Balanced Approach: The Tax Hikes That Democrats Should Propose
So this year’s fiscal-policy code word is “balanced approach.” This means nothing more or less than higher taxes on high earners, business income, and capital gains. Congressman Eric Cantor remarked at one point in the debt-ceiling debate that the Democrats (including Obama) were totally stuck on the idea of raising taxes. But Cantor stressed that they never presented an economic rationale for higher taxes. It | Read More »
Get Ready For a VAT
Ok, so the essence of Obama’s fiscal policy is to increase taxes and fees on business and on the top-earning 5% of the population. Everyone else gets tax cuts and vast increases in services, like national health insurance and enforced production of electric cars. And of course, the government has to keep stimulating the economy, because shlubs like you and I are so uncertain about | Read More »
Obama Grades His Budget On A Curve. Get Ready For a VAT.
Somewhat peevishly, the President went to some lengths to portray his current budget as fiscally disciplined. One supposes that he gave his people the mandate to find some impressive number of programs to cut, amounting to some impressive dollar amount. In the event, he got 121 cut programs (most of the cuts had already been announced, like the F-22 Raptor), amounting to $17 billion. Now | Read More »