At some point between Thanksgiving and December 1, the federal government made history, as the value of outstanding U.S. Treasury securities exceeded $18 trillion—that’s an 18 with 12 trailing zeroes. At some point, such numbers begin to lose their meaning because the amounts exceed most people’s ability to comprehend.
Citizens concerned about high-cost electricity, skyrocketing government debt, and massive giveaways of hard-earned tax dollars to crony corporations should call or email their senators and their congressman – and explain why these subsidies should end now.
Our politicians have placed any number of barriers in the way of prosperity, and one of the most costly has been the Dodd-Frank financial reforms (DF). Congress passed this 2,300-page law in 2010. It has since spawned a massive new regulatory environment with an impact reaching far beyond the nation’s $1.1 trillion financial services industry.
Washington Times columnist and editor Drew Johnson joins The Heartland Institute’s Budget and Tax News managing editor Jesse Hathaway to talk about the World Health Organization’s (WHO) “Article 6,” a proposed global tax aimed at making tobacco products prohibitively expensive.
The recently uncovered comments of MIT professor Jonathan Gruber deriding the intelligence of the American voter and bragging that deception helped pass the Affordable Care Act (ACA), or Obamacare as it’s more popularly known, have prompted outrage from many conservatives and Republicans.
For those concerned about the U. S. government going in debt $1.5 billion every day, rejoice. Here is a chief example–EPA Administrator Gina McCarthy will be in Atlanta October 26 to address the National Congress of American Indians. (The News Announcement follows this article.) No doubt she will be giving out large amounts of ‘wampum’ to keep tribal support for EPA regulations that inhibit economic growth of the United States.
To paraphrase the knight who guarded the Holy Grail in “Indiana Jones and the Last Crusade,” Ireland has chosen poorly.
The Emerald Isle has decided to make itself decidedly less attractive to people the world over.
Throw enough mud at the wall, and some of it will stick. That seems to be the hope behind the several legal challenges brought against education tax credit scholarship programs. In some cases, choice opponents use the Blaine Amendment as an excuse to extinguish any hint of education freedom. In other cases, they use technicalities, such as a suit saying the statute violates a law requiring each piece of legislation concern only a single subject.
Recently two towns, Chattanooga, Tennessee, and the City of Wilson, North Carolina, have petitioned the federal government, via the FCC, complaining that state laws are constraining them from the municipal provision of broadband services, that is, from building a government owned network (GON). That is, these municipalities want to expend resources to build and operate broadband systems, without following any of regulations that govern private sector providers. To overcome the state’s rightful authority the city governments have proposed that the FCC preempt state law and empower municipalities in ways that upset the political structure of the U.S.
For decades, climate alarmists have been attempting to trigger global cooling by killing industry with carbon taxes and absorbing solar energy with windmills, solar panels and wood-fired power stations.
It seems that when Chief Justice John Marshall was preparing the opinion for McCulloch v. Maryland he tapped into an eternal truth. “The power to tax is the power to destroy,” he wrote on behalf of a unanimous Supreme Court. Those words are no less true in 2014 than they were in 1819. Taxation appropriates money from one person or group of people in order to give it to others. There is no way to escape taxes. But there is a way to make taxes somewhat fairer. One way is to make taxes flatter and expand the tax base.
This Molly Ball piece on the metric which best determines the outcome of elections makes for a fascinating read: essentially, it demonstrates that when Republicans don’t lose the working class by a wide margin, they do well, and when they lose it by 20 points, they don’t. Throw out all the other measures of race and religion – and Republicans even spot the Democrats the ten points! – and the share of the working class vote determines the outcome:
America is supposed to be the land of the free, yet it is has one of the most vicious tax regimes in the rich world. Once blessed with comparatively low tax rates and levels of regulation, businesses and entrepreneurs flocked to the United States from the sclerotic systems of Europe (and elsewhere). Now American businesses are fleeing America’s shores and foreign-born entrepreneurs are less inclined to come at all.
Numerous polls over the years have identified the property tax as one of the most hated taxes—if not the most hated tax—in America. Ironically, something cities and counties across the country have enacted to reduce property taxes actually drives them higher.
Following oral arguments, I was not optimistic about this ruling. The Court could have bought into the argument that Hobby Lobby can’t really complain about this requirement when they have the capability to not offer coverage at all, instead shifting people under their employ to the taxpayer via Medicaid or the exchanges. The penalty for offering coverage which fails to meet essential benefits is clearly absurd and sizable, but the penalty for not offering coverage at all would actually cost them less than offering coverage in the first place (around $26 million per year). The “gun to your head” penalty was the one which moved the court on the Medicaid/federalism question before, in a ruling that unexpectedly led to half the states declining to expand Medicaid. Justices Kagan and Sotomayor stressed this in oral argument and the Court could have found that this factor removes the pressure of an actual requirement. You can understand the reasoning: Just like the requirement to purchase insurance, it’s not illegal, it’s just a tax!
A judge in Sangamon County Circuit Court has blocked a modest reform of Illinois’ pension system for state workers and retirees outside Chicago from taking effect June 1, giving Gov. Pat “Four Counties” Quinn the excuse he’s probably been looking for to block reforms for two of Chicago’s pension plans. (I’ll explain “Four Counties” in a moment.)
It’s common for people to pretend public education is free. But it’s not. Parents buy access to certain public schools with their mortgage or rent check. A 2012 study of the nation’s 100 largest metro areas found houses near high-achieving public schools cost approximately $11,000 more per year, or 2.4 times as much, as houses near low-achieving public schools. It also found the typical low-income child attends a school that scores below average on state tests, whereas the typical middle- or upper-income child attends a school that scores above average.
The media is giving mixed reports of Cardinal Dolan’s interview on Meet the Press with David Gregory. According to Fox News, the Catholics oppose Obamacare and, according to NBC News, the Catholics embrace it.