For more than a decade, deficit hawks and their allies in the media have been promoting a grand bargain whereby Republicans agree to tax hikes and Democrats agree to cut social programs like Social Security and Medicare. That, in turn, will put the deficit on a downward path and presumably restore economic growth. The trouble with this premise is that the current deficit is mainly the result of the recession itself plus the Bush tax cuts and military spending increases. It has nothing to do with Social Security; the projected increases in Medicare spending are only the result of failure to tackle deeper health care reform.
So, how does the scheduled expiration of Republican tax cuts now become an Obama tax increase?
It is outrageous to try to balance the federal budget on the backs of our youth. Our greatest resource is the ingenuity and creativity of the American people.
Gerson calls for improved educational opportunities beginning with early child development, and that's all good. But markets have two dimensions: supply and demand. We certainly need to improve the quality of the supply and do that inclusively across the population.
In pushing for the $250,000 cap, the president is both helping those who most need it and helping the economy.
This could put the tax issue off the table in the short term and give the voters a stark choice -- continue the Bush tax cuts forever under Romney or revamp them in a sensible, context-conscious manner under Obama.
The Republican party is big on patriotism. But devotion to one's country requires personal sacrifice for the larger good, and for Romney to preach the Republican gospel while privately amassing a fortune by evading taxes is deeply hypocritical.
The Congressional Budget Office just released a very thorough update of their high quality household income series, adding data through 2009. There's so much in here it will be weeks before I can work my way through all of its nooks and crannies, but so far, something's jumped out at me. Man, I gotta say: when it comes to federal taxation, there is just no case in the data to be made in any way, shape or form that we Americans are overtaxed. Not middle income, not high income -- not the overall average. Not relative to other countries and not relative to our historical rates back to 1979. In fact, there's a strong, reality-based case in to be made for new revenues in any deal to stabilize the debt situation, starting at the top of the income scale.
President Obama's latest tax cut announcement is more bad messaging. When you throw out an arbitrary number as your cap for tax cuts, you immediately get off message and into the weeds. Why? Because your number rapidly becomes contested.
Today the President called on Congress to extend the middle class tax cuts for the 98 percent of Americans making less than $250,000 for another year.
The problem is you have to raise taxes or create some type of revenue to pay for these services. But, too often, creating revenue is still referred to as some form of a tax. It's a hidden tax, to their way of thinking.
People of faith and of conscience must add their voices to tell Congress to act reasonably and responsibly. Rejecting the House leaders' efforts later this summer to extend the unfair tax breaks for the top 2 percent would be a good start.
Here we go again. For a president who has been dubbed "no drama Obama," it looks like the American public might be in for some "rope a dope" this sum...
There is an alternative to the Republicans' austerity agenda that will do much to save our safety net: a return to Clinton-era policies that created so much wealth in the 1990s.
I'm becoming more and more convinced that the left's collective crying out for strong, effective leadership is going to have to come from the leaderfu...
Today marks 11 years since the Bush tax breaks for the rich were enacted, which have yielded the most unequal distribution of wealth in American history, more unequal even than that of 1929, just before the Great Depression.