A jubilant President Obama put his signature on health care legislation yesterday, but the work isn’t done quite yet. The U.S. Senate must pass the Reconciliation Act of 2010, making a number of tax changes to current law. By signing the legislation, Obama already broke his campaign promise not to raise “any form” of taxes on families making less than $250,000 per year. The reconciliation bill adds even more taxes for Americans — an estimated $52.3 billion over 10 years, according to a new analysis from Americans for Tax Reform. ATR’s Ryan …
Heritage’s Bill Beach testified at yesterday’s Economic Recovery Working Group hearing on Capitol Hill about an alternative to the misguided Keynesian stimulus package liberals in Congress are advocating. The hearing came a week after President-elect Barack Obama invited alternative suggestions for promoting economic growth. Obama’s openness to alternatives prompted Republican Whip Eric Cantor (R-VA) to do something a bit unusual: open the hearing to American citizens, four of whom submitted questions via YouTube for the witnesses. Two of those witnesses were former Massachusetts Gov. Mitt Romney and former eBay chief …
Courtesy of William Warren, Americans for Limited Government Americans for Tax Reform has run the numbers for Joe Wurzelbacher. Under the tax plan offered by Barack Obama, the country’s most famous plumber would pay $10,000 more in taxes. Here’s the breakdown: Current Law: Under current law, Joe faces a self-employment tax of $20,768 and an income tax of $49,908 for a total tax liability of $70,676 Obama Tax Hike: Joe’s self-employment tax his risen to $24,488 since he’s paying the full rate after $250,000 of SE tax. His income tax …
