More than eight in 10 Americans believe that you should do everything you can to pay the lowest tax rate possible, according to new Washington Post-ABC News polling, a finding that suggests that people likely hold politicians to a standard of conduct they themselves don’t adhere to. [Read more...]
Triple your income? Pay 10 times as much toward national defense and food stamps, but Obama tax-day ‘receipt’ website makes it nearly impossible to find out.
Examples provided for $25k-$80k earners, but not for wealthy taxpayers.
Watchdog says administration is hiding entitlement spending to make the Defense budget look bigger.
The Obama administration disclosed Monday, perhaps inadvertently, that a taxpayer earning $240,000 per year is paying into the national defense budget what an $80,000 earner contributes. The same is true of food stamps, veterans benefits, public health services and government pensions. [Read more...]
CNSNews.com) – April 18 will be Tax Freedom Day, the day when Americans have worked enough to pay all of their federal and state taxes for 2013 – a round total of $4.22 trillion, according to an analysis done by the Tax Foundation.
That’s five days later than in 2012. [Read more...]
The first budget from Senate Democrats in four years includes nearly $1 trillion in new taxes but would not balance the budget.
The blueprint unveiled by Senate Budget Committee Chairwoman Patty Murray (D-Wash.) on Tuesday to her Democratic colleagues would also turn off the next nine years of the sequester and replace those spending cuts with a 50-50 mix of tax increases and spending cuts. [Read more...]
We covered a story today that there are now 89,340,000 Americans not in the workforce. It’s mind-boggling to realize how many Americans can’t find jobs and just as incomprehensible how many end up having to go on public assistance when unemployment runs out – which drives up the debt.
It’s a double-edged sword: the government is hindering job growth by implementing complicated regulations and tax codes and this causes employers to keep hiring freezes in place because they don’t know what the future holds…uncertainty about Obamcare is making the situation even worse. Obviously, it’s a perfect storm because the Feds rely on taxes from corporations and individuals to fund government operations…since business is not growing and the ranks of the unemployed are astronomical, the government loses the tax revenue from corporate and individual income taxes. Talk about ”shooting yourself in the foot.” [Read more...]
Budget: When President Obama put out his “balanced” plan to avoid the automatic sequester cuts, no one noticed. Which is probably just as well for Obama, given how embarrassingly unbalanced it is.
Last week, New York Times columnist David Brooks wrote about how Obama “hasn’t actually come up with a proposal to avert sequestration, let alone one that is politically plausible.” [Read more...]
0.8% — The Abysmal Rate of Economic Growth under Obama
President Obama’s defense of his economic stewardship has effectively amounted to this: At least we no longer have the Bush-era economy. With an entire 4-year term in the books, it’s now possible to confirm, and to lament, the essential truth of those words.
Prior to Obama, the second term of President Bush featured the weakest gains in the gross domestic product in some time, with average annual real (inflation-adjusted) GDP growth of just 1.9%. That’s according to figures from the federal government’s own Bureau of Economic Analysis (BEA). [Read more...]
President Barack Obama said there is “no doubt” the government needs new revenue from closing tax “loopholes” and limiting deductions, along with enacting spending cuts, to reduce the federal deficit.
There’s “no reason why we can’t have really strong growth in 2013,” the president said in an interview with CBS television yesterday before the network’s Super Bowl broadcast. He cited a recovering housing industry, strong manufacturing and rising car sales. [Read more...]
There’s a funny thing about the estimated $1.7 trillion that American companies say they have indefinitely invested overseas: A lot of it is actually sitting right here at home.
Some companies, including Internet giant Google Inc, software maker Microsoft Corp. and data-storage specialist EMC Corp. keep more than three-quarters of the cash owned by their foreign subsidiaries at U.S. banks, held in U.S. dollars or parked in U.S. government and corporate securities, according to people familiar with the companies’ cash positions. [Read more...]