The latest effort coming out of Capitol Hill to reduce the debt and avoid default is called the “Gang of Six Plan”, named after its three Democrats and three Republican authors. The plan includes $500 billion in immediate “budget savings”, reductions in marginal income tax rates, and the abolition of the alternative minimum tax….
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In a new article, “How Can Anyone Take This Seriously?”, Independent Institute Research Editor Anthony Gregory slams the absurd squabbling in Congress over 2% of the federal deficit while the U.S.’s gigantic spending and debt crisis plunges onward. The U.S. is running deficits somewhere between one and one and a half trillion dollars, and…
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The General Accountability Office (GAO) released a new report early Tuesday morning, identifying billions of dollars currently being spent on “duplicate federal programs”. �How does this happen? It’s simple, really. When a bureaucratic body fails to be efficient and accomplish the objectives of it’s charter, our enlightened, pork-loving representatives in Washington simply finance a…
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It�s September, and election season is under way. Marching to the tune of President Obama�s class-based political rhetoric, some candidates for Congress are campaigning on promises to raise taxes significantly on electorally safe targets. This year�s list of victims includes �the rich,� Wall Street and America�s oil companies. Those three groups are in Washington�s…
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