s Cloward Piven...
Mediocrity thy name is the democrat party and its supporters, imho. Bad karma, imho.
What will come of letting the tax rates expire will be lot of pain. Across-the-board a lot of pain. Coupled with the 0bamacare taxes, sequestration, mounting regulation and the debt ceiling, the resulting calamity will separate people into two classes real quick. And I´m guessing the class with all the pain will be larger and more reactive then ever.
All of this is bought and paid for by 0bama. He owns it and cannot blame anyone else nor can the LSM make claims to the contrary. It will take the country down a peg or two, we might even see some violent outbreaks here and there. I doubt anything on the scale of civil war. Yet. But it will crystalize the left and the right. There will be no middle ground. From this place there will be enough people to start retaking our country and re-establish a constitutional republic. It won´t be easy and it will take some time, but that is what it will take to realize a free United States of America again.
This article is so correct. Every time I hear some idiot talking about the Bush tax cuts for the rich I say exactly what John has said here. The Republican House members have to drive this point home in the press every time they are in front of them. The democrats know what will happen if the tax cuts expire. It´s up to the republicans to make sure the democrats own it.
We had a long recession. We are in, to put it charitably, an anemic recovery. Allowing the Bush tax cuts to expire, along with sequestration, payroll tax cuts expiring, and the ObamaScare tax increases, will not push us off the financial cliff, it will throw us over it, and cause another recession.
And, guess what is the classic definition of a depression: its a recession, followed by an anemic recovery, followed by another recession. This will be Obama´s depression. There won´t be any way he can believably blame it on George Bush or those wascally Wepublicans.
[[[This approach has major advantages. Currently, upper-income taxpayers are pretty much pulling the whole sled, as the U.S. relies on its upper-income citizens to a greater extent than any other developed country. This is an unhealthy situation. When it comes to income taxes, most Americans have little or no skin in the game, so why not vote for more government largesse? Raising everyone’s income taxes will give more voters a stake in federal spending. America desperately needs to get its spending under control, and that won’t happen as long as most voters think spending is not their concern since they don’t, to any significant extent, pay for it. The most important consequence of increasing marginal rates on all taxpayers is that it will cause federal spending to be scrutinized more critically.]]]
Let´s talk about even more taxes. The Gates Foundation has a $35 billion endowment, Harvard $31 billion, Ford Foundation $10 billion. Give them all a haircut.
A one time excise tax on the FMV of the endowments of all private foundations would work nicely. To be fair, the rate should be low for the small guys and 90% for the behemoths like Ford and Carnegie and graduate down to 10% for under $10 Million. After that they not only pay taxes like the rest of us but they have 20 years to spend what´s left or it reverts to Uncle Sam.
Some colleges have much larger endowments than others. I propose a graduated rate based on a multiple of the theoretical income to the school if all students enrolled at the beginning of the school year paid full tuition and fees. If the FMV of the endowment is less than ten times that number the excise tax would be nominal. The rate for a school like Harvard where the income alone from the endowment could pay the combined tuition and fees of all students with lots of money left over should be 90%. After that impose a 25% excise tax on the endowment if a future tuition increase exceeds the CPI.
Craziness. Why throw working people under the bus when they´re the least of this country´s problem. We need to be putting an end to welfare to save the country.As long as we continue to feed that hog,it´ll only get fatter.
Even if we caved on the taxes on the rich,Obama would have signing statements exempting his donors. You could simply say anyone related to public service would be exempt. That would include selected gov´t workers,contractors and even trial lawyers who perform a public service by suing people out of business.People in the entertainment industry would get carved out because they provide a service to the public.
I´ll bet anything that Obama donors gave him money for a carve out on higher taxes.
I´m in favor of raising the capital gains rate for people making over a certain amount. They´re not investing in this country anymore and are making a fortune on emerging markets overseas,sometimes with ultra cheap borrowing from the fed.
And let´s make sure to distinguish the sayings "Bush tax cuts" and "Obama tax increases", just to let the ignorant know who owns each. Give Zero everything he wants, and be sure the bill guts all refundable tax credits, slashes every welfare program, and includes a provision tying tax return filing to the voter rolls.
The problem herein is that Zero is incapable of work, invariably does nothing in order to effect a contrived "crisis", and brings nothing to the table. If the Republicans bring his alleged ideas to the table, it will be their fault when it collapses. If they don´t, the demagoguery starts anew. It´s well past time for Boehner to tell Zero to specifically put up or shut up. I´d take either one, but would far prefer the latter to save my mute button.
The biblical story of Rehoboam, Solomon´s son is instructive. The older, wiser counsellors (republicans) to the king (obama) advised reducing the tax burden from the previous king (bush) but the young cool crowd (demo-gogues) wanted to flex the king´s political power, talking rough (I won! Soak the rich!) when they were really petty neighborhood bullies.
He never attained to the stature of his predecessor but ruled over a declining nation which became a vassal state of Egypt. The difference is that this probably doesn´t bother Obama; for him America is exceptionable rather than exceptional.
Given the stupidity of the American voter, most people do not know that the Bush tax cuts affected everyone. At the very least I would enjoy hearing the cries of outrage as the lower incomes suddenly start paying due to the taxes on the ´rich,´ particularly among my relatives.
Sadly, the Repubs will cave and raise taxes on those above $250K. Then the myth that the tax cuts were only for the rich will be forever written into history.
It seems like all of us are heading into a financial train wreck, which is logical since the drivers are financial illiterates. I expect the slow footed Republicans to continue to be scapegoats no matter what disaster comes up.
This series of events is as stupid as the Children´s Crusade and that is appropriate since millions of sub 30 idiots voted for this. I blame them for being morons, but I reserve a lot of contempt for their parents who failed to teach them anything useful about life as an adult.
The sequester, no matter how imperfect a policy, is arguably the only victory for fiscal conservatives in a very long time. Their victory is also president Obama’s biggest defeat (outside of the self-inflicted disastrous Obamacare rollout). It is also another opportunity to remind the American people that the alarmist predictions that we were all subjected to about the devastating impact sequestration would have on our economy didn’t materialize. Yet, in a new move, Republicans are once again considering caving to Democrats and getting rid of the spending cuts. This morning’s Wall Street Journal has the following. Still, officials close to
President Obama’s repeated use of presidential powers is causing a tough problem — his own supporters now expect him to use it to achieve everything they want. From immigration to the minimum wage, congressional Democrats and liberal activists this week urged Mr. Obama to declare an end run around Capitol Hill, assert executive authority and make as much progress as he can on the expansive agenda he laid out for his second term. A day after Mr. Obama denounced income inequality, progressive lawmakers said he should take the lead by issuing an executive order requiring all federal contractors to pay
Three crises, one president, many bewildered friends. The first crisis, barely noticed here, is Ukraine’s sudden turn away from Europe and back to the Russian embrace. After years of negotiations for a major trading agreement with the European Union, Ukraine succumbed to characteristically blunt and brutal economic threats from Russia and abruptly walked away. Ukraine is instead considering joining the Moscow-centered Customs Union with Russia’s fellow dictatorships Belarus and Kazakhstan. This is no trivial matter. Ukraine is not just the largest European country, it’s the linchpin for Vladimir Putin’s dream of a renewed imperial Russia, hegemonic in its neighborhood and
Entering his sophomore year at Occidental College, Barack Obama sought a political movement to match his personal awakening, which he signaled to friends and family at the time by reclaiming his African first name. Barry became Barack that year. He had read Du Bois, Fanon, Malcolm X — an array of authors writing about the black struggle for liberation in his country and in others shaking off the legacy of colonial rule around the world. That is where he looked for — and found — a figure and a cause to channel his rising political enthusiasm: Nelson Mandela, then imprisoned
I´m generally for more disclosure in campaign finance, but the best argument against requiring full disclosure by groups engaged in political speech is that politicians sometimes retaliate against their critics. Sen. Elizabeth Warren inadvertently made that very argument this week. As told by Ben White at Politico, a group called "Third Way" criticized Warren. Warren apparently suspected that Third Way´s criticism of her was funded by banks. So she wrote a letter to bank CEOs demanding they disclose which political groups they´re funding. Warren sits on the Senate Committee on Banking, Housing, and Urban Affairs. She´s basically telling the entities
A stunning new study unveiled on Fox News´ Hannity finds that President Barack Obama’s White House calendar records just one face-to-face meeting between Obama and his Health and Human Services (HHS) Secretary Kathleen Sebelius in the more than three-and-a-half years leading up to the disastrous Obamacare launch. The startling statistic comes from a new Government Accountability Institute (GAI) analysis of Obama’s own official White House calendar, as well as the Politico presidential calendar, and raises new questions about Obama’s executive leadership and management throughout the implementation of his singular legislative achievement. More alarming still, the president’s schedule lists 277 private
One of President Obama´s chief political assets has been his ability to excite young people like almost no politician in history. But the days of America´s youth fawning over the president are over. A new Harvard University Institute of Politics poll released Wednesday confirms what other surveys have shown in recent months: Millennials have soured on Obama so much this year that their opinion of him largely mirrors the American public´s. Even though Obama does not ever have to face another election, he should be worried about the findings for a couple of reasons, which we will dive into momentarily.
Last summer on his $100 million family tour of Africa, Barack Obama hoped for a priceless photo op with Nelson Mandela, the ailing freedom pioneer who went from prison cell to the presidency of South Africa. Mandela´s family suggested that wouldn’t happen. So, the Obamas did a photo op in Mandela´s former prison cell. Which Obama’s White House quickly tweeted upon word of the icon´s passing at 95. [Skip] But Obama was also caught staring at television coverage of Mandela’s passing, which became Obama’s Photo of the Day.
More young men in California rise in pitch at the end of their sentences when talking, new research shows. This process is known as "uptalk" or "valleygirl speak" and has in the past been associated with young females, typically from California or Australia.But now a team says that this way of speaking is becoming more frequent among men.The findings were presented at the Meeting of the Acoustical Society of America in California. "We found use of uptalk in all of our speakers, despite their diverse backgrounds in socioeconomic status, ethnicity, bilingualism and gender," said Amanda Ritchart, a linguist at the University of
DAVID CORN: I saw a president who remains frustrated with the political-media culture that he has to work within, and that he´s looking to rally people, students here, and supporters, and people within the media. CHRIS MATTHEWS: But David Corn, you skeptic. He came to us today. He came amongst us. CORN: He´s trying to rally people behind this vision that he´s been promoting for a couple years. FINEMAN: By the way, he did it the end here, today, Chris, not by defending specifics, but by explaining why he´s in the game to begin with. And I don´t know about you, he´s
The most curious thing of all about the November jobs report released on Friday was the huge drop in the unemployment rate — and the fact that the Labor Department chose not to disclose that the data going into that figure are under investigation for falsification. On Nov. 19, I broke the news in my column that the Census Bureau, which collects data that goes into the jobless rate on behalf of Labor, had caught one of its enumerators fabricating interviews in 2010. The culprit said back then (and to me during an interview) that he was told to do so by
Speaker John Boehner said his party should support gay Republican congressional candidates and urged his colleagues to “be a little more sensitive” when running against women. “Some of our members just aren’t as sensitive as they ought to be,” Boehner said. When asked if he thinks his party should support gay candidates, Boehner simply said: “I do.”
Denver - A baker who refused to make a wedding cake for a same-sex ceremony must serve gay couples despite his religious beliefs or face fines, a judge said Friday. The order from administrative law judge Robert N. Spencer said Masterpiece Cakeshop in suburban Denver discriminated against a couple "because of their sexual orientation by refusing to sell them a wedding cake for their same-sex marriage." The order says the cake-maker must "cease and desist from discriminating" against gay couples. Although the judge did not impose fines in this case, the business will face penalties if it continues to turn away gay
7. On the U.S. war with Iraq: “If there is a country that has committed unspeakable atrocities in the world, it is the United States of America. They don’t care for human beings.” Via cbsnews.com 6. On Israel: “Israel should withdraw from all the areas which it won from the Arabs in 1967, and in particular Israel should withdraw completely from the Golan Heights, from south Lebanon and from the West Bank.” Via jweekly.com 5. On the U.S. war with Iraq: “All that (Mr. Bush) wants is Iraqi oil.” Via cbsnews.com 4. Mandela on Castro and the Cuban revolution: “From its earliest days, the Cuban Revolution has also been a