The Congressional Budget Office (CBO) just now released its score of the bill the Senate passed early this morning while everyone was celebrating the beginning of the New Year. Despite knowing for a long time that taxes would go up on all Americans today, the Senate waited until we technically went …
While you were sleeping—or ringing in 2013—the Senate voted to raise taxes. After missing the midnight deadline, Congress and the President have technically sent the nation over the fiscal cliff, meaning higher tax rates are already in effect for all income tax brackets. But the Senate’s deal, brokered by Senate …
Kicking the can is the least repugnant remaining resolution to the fiscal cliff. The only alternatives appear to be the Republicans’ unconditional surrender on income tax rates (and conceding their principles) or simply going over the cliff. The story is now a familiar one. Congress and the President conspire to …
The latest fiscal cliff proposal by Speaker of the House John Boehner (R–OH) is infuriatingly frustrating to conservatives, again. In exchange for $1 trillion in tax hikes—including the President’s immediate tax rate hike on the wealthy—Boehner asked for just $1 trillion in spending cuts. And, to sweeten the pot for …
What will the tax hikes of January 1, 2013, mean to real Americans? Let’s say you are a black woman who has a rewarding, though extremely challenging, career as a registered nurse. You’re nearing retirement—you’re 58, living in the Miami-Fort Lauderdale metropolitan area. After working hard for several decades, you …
The one glaring omission in President Obama’s fiscal cliff demands for higher rates on top earners is that he’s already raised their taxes. That’s right! When he signed Obamacare into law, he raised tax rates on families earning more than $250,000—his definition of rich. He has done so by including …
As the fiscal cliff approaches, Congress and President Obama continue to debate tax increases, even though spending is the problem. Investor Warren Buffett recently opined that tax hikes on the wealthy would not curtail investments or hurt the economy. His logic, like President Obama’s, assumes that incentives don’t matter. Oh …
“Would raising taxes on the wealthiest Americans have a chilling effect on hiring in this country?” When asked this question by Today’s Matt Lauer, Warren Buffett confidently answered, “No.” How could this be, when the tax hikes desired by President Obama would fall directly on some of America’s most successful …
