Tax Rascal

In Wake of Super Committee Collapse, is a Sea Change in store for the GOP?

Categories: Economy, Featured, Politics, Tax Policy

Former Senator Judd Gregg articulates an evolving Republican position on debt and taxes

As Tax Rascal predicted, the super committee’s negotiations failed. After months of dramatic, closed-door democracy, the panel of twelve congressmen came up empty handed.

No one was surprised.

Still, it may not have been all in vain. Of notable significance, not to say a foreshadowing of a potential sea change in Republican fiscal policy, was republican senators Toomey and Hensarling’s willingness to “raise revenue” – aka raise taxes…

And alarm bells of change are now sounding from other corners too.

Judd Gregg, a former Republican governor and senator who served as chairman of the Senate Budget Committee from 2005 to 2007, has been articulating an evolving Read more...

Super Committee Kicks Debate over U.S. Debt from Frying Pan into Fire

Categories: Economy, Featured, Politics

The super committee deadline draws near. Congress looks no closer to a compromise

The drama on Capital Hill ratchets up this week as the super committee nears the November 23 deadline by which time it must come up with $1.2 trillion in savings.

The latest development comes as Pennsylvania Senator Pat Toomey, a Republican on the super committee, offers up a GOP plan to raise $290 billion in taxes over the next ten years. That’s not a typo: a Republican senator proposes to raise taxes.

His plan cuts deductions for mortgage interest, charitable donations, and state and local taxes, targeting those who itemize deductions for a tax hike. Hardest hit will be taxpayers in the top two income brackets, those Read more...

His Very Own Cross of Gold

Categories: Economy, Featured, Politics, Tax Policy

Obama’s new deficit plan is as high on populist rhetoric as it is on taxes

The conservative’s dilemma

The American conservative has reached a certain crisis of conscience. With the American economy caught between a rock and a hard place, he must sail cautiously the dangerous waters of economic stalemate and double-dip recession fears, charting a delicate course between two equal and opposite dangers.

On the one side stands taxes, to which he is ideologically opposed, not so much because he objects to funding the government, but because he believes the government’s role should be a small one and because he fears the money, which he could put to work, will just be wasted. On the other side of the … Read more...

Barry Grows a Pair

Categories: Economy, Featured, Politics, Tax Policy

President Obama introduces his deficit-reduction plan

Mr. Obama tries a combative stance on for size

Who knows what might have caused the president to shift gears? Perhaps it was because he was twice rebuffed by the permatan Speaker of the House, the right honorable John Boehner of Virginia, during the course of the budget talks in July. Perhaps it was Mr. Boehner’s very public smack down, the next month, of Mr. Obama’s request to present his jobs bill to a joint session of congress on the 7th of September.

That last one surely must have stung. Especially as the proposed date was unceremoniously pushed forward because it happened to clash with a scheduled debate of the current crop of GOP … Read more...

Reid Hoffman’s Accidental Plot to Bloat the Deficit

Categories: Uncategorized

Reid Hoffman (CEO of LinkedIn, and self-proclaimed ‘free-market socialist‘) says we should let startups bail us out. As an investor in more than sixty startups, he ought to know how effective they can be.

His plan comes in three stages:

  1. He wants a program that will provide small loans (up to $50,000) for startups.
  2. He wants to change the current skilled-worker visa system, so that instead of a quota (65,000 H-1B immigrants per year), there’s an unlimited number of immigrants and a 10% payroll tax on each, to be reinvested in job training for Americans.
  3. He wants the government to match investments for venture capitalists and angel investors (giving them 50% of the profits from any investment).


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