As published in the Winter Park/Maitland Observer, Thursday Jan. 3, 2012 Edition Offers... Read More »
Obama to Propose Buffett Rule: A Minimum Tax Rate for the Uber-Rich
“The tenth rule of the ethics of rules and means is that you do what you can with what you have and clothe it in moral arguments. …the essence of Lenin’s speeches during this period was “They have the guns and therefore we are for peace and for reformation through the ballot. When we have…
Read Full Article Categorized in: Legislative Watch, News, Tax PolicyTax Distribution and the Obama Regime
The Tax Policy Center has issued a report titled The Distribution of Federal Taxes, 2009-12 that compares the distribution of taxes under current law to the distribution under President Obama’s proposed budget: Overall, the federal tax system is progressive. On average, households with higher incomes pay taxes that are a larger share of their income. But…
Read Full Article Categorized in: Tax PolicyThe Obama Tax Increases Applied
The Wall Street Journal reports that President Obama’s tax plan will kick in at $235,000 of taxable income rather than the $250,000 he promised during the 2008 campaign: The Treasury Department’s detailed description, known as the “green book,” showed that the new 36% rate would apply to income of $250,000 “less the standard deduction and two…
Read Full Article Categorized in: Legislative Watch, Tax PolicySenate Adopts Obama Budget, $750 Billion of Tax Cuts Included
Senate Democrats adopted President Obama’s budget today, but, as happened in the House, it had to do it without bi-partisan support. Tax News reports: Not a single Republican in either chamber voted in support of the budget, laying waste to Obama’s ideal of building a bi-partisan consensus for his economic recovery strategy. Seventeen House Democrats also rejected…
Read Full Article Categorized in: News, Tax PolicyMichael Caine to Move to America if Brit Tax Rate Goes to 51%
“Whats it all about, Alfie? Is it just for the moment we live? Whats it all about when you sort it out, Alfie? Are we meant to take more than we give Or are we meant to be kind?” - Burt Bacharach, Alfie - Maybe Andrew Lloyd Webber was right. Telegraph.co.uk reports that British actor Michael Caine, star of…
Read Full Article Categorized in: News, Tax PolicyObama Fails Economics 101 – Says Reducing Charitable Contribution Deduction Won’t Deter Giving
The Washington Post in an article titled Obama Defends Push to Cut Tax Deductions for Charitable Gifts reports that, President Obama defends his proposal to cut the tax deductions that wealthy Americans can claim for their charitable donations by arguing that the shift would not have an adverse effect on giving, but two independent analyses…
Read Full Article Categorized in: Legislative Watch, Tax PolicyObama and His Merry Men Favor Public Spending Over Private Charity
The battle over the proper role of the federal government has raged ever since the days of Thomas Jefferson and Alexander Hamilton. Jefferson was fearful of an overly powerful central government and Hamilton, ever the federalist, favored a strong federal government. Hamilton believed that the average American was too ignorant to make decisions for himself. He also knew that making the…
Read Full Article Categorized in: Legislative Watch, OpinionObama Supports Reduction in Charitable Deduction Allowance . . . AGAIN!
Desperate times produce wacky measures. I am watching in real time, our President, Mr. Obama, reiterate his plan to reduce the value (increase the cost) of charitable deductions made by rich people. This is nutty stuff and we have pointed it out before. Every tax deduction (not just charitable deductions) is worth more to a rich…
Read Full Article Categorized in: Legislative Watch, News, Tax PolicyObama and the Charitable Contribution Deduction: Shifting Spending from Private Charity to Public Entitlements
The Orlando Sentinel opposes President Obama’s plan to pay for health care reform partly by reducing the value to Americans of gifts made to charitable organizations: Mr. Obama’s budget calls for reducing the value of itemized tax deductions for families earning at least $250,000 starting in 2011, the same year he would allow the Bush tax…
Read Full Article Categorized in: Individual Taxation, Legislative WatchPresident Elect Obama’s Stimulus Plan Contains $300 Billion in Tax Cuts
The New York Times reports today that, The legislation Mr. Obama is developing with Congressional Democrats will devote about 40 percent of the cost to tax cuts, including his centerpiece campaign promise to provide credits up to $500 for most workers, costing roughly $150 billion. The package will also include more than $100 billion in…
Read Full Article Categorized in: Legislative Watch, Tax PolicyPresident-Elect Obama to Move Quickly on Middle Class Tax Cuts
The Washington Post reported yesterday in an article titled Obama Tax Cuts Likely Soon that, President-elect Barack Obama‘s economic stimulus plan will include an immediate tax cut for middle-class families, and the incoming administration hopes to enact permanent tax cuts soon thereafter, [David Axelrod] a senior adviser to Obama said Sunday. Axelrod also was asked…
Read Full Article Categorized in: Legislative Watch, News, Tax Policy‘Twas the Night Before an Obama Christmas
With apologies to Clement Clarke Moore, here is my version of ‘Twas the Night Before Christmas: ‘Twas the Night Before an Obama Christmas “Twas the night before Christmas when all through the house, Not a tax break was stirring not even inn’ spouse. The Bush cuts weren’t permanent, stim checks weren’t enough. The economy was…
Read Full Article Categorized in: Legislative Watch, Literature and the Law, Tax Humor, Tax PolicyTo Extend (the Bush Tax Cuts) or Not to Extend, that is the Question
To be or not to be, that is the question: Whether ’tis nobler in the mind to suffer the slings and arrows of outrageous fortune or take arms against a sea of troubles and by opposing, end them? William Shakespeare – Hamlet: Act 3, Scene 1 Steve Chapman of the Chicago Tribune,com wrote an interesting piece…
Read Full Article Categorized in: Tax PolicyNewt Gingrich Urges Obama to Cut Middle Class Taxes by 40%
In a column written for the Wall Street Journal, former Speaker of the House, Newt Gingrich, says he wants Obama and the 111th Democratic Congress-Elect to put their money where their mouths have been and slash middle-class tax rates rather than give refundable credits to the poor who pay no income tax: For a real middle-class tax…
Read Full Article Categorized in: Legislative Watch, Tax PolicyWays & Means Chairman Charlie Rangel Wants to Reduce Corporate Tax Rate to 28%
Ahhh, the weird, wild, wonders of Washington never cease to amaze. Apparently, when a Democrat proposes a tax cut for the rich it’s an exercise in sound judgment, but when a Republican does it it’s an example of criminal mischief. After eight relentless years of badgering George Bush and his corporate “cronies” for favoring wealthy corporations over…
Read Full Article Categorized in: Corporate Tax, Legislative Watch