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  • CBO's Stimulus Review: As Good as a Horoscope

    One reason economists sometimes compare themselves to astrologers is that their forecasts are often equally accurate. But when it comes to analyzing government policy, economists have trouble even figuring out what happened in the past. Case in point: The most recent Congressional Budget Office (CBO) report of President Obama’s $831 … More

    Britain to Obama: More Proof that Taxing the Rich Is a Fool's Errand

    President Obama is insistent that taxes must go up to close the deficit. He says it’s just common sense that taxes must go up, because the math says so. But if he gets his way, the numbers won’t add up the way he says they will. President Obama wants to … More

    CBO Once Again Proves Tax Hikes Unnecessary to Lower Deficit

    The Congressional Budget Office (CBO) released its outlook for the federal budget last week. According to the CBO’s “Alternative Fiscal Scenario,” tax receipts will match their historical average in 2017, when revenue will be 18 percent of gross domestic product (GDP). Receipts will continue growing after that. CBO’s alternative scenario … More

    Senator Hatch Gets It Right on Tax Extenders

    On December 31, a set of approximately 50 tax-reducing provisions commonly referred to as the “tax extenders” expired. These provisions, which apply to both individuals and businesses, include popular measures such as the Research and Experimentation credit for businesses and the optional deduction for state and local sales taxes for … More

    Millionaire Tax Would Punish the Biggest Job Creators

    Senate Majority leader Harry Reid (D–NV) drifted off to fairy-tale world this week and dreamed up some statistics as he did. On the floor of the Senate, Reid said the following: Many of our job creators are like unicorns—they’re impossible to find and don’t exist. That’s because only a tiny … More

    Supercommittee Failed, and Spending Is Still the Problem

    Tax hikes were the focal point of the contentious, failed supercommittee negotiations designed to reduce the national debt by at least $1.2 trillion. Democrats wanted massive tax hikes. Republicans flirted with a tax reform deal lowering rates and closing loopholes. But the fact that tax hikes were at the center … More

    Senate Finance Republican's Tax Recommendations a Good Start

    The Republican members of the Senate Finance Committee recently submitted their recommendations for tax reform to the deficit reduction super committee. Their recommendations lay out the principles they’d like tax reform to adhere to: economic growth, fairness, simplicity, revenue neutrality, permanence, competitiveness, and savings and investment. Towards those ends, the … More

    IRS’s Difficulty Collecting Obamacare Tanning Tax Is a Troubling Sign

    President Obama is fond of saying he hasn’t raised anyone’s taxes. How soon he forgets the $500 billion tax hike in his health care law. Obamacare raised 18 separate taxes and included a brand new 10 percent excise tax on tanning beds. The tanning bed tax started in July 2010. … More

    CBO Figures Once Again Prove Tax Hikes Unnecessary to Fix Budget

    The Congressional Budget Office (CBO) just released its long-term outlook for the federal budget. As expected, we are going broke slightly faster than we were a few months ago. No doubt the usual bigger-government types will use this news to repeat the mantra that we need to both cut spending … More

    Tax Hikes Are Not Government Savings

    Most people think of savings as that portion of a family’s income that they put away for emergencies, a big purchase, or their kids’ college education. It seems that some in the media want to change that definition. The Hill ran an article equating tax increases with “savings” in terms … More