“in typical Democrat asinine fashion, they are promulgating a defacto permanent tax cut by telegraphing to the public that it is only temporary, thereby minimizing the pro-growth effect of the tax cut.” After decades of monstrous lies about Social Security, Democrats have finally blown the cover off their stratagem. They have always proclaimed that our payroll taxes were held securely in a trust fund in | Read More »
I never thought I would see the day, but Democrats are outmaneuvering Republicans on a tax cut — the payroll tax cut. They want an extension again. Let’s understand that the Democrats don’t serious want to help the working-class. They are admitting the working-class is no longer part of their coalition. But they do want to score points against the GOP and, like clock work, | Read More »
As the original 2% payroll tax cut for employees is set to expire next month, Democrats are proposing an even bigger cut. Earlier this week, they introduced legislation (S.1917) to cut the payroll tax to 3.1 percent for employees, and for employers on the first $5 million of their payroll. The bill would also eliminate the payroll tax paid by employers for the last quarter | Read More »
As the tumultuous year of 2011 winds down, Congress will be facing a number of crucial budget deadlines. Aside for the supercommittee deadline to find $1.2 trillion in deficit reduction (over ten years), they must contend with the December 31 expiration of three provisions of the 2010 tax extenders deal; payroll tax cuts, unemployment benefits, and ethanol subsidies. Now the Washington Post is reporting that | Read More »
Senator Tom Coburn released a report, Subsidies of the Rich and Famous, detailing a list of subsidies, transfers, and “tax breaks,” that are paid to individuals with Adjusted Gross Income (AGI) of over $1 million. The report found that millionaires have received at least $9.5 billion in “government payments” since 2003 and $113.7 billion in “tax breaks” since 2006. Accordingly, Coburn concludes that many of | Read More »
By far, our largest unfunded liabilities are Social Security and Medicare. According to recent actuarial reports, Medicare faces a $25 trillion liability and Social Security has an unfunded liability of $21 trillion. And those numbers are regarded as low-ball figures, due to their unrealistic accounting for cost-cutting measures. They already represent the largest expenditures of the federal government, with Social Security and Medicare consuming 20.2% | Read More »
Download Podcast | iTunes | Podcast Feed On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Francis Cianfrocca to discuss the fallout from last week’s Eurozone deal, the impact of the debt crisis on Social Security and the weekend’s winter storm in the Northeast. We’re brought to you as always by BigGovernment and Stephen Clouse and Associates. If you’d | Read More »
One fundamental liberal desideratum is the achievement of equal results at the expense of equal opportunity. Conservatives believe in implementing policies that protect our God-given rights, which provide every human being with an equal opportunity to succeed. Liberals reject policies that foster unfettered equal opportunity because they invariably produce unequal results, being that human beings have different talents, capabilities, work ethic, and luck. On Tuesday, | Read More »
When Herman Cain proposed his 9-9-9 plan, many conservatives became energized, despite their misgivings with the fine print of the plan. It wasn’t so much the details of the proposal that excited the base, as most conservatives intuitively recoiled from a consumption tax; it was the boldness of the plan that resonated with them. Cain’s 9-9-9 brought some excitement to a race that was defined | Read More »
The recent Social Security demagoguery that has been propagated by Mitt Romney and other big-government apologists is truly repugnant. Accusing those who desire to preserve and expand personal retirement – of eliminating Social Security for seniors is akin to an arsonist blaming firefighters for fanning the flames. It was the very big-government statists like Romney who obfuscated and corrupted the original intent of Social Security; | Read More »
Well, 32 months into his presidency, Obama has finally released his jobs and deficit reduction plans. Surprisingly, he is not attempting to obfuscate his true motivation this time. As Obama said yesterday, it is “simple math.” It’s $1.57 trillion in comprehensive tax hikes + $1.08 trillion in non-existent war spending + $430 billion in phantom savings on interest payments + $320 billion in savings from | Read More »
“It is a Ponzi scheme for these young people. The idea that they’re working and paying into Social Security today, that the current program is going to be there for them, is a lie,” Perry said. “It is a monstrous lie on this generation, and we can’t do that to them.” (HT: Houston Chronicle) Governor Rick Perry has been known to unleash some fairly flamboyant | Read More »
I’m in Tampa, FL for the CNN-Tea Party Express Republican Presidential Debate. The debate begins at 8pm on CNN. I’ll be on WSB Radio from 5pm to 7pm doing a “pre-game” show and then, starting at 7pm, I’ll be on CNN the rest of the night. When the debate starts, Michele Bachmann intends to join Mitt Romney in defending social security against Rick Perry and | Read More »
The major controversy right now in the GOP presidential primaries is over Rick Perry’s contention that Social Security is a Ponzi scheme that can’t deliver on its promises under its current structure. Mitt Romney doesn’t exactly dispute this – in fact, Romney himself said the same thing in his book, but then Romney always did like to attack other Republicans for things he himself has | Read More »
Let’s forget the fact that Obama’s entire Stimulus 10.0 is a counterintuitive proposal that doubles down on the very failures that precipitated this speech. Let’s also disregard the fact that enshrining unemployment insurance as a permanent handout will perpetuate unemployment. And more union-induced, short-term money drops on infrastructure will do nothing but stimulate traffic jams. Let’s focus purely on the very numbers that the administration | Read More »
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