Don’t get so wrapped up in work that you forget to stay up with the current events of the business world! Amid all of the chaos, grab a cup of Joe and take a short reading break.
Fabrizio Saccomanni cautions that the might not have the time to carry out his reform plans.
New York Times: The Bush Tax-Cut Failure, by Bruce Bartlett: Ten years ago this month, Congress enacted the third major tax cut of the George W. Bush administration. Its centerpiece was a huge cut in the tax rate on dividends. Historically, they had been taxed as ordinary income, but the...
Ah, the “War on Terror” has anything ever been more profitable?
Robbing the poor to give to the rich: The current proposals at the General Assembly would reduce or eliminate the personal income tax (a huge tax cut for the wealthy) and would make up some of the lost revenue by increasing the sales tax. Show More Summary
You may sometimes wonder whether Americans hate the rich. With all the TV air time given to tax increases vs tax cuts for the wealthy that politicians love to argue over, it would not be surprising to get that impression. Entrepreneurs may take their money and reinvest it into their companies, benefiting the whole economy. Show More Summary
In 2010, Congress passed the Tax Hike Prevention Act, which among other things reduced the payroll tax from 6.2% to 4.2% starting in 2011. For two years, workers saw higher take-home income than they would have had the law never existed, and consumers responded favorably by using the extra money throughout the two years to [...]Show More Summary
Passing both sides of the General Assembly by a wide margin, new tax legislation would make some major changes to the state code over the next decade and cost $700 million annually when fully phased-in. The plan would: lower the individual...Show More Summary
Tad DeHaven Chris Edwards showed that the Internal Revenue Service’s budget has been soaring and the main culprit is refundable tax credits. The magnitude of refundable tax cuts is obfuscated in the IRS’s budget because only the refunded...Show More Summary
Basit Zafar, Max Livingston, and Wilbert van der Klaauw examine the impact of the payroll tax cut in 2011 and 2012, and its subsequent reversal: My Two (Per)cents: How Are American Workers Dealing with the Payroll Tax Hike?, by Basi...
(CNNMoney) - Most Americans plan to cut spending to make up for income lost from the payroll tax hike, according to a New York Federal Reserve study released Wednesday. The payroll tax cut, which was in effect in 2011 and 2012, reduced the amount withheld from workers' paychecks to 4.2%, down from 6.2%. That put […]
DEFERRED, I say, damnit! The ABC had them “dumped” with Sabra Lane pronouncing: And the Minister put the best spin he could on what is effectively another broken promise. And then gave the last word to Greg Hunt. In their [...]
Below is a copy of the latest of Nick Clegg’s letters to Lib Dem members that you might like to read: Dear Les, Fair pensions. Decent care in your old age. A tax cut for small businesses taking on staff. A major new high speed railway. Energy investment to keep lights on and bills affordable. [...]
The absolute gall of this man! Barack Obama told a group of female supporters yesterday that Obamacare represented “largest health care tax cut for working families and small businesses in our history.” Not true. Philip Klein at The Examiner reported: … Continue reading ?
(Scott Johnson) A thoroughgoing dishonesty permeates the Obama administration. From Obamacare to Benghazi, this is the gang that can’t talk straight. Philip Klein catches the president in the act of being himself, peddling instantlyShow More Summary
KANSAS CITY, Missouri (Reuters) - Missouri Governor Jay Nixon was critical on Friday of a corporate tax cut bill aimed at helping the state compete for business with neighboring Kansas, but he did not say if he would veto the measur...
Can a tax cut pay for itself? Most economists would probably agree that the answer is generally “rarely, but usually not.” However, this question is often mixed up with a different one – “can reforms that lose revenue on a static basis...Show More Summary
Republican gubernatorial hopeful Kenneth Cuccinelli has come out with his first platform issue – lowering taxes. Under Cuccinelli’s plan, tax cuts would total $1.4 billion. That’s certainly joyful noise to Virginia’s perpetual tax-cutting crowd. Show More Summary
Yesterday Governor Jack Dalrymple signed into law and praised income tax cuts that were twice as large as what he called for in his executive budget. In fact, had Dalrymple not budgeted for such tiny cuts to state income taxes, the state Senate wouldn’t have had the leverage to bully the House into slashing the [...]Show More Summary
It is all falling apart now: