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Topic: Taxes

Club for Growth on Tax Compromise: “No Deal”

Posted on Dec. 07, 10 | 03:13 PM by Michael Connolly | Topic: Taxes
WASHINGTON – The Club for Growth today declared its opposition to the tax compromise proposal reached yesterday by President Obama and congressional Republicans.

“This is bad policy, bad politics, and a bad deal for the American people,” said Club President Chris Chocola.  “The plan would resurrect the Death Tax, grow government, blow a hole in the deficit with unpaid-for spending, and do so without providing the permanent relief and security our economy needs to finally start hiring and growing again.”

“Instead, Congress should pass a permanent extension of current rates, including a permanent repeal of the death tax, and drop all new spending,” Chocola said.  “A month ago, the American people repudiated Washington big government.  It’s time for both parties to finally hear that message and act on it.”

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Two Interesting House Votes

Posted on Dec. 03, 10 | 09:06 AM by Andrew Roth | Topic: Taxes
House Democrats brought up a bill yesterday to extend all of the Bush tax cuts for the middle-class while letting the higher-end tax cuts expire.  In effect, it would be a huge tax hike on Jan. 1 for a lot of people, including small business owners.  The bill passed 234-188, with 3 Republicans voting YES with the Democrats - Walter Jones (NC-03), Ron Paul (TX-14), and John Duncan (TN-02).  Twenty Democrats voted NO, a lot of whom won't be coming back next year thanks to the results handed out on that Tuesday in early November.

Fortunately, since the bill can't pass the Senate, Democrats will be forced to go back to the negotiation table with Republicans and ultimately relent on extending all of the tax cuts.

The House also voted yesterday to censure Charlie Rangel for his tax-related improprieties.  The resolution passed 333-79.  Two Republicans voted NO - Peter King (NY-03) and Don Young (AK-AL).
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Rep. Yarmuth: Small Business Can Handle a Tax Hike

Posted on Dec. 02, 10 | 04:27 PM by Andrew Roth | Topic: Taxes
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Should the White House and the GOP Compromise on the Tax Cut Extension?

Posted on Dec. 01, 10 | 08:54 AM by Andrew Roth | Topic: Taxes
That's the question that The Hill newspaper posed yesterday.  Here is my response.  Unfortunately, I don't think Senator Kyl and Rep. Camp are going to listen.
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USA, USA, USA -- We're #62?!?!?

Posted on Nov. 23, 10 | 04:00 PM by David Keating | Topic: Taxes
Number 62?  That's terrible.  No, it's not curling (US Men are #5 and US women are #8), where Team USA does pretty well.

It's in the "ease of paying taxes" competition in a new study published by World Bank, the International Finance Corporation (IFC) and PwC.  The ranking accounts for the difficulty of figuring out the tax, how many times you have to pay it and the total tax rate.

Our #62 ranking was pulled up by the #35 ranking for the number of payments.  What pulled it down was the pathetic #124 ranking for the total tax rate.

Anyway you look at it, a very disappointing performance by Team USA, meaning the Congress and the president.

P.S. -- You've got to admire Brazil, which sets the dubious world record for complex tax rules.  Compliance time for the studied business was a whopping 2,600 hours per year, over double the amount for Bolivia, the country in next to last place at 1,080 hours.

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Democrats Cry "Uncle" on Tax Cuts

Posted on Nov. 11, 10 | 08:13 AM by Andrew Roth | Topic: Taxes
**UPDATE**: Alexrod backs away from his original quote.  From National Journal:

Senior White House Adviser David Axelrod said this morning that President Obama has not caved to GOP demands on the extension of the Bush tax cuts, despite a report from the Huffington Post to the contrary.

“We're willing to discuss how we move forward,” Axelrod said in an e-mail to National Journal refuting the Huffington Post story, “but we believe that it's imperative to extend the tax cuts for the middle class, and don't believe we can afford a permanent extension of tax cuts for the wealthy.”

If we can get further clarity on how far into the future these tax rates will get extended, it ought to give the markets a nice sigh of relief.  From the Huffington Post:

President Barack Obama's top adviser suggested to The Huffington Post late Wednesday that the administration is ready to accept an across-the-board continuation of steep Bush-era tax cuts, including those for the wealthiest taxpayers.

That appears to be the only way, said David Axelrod, that middle-class taxpayers can keep their tax cuts, given the legislative and political realities facing Obama in the aftermath of last week's electoral defeat.

"We have to deal with the world as we find it," Axelrod said during an unusually candid and reflective 90-minute interview in his office, steps away from the Oval Office. "The world of what it takes to get this done."

"There are concerns," he added, that Congress will continue to kick the can down the road in the future by passing temporary extensions for the wealthy time and time again. "But I don't want to trade away security for the middle class in order to make that point."

It has been widely assumed that the president would have to accept an across-the-board deal of some kind, but Axelrod's remarks were the first public confirmation of that fact -- and by a figure regarded as closer to Obama than any other White House staffer.
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Is the FAIR Tax a Political Liability?

Posted on Oct. 29, 10 | 01:19 PM by Andrew Roth | Topic: Taxes
In light of the numerous attack ads that Democrats are hurling at candidates supportive of the Fair Tax, that's the question posed by Cato's Dan Mitchell.  Check it out here.
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Corporate Cash Sits on Sidelines

Posted on Oct. 08, 10 | 10:09 AM by Andrew Roth | Topic: Taxes
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Will Bush Tax Cut Vote Be Derailed?

Posted on Sep. 22, 10 | 10:06 AM by Andrew Roth | Topic: Taxes
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ABC News Confirms President Obama's Tax-Hike is a Small Businesses Job Killer

Posted on Sep. 09, 10 | 10:58 AM by Andrew Roth | Topic: Taxes
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White House Still Seeks End to Tax Cuts

Posted on Sep. 08, 10 | 08:43 AM by Andrew Roth | Topic: Taxes
 This battle will get settled before November, but who will back down?  Vulnerable Democrats in Congress or the White House?  From the Politico:

President Obama disagrees with his former budget director’s proposal that the Bush tax cuts for the rich be extended for two years, White House press secretary Robert Gibbs said Tuesday. 

“We cannot afford to extend the tax cuts for those making more than $250,000 a year,” Gibbs said in his daily briefing, restating the administration’s position repeatedly as reporters asked about a New York Times column by the recently departed budget chief, Peter Orszag. “We should and must pass legislation that extends the tax cuts for middle-class families.” 
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