On June 15, the International Monetary Fund (IMF) released a study suggesting national tax policies contributed to, but did not cause, the credit boom and bust that caused the global recession. The IMF noted that countries with income taxes tend to impose heavier tax burdens on equity than debt, thereby tilting the playing field toward greater leverage: “Tax distortions have caused leverage to be substantially higher than it would be under a neutral tax system.” In the United States, this distortion is especially apparent in the double-taxation of corporate income …
The Waxman-Markey global warming bill is far and away the most worrisome environmental measure currently working its way through Congress, but it is certainly not the only cause for concern. Despite the all-encompassing global warming debate (and perhaps because of it) other problematic green measures are also being rushed through the House or Senate with minimal discussion. One such measure is S. 787, the Clean Water Restoration Act (CWRA). Like Waxman-Markey, the CWRA would do much more harm than good, especially for farmers, ranchers, developers, energy producers, and other property …
Yesterday the White House released a report, Global Climate Change Impacts in the United States, finding that “[c]limate changes are underway in the United States and are projected to grow.” Senate Environment and Public Works Committee Chairwoman Barbara Boxer (D-CA) told The Hill, “The findings released today add urgency to the growing momentum in Congress for legislation that cuts global warming pollution.” Do they really? Is there any evidence in the report that global warming legislation will prevent any of the changes the report identifies? Is there any evidence in …
After passing in the House, the stage is now set for a Senate vote to pass the “Cash for Clunkers” bill that would offer up to $4,500 to trade in a used vehicle for a new one. Although the idea sounds good on paper, we’ve outlined a number of problems with the bill: Consumers typically replace clunkers with slightly newer clunkers or used cars, the program would distort the used car market by reducing the supply of used cars at a time when demand has been increasing, the voucher exceeds …
It’s no secret the Waxman-Markey cap and trade legislation to reduce carbon dioxide emissions is a jobs killer. Heritage Foundation economists found that over a 2012-2030 timeline, job losses average over 1.1 million. By 2035, a projected 2.5 million jobs are lost below the baseline (without a cap and trade bill). But don’t take our word for it. The Black Chamber of Commerce and The Brookings Institution are projecting catastrophic job losses as well. It’s all right, though, because the government has you covered. Sort of. It’s called Climate Change …
Today, the House Armed Services Committee was marking up the FY 2010 budget for the Defense Department. The liveliest debate was over Congressman Turner’s (R-OH) amendment to re-insert $120 million to fund the remaining 14 ground-based interceptors. For the past several years, the plan was to have 44 interceptors dispersed among California and Alaska bases. As of right now, we have 30. Because the House Armed Services Committee rejected Congressman Turner’s amendment, the Department of Defense will stop any further deployment of the 14 interceptors. Defense Secretary Gates spurred the …
Courtesy of Sen. Tom Coburn’s (R-OK) new report, “100 Stimulus Projects: A Second Opinion”, here are the Top Ten most dubious Obama stimulus projects: “Free” Stimulus Money Results in Higher Utility Costs for Residents of Perkins, Oklahoma FutureGen: The Stimulus Earmark that Wasn’t, Becomes the Costliest Pork Project in History Little-Used “Shovel-Ready” Bridges in Rural Wisconsin Given Priority Over Widely Used Structurally Deficient Bridges $800,000 for little-used Johnstown, Pennsylvania airport to repave a back-up runway; the “Airport for Nobody” Has Already Received Tens of Millions in Taxpayer dollars $3.4 Million …
Health insurance companies are for it. Ted Kennedy is for it. Nancy Pelosi is for it. Even some Republicans are supportive. What is “it”? “It” is a proposed requirement that would force every American to buy health insurance or face some type of fine or other punishment. “It” is more commonly known as the individual mandate, and “it” is terrible public policy. 1. Individual Mandates are an Unprecedented Violation of Individual Liberty – According to the Congressional Budget Office (CBO), a federal individual mandate for health insurance would be unique and …
MOSCOW – The Kremlin has not had a good week with its putative allies. Russia’s ban on imports of Belarussian dairy products (under claims they failed technical requirements) has stirred a strong political response from Minsk. The excuse of their failure to meet technical requirements has stirred a strong political response from Minsk. President Alexander Lukashenko skipped the Moscow summit of the Collective Security Treaty Organization, and Minsk declared all summit decisions illegitimate due to Belarus’s non-attendance. Minsk even rejected the conference agreement to create a collective rapid response force.
Three days of massive protests following Iran’s sham elections have destroyed the illusion, carefully nurtured by the radical Islamist regime in Tehran, that Iran’s government is a democracy. In reality, it is a theocratic dictatorship masked by a façade of representative government. Mounting political violence has shattered that façade and should be a wake-up call for the Obama Administration, which has based its engagement strategy with Iran on wishful thinking. The Administration undoubtedly hoped that belligerent President Mahmoud Ahmadinejad would be voted out of power and that a successor government …
