In the past 12 months the Bush Administration, the Obama Administration, and the Democrat controlled Congress have laid out $1.2 trillion in the name of stimulus, $700 billion for the Troubled Assets Relief Program, and over $400 billion for the Omnibus spending bill in debt on future generations of America. As big a hole as all that deficit spending has already put us in, the long term entitlement spending explosion is just as much of a fiscal threat, if not worse. As President Barack Obama said Tuesday, “The biggest problem …
The Senate Homeland Security and Government Affairs Committee voted yesterday to send to the Senate floor unconstitutional legislation that would give the District of Columbia a full seat in the House of Representatives. Like the nearly identical proposal that died in the Senate two years ago, the District of Columbia Voting Rights Act of 2009 would give a House seat to the District and create another seat that would go to Utah. This seat would belong to Utah only temporarily, however, and would later be awarded to whichever state merits …
The Politico is famous for its fact free political analysis. Glenn Thrush continues this tradition today in an article purporting to identify the biggest losers from Tuesday’s election. Thrush writes: John McCain invoked the Great Communicator as his idol — and many in the GOP believe a return to Reagan-era conservative populism provides a path back to relevancy. (His visage still adorns the National Republican Congressional Committee’s home page.) But Democrats claim the economic crisis has called into question central tenets of The Gipper’s fiscal philosophy, including wide-ranging tax cuts, …
A closer look at the Obama and McCain tax plans for the reveals that it is not just the “rich” taxpayers earning more than $200,000 that would face higher rates under Obama than under McCain’s tax proposal. The reason for this is simple: McCain expands the exemptions families can take under both the regular and alternative minimum tax schedules. Obama offers nothing new to this group. Our analysis shows that for an Adjusted Gross Income (AGI) of $50,000 or more, a household would face a higher rate under Obama’s tax …
NBA owners and players will have to swallow hard if that avid hoops fan, Barack Obama, is elected president and pushes through his tax plan. It’s not just players like Celtics star Kevin Garnett, the league leader in pay, who’d have to figure on paying more in federal income taxes. In fact, the NBA’s 20 highest-paid stars each would lose, on average, an additional $1.2 million to an Obama administration. And plenty of American players could increase their net incomes by signing with overseas franchises. (Obama and running mate Joe Biden might call that “unpatriotic” and “selfish.”) …
A lot of focus has been on how the candidates’ tax plans affect different income groups. But, The America Dream is all about climbing the income ladder. A family that is “middle class” one year may be considered “rich” the next. This depends on economic growth, and on opportunity and the chance to succeed in entrepreneurial endeavors. Analysis shows that McCain’s tax plan is better for economic growth, and reduces the burden on small business more. So, if families are able to better their conditions, then perhaps a better question …
The Heritage Foundation recently published an evaluation of the candidates’ tax plans. This analysis assumed the tax reductions of 2001 and 2003 expired on schedule, or at the end of 2010, and that each tax plan reacted to what would be a very large tax increase if Congress and the president do nothing. Our paper finds that John McCain’s tax plan, which makes all of the tax reductions permanent (among other things), produces more than twice as much economic activity as Barack Obama’s plan, which makes those tax reductions permanent …
It looks more and more like Joe the Plumber was on to something about taxes, though you wouldn’t know if from most of the polls and media. The Heritage Foundation has the details in our new study: If a President McCain got his way on tax reform, Americans could expect to see jobs, the economy and their own disposable income grow much faster than if a President Obama were to push through his proposals. As this chart shows, the economy would grow by $320 billion more in 10 years under …
Joe the Plumber helped reshape the presidential debate around the issue of taxes. So how do the two candidates’ proposals compare? What plan is better for the economy and job creation? Rea Hederman, senior policy analyst and assistant director of Heritage’s Center for Data Analysis, explains the differences between Barack Obama’s and John McCain’s tax plans. Hederman wrote a detailed analysis of the proposals last week. [youtube]http://www.youtube.com/watch?v=zZWuT81X93I[/youtube]
Want a preview of what an Obama Department of Justice would look like? Look no further than Obama for America general counsel Bob Bauer’s letter to Attorney General Michael Mukasey last Friday. Bauer wants the special prosecutor investigating the U.S. attorney firings to start investigating John McCain, Sarah Palin and other Republicans such as Sen. George Voinovich (R-OH) and Rep. Paul Ryan (R-WI). Their crime? Calling on our nation’s law enforcement officers to investigate widespread reports of vote fraud. Bauer writes: As Election Day approaches – just as in 2004 …
