In the House Republican’s Pledge that I told you was a “Pledge to Nowhere,” you find this language: “tax increases must be prevented” and “We will help the economy by permanently stopping all tax increases”. Got it? The House GOP pledged, also known as a promise, to stop “all tax increases.” It was their promise. According to The Hill, the Republicans are about to give | Read More »
While we’ve all been distracted by the Presidential race, there is other news out there that may give you heart burn. Way back when during a forgotten age, conservatives were treated to this: The Hill – 6/24/11 – Speaker John Boehner (R-Ohio) on Friday said President Obama “must lead” if the standoff over the debt limit is going to be resolved but warned that any | Read More »
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 »
A few weeks ago, I reported that the Senate Republicans’ point man on dealing with the deficit, Saxby Chambliss (R-GA), said he’d support tax increases as a means to reduce the deficit. Chambliss promptly denied it. Yesterday, in the New York Times, Chambliss admitted he and the Senate Republicans will support tax increases to pay off the deficit. Mr. Chambliss has been increasingly outspoken in | Read More »
From the New York Times WASHINGTON — The Senate on Saturday rejected President Obama’s proposal to end the Bush-era tax breaks on income above $250,000 for couples and $200,000 for individuals, a triumph for Republicans who have long called for continuing the income tax cuts for everyone. The Senate also rejected an alternative proposal, championed by Senator Charles E. Schumer, Democrat of New York, to | Read More »
Obama accepts the new political reality and capitulates on his long campaign to sell what may call the largest tax increase in American history. Senior Presidential Advisor David Axelrod tells the Huffington Post President Obama will accept an across-the-board continuation of Bush-era tax cuts. According to Axelrod, “We have to deal with the world as we find it.” Yes, elections have consequences. After making “well | Read More »
Talking of “Bush tax cuts” at this point, as so many seem to do when discussing the change in tax policy set to go into force this coming New Years Day, is beyond absurd. What’s coming on Jan. 1, 2011 is the Obama Tax Increase — no less than the largest tax increase in our history, courtesy of a president who, last Tax Day, declared | Read More »
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