Federal Reserve Chairman Ben Bernanke is due to deliver the Semiannual Monetary Policy Report to Congress today before the House Financial Services Committee. What will he say about unemployment, if anything at all? The stakes are high with Bernanke’s approval rating at an all-time low. The hearing starts at 10 a.m. The Senate Finance Committee and House Ways and Means Committee will hold a joint hearing on tax reform and the tax treatment of debt and equity. Heritage’s Asian Studies Center will host a briefing on the Global Scope of Radical …
Fellow Americans: Today, I am excited to announce the release of The Heritage Foundation’s comprehensive agenda that sets a new course for the size and scope of the federal government. The new report, “Saving the American Dream: Heritage’s Plan to Fix the Debt, Cut Spending, and Restore Prosperity,” lays out specific policy recommendations in Social Security, Medicare, Medicaid, health insurance, the tax code and federal spending. Saving the American Dream envisions real solutions for staving off America’s potential decline while strengthening the economy for current and future generations. We are …
With all the damaging bills coming out of Congress today, and promises of more to come, it is easy to lose sight of necessary positive policy changes that Congress should be making to improve the tax code and increase economic growth. Representatives Jim Jordan (R-OH) and Jason Chaffetz (R-UT) look to fix that by proposing a series of changes to the tax code that will finally make those long-needed advancements. Their bill, H.R. 5029, proposes the following: 1) Eliminate the tax on capital gains. The current tax code taxes capital …
In a time when the usage of the word “bipartisan” spawns cynicism among taxpayers across the 50 states, a recent bipartisan Senate bill stands out as an exception. “The Bipartisan Tax Fairness and Simplification Act of 2010,” introduced by Senators Ron Wyden (D-OR) and Judd Gregg (R-NH), is a serious bipartisan effort to overhaul our current tax code that most economists and business people agree constitutes one of the most damaging drags on U.S. competitiveness and economic recovery. To succeed, Wyden and Gregg will need to swim against a tide …
First the good news: earlier this week President Barack Obama admitted that high taxes kill jobs. Now the bad news: he wants to raise taxes on U.S. companies anyway. Pitching his new tax reform plan Monday President Obama said that our tax code “says you should pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, New York.” As the Wall Street Journal quipped: “That sounds like a great argument for lowering taxes on the guy creating jobs in Buffalo. Alas, that’s …
Tax reform, not reckless government spending, is the way to revive the ailing U.S. economy. American entrepreneurs and businesses carry heavy taxes on their backs as they compete in the global marketplace, from India to China and Canada to Russia. Other nations followed the U.S. example in 1986 by cutting tax rates on businesses so they could take risks and create jobs. But America’s top corporate tax rate, 40 percent, is now the highest among all but one of our 30 largest trading partners – a sluggish Japan. It’s not …
