The NYPD has seemingly made good on their promise to cut back on meaningless low-level marijuana possession—arrests for weed possession are on track to fall by 20% in 2013, and police say that overall enforcement of marijuana laws are taking a back seat to drugs that can actually kill you. Show More Summary
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
The nonpartisan Congressional Budget Office has slashed its projections of the current-year fiscal deficit because of bigger-than-expected tax receipts and payments from Fannie Mae and Freddie Mac. The $203 billion, or 24 percent, reduction...Show More Summary
By e21: Did you notice how the U.S. economy was suddenly thrown into recession this year when tax increases and spending cuts took effect? If you didn't, that's no surprise because the economy actually accelerated to 2.5% growth in the first quarter of 2013 from just 0.6% growth in the fourth quarter of 2012. Show More Summary
Wall Street excesses brought the economy to the brink of collapse. But now the Wall Street behemoths are bigger than ever and President Obama is looking to cut the Social Security benefits of retirees. That will teach the Wall Street boys to be more responsible in the future.
As we move toward the fifth anniversary of the great financial crisis of 2008, people should be outraged that cutting Social Security is now on...
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 […]
Tuesday's CBO report shows a shrinking debt, and provides the best argument for why we don't need a grand bargain. If the current laws that govern federal taxes and spending do not change, the budget deficit will shrink this year to $642 billion, CBO estimates, the smallest shortfall since 2008. Show More Summary
It’s amazing what some tax hikes coupled with spending cuts can do for a $1.1 trillion annual budget deficit (just kidding… actually, it’s pretty logical). The Congressional Budget Office (CBO), the leading group of nonpartisan budget number-crunchers, now projects that the U.S. federal budget deficit will shrink by an astounding 41% this year, from $1.087 [...]Show More Summary
Indiana Governor Mike Pence (R) last week signed into law the state’s 2014-15 two-year budget. The approved budget keeps spending increases below inflation and cuts the state’s single-rate income tax, the corporate income tax, and eliminates...Show More Summary
First cab off the rank for budget reactions is Jeremy Hanson from the Liberals: Attacks on public service job cuts, superannuation, reductions on family tax payments, scrapping the baby bonus, introducing paid parking in the parliamentary zone, ongoing efficiency dividends, potential wage squeezes, reductions in office space, and university cuts are all going to affect the [...]
Cut the entitlement and cut the tax to pay for (most) of it. When we’re in debt, this is a luxury for later - and…
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. [...]