Compared to how January 2011 might have played out, where every taxpayer in the United States would have received a smaller paycheck if the 111th U.S. Congress hadn’t acted to extend the 2001 and 2003 tax cuts, the Congress’ late action to extend those tax rates for another two years, while also throwing in…
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How can the government increase the amount of money it collects in taxes without increasing tax rates? Or rather, for politicians looking to remain as blameless as possible when their constituents get their new, higher tax bills, how can they make it look like they’re not increasing taxes when they’re taking more in taxes?…
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The New York Times has a wonderful tool for understanding how the recommendations of the presidential deficit commission could work to close the estimated annual budget shortfalls in the future. You simply go through and select spending cuts and tax increases until the budget shortfall is corrected for both in the present and future….
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In an incisive, recent article in the Wall Street Journal, Sara Murray reports that: “Efforts to tame America’s ballooning budget deficit could soon confront a daunting reality: Nearly half of all Americans live in a household in which someone receives government benefits, more than at any time in history. “At the same time, the…
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Far from being an investment program, Social Security is a pay-as-you-go operation where new revenues are spent immediately and future entitlements are funded exclusively through the promise to tax workers in the future, many of whom haven’t even been born yet. It is taxation without representation in the most cynical sense. The program is…
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