Are We Being Set Up (For More Taxes)?
Picture the all-too-familiar scenario: it’s nearing a fiscal decision deadline. Congress is deadlocked over action — in this case, it’s Sequestration (large budget cuts). It’s possible that there will there will be no decision on Sequestration by March 1, because deadlines mean nothing in Congress – as we just witnessed with the Fiscal Cliff debates running over the edge. Or are we being set up | Read More »
Free Will and Capitalism
The question of additional taxes on the wealthy is really a liberty and equity issue, impinging on the very entrepreneurial environment that made our country great. At the heart of any monetary decisions should be free will, not a free lunch. Stop and think about it for a minute. In my adult life, in a free country such as ours, it is entirely my judgment | Read More »
The New Democrat Talking Point on Taxes
The Democrats made the rounds over the weekend with their new talking point that they’ve already made substantial spending cuts. Here’s how it goes: The Democrats are counting $917 billion from the Budget Control Act, passed in the summer of 2011, as proof that they’ve cut spending. By pitting it against the $620 billion in tax revenue hikes from the Fiscal Cliff deal last week, | Read More »
What is the Proper “Fair Share”?
Here’s a true story to ponder. A gentleman, one of my clients, recently sold his entire business that he founded. Having worked at it and worked hard for it his entire life (he is in his late 70′s), the company sold for around $600 million dollars. This is a classic example of the American Dream. From the sale of the company, his cut was around | Read More »
Howard Dean Wants Your Money
Howard Dean wants your money. The only problem is — and this is initially going to seem like heresy from a progressive is — the truth is everybody needs to pay more taxes, not just the rich. And it’s a good start. But we’re not going to get out of this deficit problem unless we raise taxes across the board, to go back to what | Read More »
Class Warfare Won
Class warfare proved to be the winner in this election cycle as it was a key component of Obama’s policies and re-election rhetoric. The components of such a tactic were easily recognized: 1) the political opponent (Romney) will hurt those among us who are most vulnerable (elderly, poor, etc); 2) the political opponent (Romney) does not care about the “middle class”; 3) the political opponent | Read More »
Romney Paid More Than His Fair Share of Taxes….in 2010. MSM Blinked.
So, Mitt Romney released his 2011 taxes. And on cue, Think Progress rolls out this inane hit piece entitled “By Romney’s Own Standard, His Tax Returns Would Disqualify Him From The Presidency”. The summary of their argument accuses Romney of paying more than his fair share of taxes this year. This implies that he is somehow gaming the system or dishonest. However, this outrage — | Read More »
Obama’s Speech: Class Warfare and Hope is not a Plan
Obama’s speech didn’t sound like an incumbent President. It sounded like defensive one. On Romney/Ryan: They want your vote, but they don’t want you to know their plan.…but Obama didn’t give us a plan, only class warfare and hope. The only “plan” he has is to (hopefully) tax the wealthy. The stinging class warfare quote stuck with me because it was so contradictory: My grandparents | Read More »
If You’re Rich, You Should Have Died in 2010
That was the year the death tax was completely eliminated for one year. The families of philanthropist John Kluge, Texas oilman Dan Duncan, and Yankee’s mogul George Steinbrenner made out like bandits in 2010. Unfortunately, 2013 will see a crushing increase in the death tax. In 2013, the death tax will revert to its antiquated, pre-2001 form. The applicable exclusion amount will plummet to $1,000,000, | Read More »
Britain’s New “Get-Rich-Quick” Scheme
Because the first one didn’t work. Several weeks ago, I reported that Britain’s plan to raise additional government revenue by levying higher income taxes was a failure. British officials were shocked! that hiking the rates of the wealthiest citizens to 50% resulted in less tax collected. As CNBC reports, Britain has already hiked taxes on the rich to 50 percent but amid a weak economy | Read More »