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  • Morning Bell: Hiding Future Tax Hikes on Tax Day 2011

    Today, April 15, is typically Tax Day. Taxpayers would usually be furiously figuring out how much they owe Uncle Sam right about now. In case you didn’t know it, taxpayers this year get a three-day reprieve because of a holiday in Washington, D.C., commemorating President Abraham Lincoln’s emancipation of slaves … More

    Currently Low Tax Receipts No Excuse to Raise Taxes

    An AP article today explains that tax revenues this year are projected to be the lowest since 1950. Chalk this one up as a dog-bites-man story. Our income tax system is highly progressive. Taxpayers pay higher rates as they earn more income. During recessions, incomes contract sharply, so there is … More

    U.S. to have Highest Corporate Tax Rate in the World

    Most of the time being number one is good. But when it comes to having the highest tax rate in the world, it is much better for a country to be bringing up the rear. Currently Japan holds the inauspicious distinction of having the highest corporate income tax rate in … More

    Businesses Anticipating Stormy Weather on the Tax Front

    Like a falling barometer indicates impending bad weather, the actions of businesses are an early warning sign when Congress is about to harm the economy. Congress and the President continue to drag their feet on extending the 2001 and 2003 tax relief. The common assumption is that some compromise will … More

    Do Partisan Politics Spell Tax Hikes?

    One of the most pressing pieces of legislation that the lame duck Congress must deal with is the impending expiration of the 2001 and 2003 tax relief. Led by President Obama, the Democrats have long argued for extending the tax relief for families making less than $250,000 a year while … More

    You Can’t Tax the Rich Enough to Close the Deficit

    President Obama has driven spending and deficits to historic levels in just two years since taking office. Not content to stop there, his budget for the next 10 years keeps spending at record levels and piles up unprecedented amounts of debt in the process. To partially offset his massive overspending, … More

    Obama Tax Hike Plan Still Supported by Myths and Straw Men

    The White House recently released a video defending President Obama’s tax hike plan featuring the new Chairman of the Council of Economic Advisors, Austan Goolsbee. Goolsbee replaced Christina Romer in September. Even though the personnel have changed, the flawed arguments supporting the President’s tax hike plan remain the same. In … More

    Max Baucus Clears One Hurdle on Dividends Tax Rate—Where’s Harry?

    For the second time in a week, Senate Finance Committee Chairman Max Baucus (D–MT) has called for the suspension of pay-as-you-go (PAYGO) budget rules to pass necessary and vital tax policies. First, Baucus suggested waiving PAYGO as it pertains to the death tax. Now he’s calling for the Senate to … More

    Max Baucus Clears Way for Death Tax Repeal

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    Senate Fails to Repeal Burdensome Obamacare Business Requirement

    The Senate failed today to repeal one of the more troublesome provisions of Obamacare. Tucked away in the legislation that made Obamacare into law is a tax provision that will be a compliance nightmare for businesses when it goes into effect in 2012. The provision calls for all businesses to … More