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  • Tax Rates

    The Income Tax Turns 100 Years Old

    The federal income tax is now a centenarian. On February 3, 1913, the 16th amendment to the Constitution was ratified. The revenue the income tax raises allowed Congress to greatly expand the size of the federal government. We will likely never return to a federal government the size we had … More

    Scholars Agree: High Tax Rates Do Harm Growth

    The Congressional Research Service (CRS) stirred controversy last year when it released a study claiming that tax rates do not influence economic growth. Predictably, those who favor higher taxes used the flimsy report to bolster their backward argument that raising tax rates, as Congress and President Obama did with the … More

    Phil Mickelson and His Tax Bogey

    Professional golfer Phil Mickelson, one of California’s many but dwindling wealthy, apparently carded a bogey when he intimated over the weekend that the near 60 percent marginal tax rate on the state’s millionaires may be enough to make him flee to a lower tax burden state. In November, the state … More

    Morning Bell: 13 Tax Increases in 2013

    New Year’s Day was tough for taxpayers. Thirteen tax increases kicked in. The deal that Congress and President Obama struck that finally—but only partially—avoided the fiscal cliff resulted in seven tax increases. Those hikes combined with six tax increases from Obamacare that also began on New Year’s Day. 13 Tax … More

    Morning Bell: Taxes to Rise on Most American Workers

    Representative Nancy Pelosi (D-CA) called it “a happy start to a new year.” That probably tells you all you need to know about the fiscal cliff deal that passed the House last night. The bill—which President Obama has promised to sign, though he took off for Hawaii again after the … More

    Congressional Budget Office Shows Senate Bill Is $600 Billion Tax Hike

    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 … More

    Morning Bell: Tax Hikes to Start the New Year

    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 … More

    Morning Bell: ’Twas the Night Before Cliff-mas

    Christmas arrives this year at a time when our nation is on the brink of the fiscal cliff. With time running out for President Obama and Congress to reach an agreement, this Christmas Eve we bring to you 2012 twist on Clement Clarke Moore’s famous poem, “A Visit from St. … More

    Morning Bell: Conservatives Stand Their Ground

    “When you can’t make them see the light, make them feel the heat.” President Ronald Reagan’s sound advice rang true yesterday. Grassroots activists and conservative groups, led by Heritage Action for America, derailed a plan to raise taxes on some Americans and small businesses. Lacking votes from his own party, … More

    Morning Bell: 3 Simple Solutions for Fixing Social Security

    Later today the Republican-led House of Representatives will vote on “Plan B,” the latest unsatisfactory proposal put forward by Speaker John Boehner (R-OH) to avoid the fiscal cliff. Boehner’s plan would protect most Americans, except for millionaires, from a tax hike. But even this is a poor fix because it … More