Two weeks ago we penned "As US Debt Hits New Record, Fiscal 2012 Tax Revenues Are 10% Higher Than Debt Issuance" which unfortunately was very wrong: we completely forgot that tax revenues in the US are a two way street particularly from January through the end of tax season on April 15, when income and employment tax withholdings are offset by tax refunds as consumer claim what was rightfully overcollected by the government.
Mitt Romney says his tax plan will do something miraculous: Give everyone in the country a 20% tax cut Be "revenue neutral" (raise as much tax revenue as the current system) Not reduce the percentage of total taxes paid by the highe... Read Post
Corporate America and Wall Street are engaging in a form of horse trading - tax cuts for jobs. There is one small problem: temporary tax cuts rarely result in new jobs and always result in less tax revenue. Read Post