650 Billion in Tax Increases? 30 April, 2007Posted by stoptaxing in federal.
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April 30, 2007 contained an analysis by Stephen Moore which claimed the Democrats are planning a massive tax increase to make up for the AMT (alternative minimum tax) cut we need. They have self imposed an artificial dilemma which could sink us into a recession. The pay through the nose rules as we call paygo here is making any real tax cut impossible with a crew bent upon new spending. (See January archives.) Read this commentary http://online.wsj.com/article/SB117789342653886488.html?mod=opinion&ojcontent=otep&apl=y.
Much of the economic growth and the investment growth most of us depend upon to retire is based upon the Gingrich capital gains tax cuts. This proposal would more than double the capital gains tax and threaten investments and jobs like nothing else.
The perversity of all of this is that smart tax cuts increase revenue and tax increases tend to hurt revenue. It is a growing economy not a greedy government we should seek. Let’s have real tax reform and not musical chairs masquerading as economic policy.
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Announcing on the same day, Senator John McCain and Governor James Gilmore jostled for the mantle of limited government. Senator McCain proclaimed overspending as one of the reasons Republicans lost. He declared that he wanted to reform government, win the war on Islamofacism, and bring back integrity to government.
Governor Gilmore declared himself as the only true conservative in the race (surely news to Rep. Ron Paul, Rep. Tom Tancredo, Rep. Duncan Hunter, and the former Governor of Arkansas, Mike Huckabee who is running on a truly pro-family and pro-taxpayer platform). The Governor tauted his record as a tax cutter in Virginia and noted that he is not an election campaign convert to conservative principles like the so called first tier candidates are alleged to be.
We need a discussion favoring the taxpayer. That did not happen in the Democrat Presidential debate in spite of Governor Richardson’s admirable record. Why Governor Richardson did not key in on his ability to win independent and even Republican votes because of his record as a tax cutter and social moderate is a mystery. He is the best hope for the Democrats, but he has bought into the traditional wisdom that to win the primary you have to appear like a warmed over socialist. Senator Clinton is not buying into that pattern even though her record does not match any moderate image. She is positioning herself to stand out from a crowded field.
Let’s hope for the sake of the taxpayer we have a debate in both parties over taxation, economic growth, and wise government spending. Governor Bill Richardson has the credentials to do just that. Let’s hope he has the will.
Will Seniors pay more under the Democrat fix? 30 April, 2007Posted by stoptaxing in federal.
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If Republicans did it, it must be broke or corrupt. The new Congress must therefore fix it. Why let people suffer while we wait for the evidence?
Back in the first Bush term, the Congress added a prescription drug option to Medicare. It cost only 75% of the Democrat proposal and cost seniors less in comparison premiums. It used private insurers and pitted them in competition with one another. According to the evidence so far, everyone benefits. The insurers are making money, seniors have some of the best coverage in America, costs are lower than projected to the taxpayer, and customer satisfaction is high with the program.
That’s the rub. According to today’s Wall Street Journal, the Congress is threatening to make the same mistake the Republican Congress did in the 90’s; cut the payments to the insurers. Remember the HMO program which gave prescription coverage? It actually saved money, but the feds wanted more and squeezed the insurers. Once the profits disappeared, the corporations left.
Profit is good. It is the marketplace rewarding good service. The current Congress sees that as money they could be spending on new programs. Profit from service is seen as wasteful or a corrupt giveaway to big insurance companies.
The problem is if the federal payments are cut, the seniors will pay higher premiums or lose service. Simple formula. If you combine this with the other reforms proposed, medicare would be in the same sad situation as the unreformed medicaid. Doctors would suffer from lower payments. Seniors would suffer from a lack of new medications. Taxpayers would be told to have compassion and ante up for the expensive program the Democrats really want.
Appearances say house Democrats are willing to destroy lives to consolidate power and in the process stick all of us with higher taxes and another expensive boondoggle.
$10.00 for visiting our sponsor 19 April, 2007Posted by stoptaxing in Uncategorized.
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Markell vs. Castle? 19 April, 2007Posted by stoptaxing in Uncategorized.
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Rumors are flying in the first state that potential rivals Jack Markell (state treasurer) and John Carney (Lt. Gov.) have reached an understanding. The party would back Jack for Congress vs. The Castle and the Lt. Governor would advance to Boardwalk (though the card may yet be dealt to Sen. Copeland or Mr. Protack).
This would be good for Republicans because Mr. Markell would be tougher to hang the Minner baggage around. It would be bad for Mr. Markell because he is better suited for an executive, he has shown no particular passion for national issues (or at least a grasp for real solutions), and Mr. Castle would actually campaign. The Democrat party does not have Mr. Markell’s interest at heart. He would be wise to stick with his plan.
Mr. Markell did a great job making Delaware run more like a business which values its customers even from an obscure office. The adoption of his plan saved us some money through better purchasing management on top of better service. It seems like he has done all he can where he is at and is bored. I sort of remember him criticizing his predecessor on the same grounds.
U. S. falling behind in reduction of Corp. Tax rate 18 April, 2007Posted by stoptaxing in Economic Policy, federal.
Poland is out striping the former Germany in economic growth. Ireland is finally becoming the emerald city–or should I say the silicon city of Europe. France and Spain are in the doldrums. Why are these countries emerging? Could tax policy have something to do with it? Germany lost its case against Poland and Ireland for “tax dumping”. Apparently even in the socialist delusions of the EU, they could not swallow this crazy notion that a country having pro-growth policies is unfair to the high tax countries.
What is the tax policy that is giving such shock waves? Poland and Ireland virtually eliminated their corporate income tax and have a low vat or national sales tax. This is forcing down the corporate tax rate in Europe to under 30% compared to 40% in the U. S.
This is yet another call for bold tax reform like the Fair Tax. We need to kill the burden that our complex tax code places on business. The compliance cost is estimated to be in the hundreds of billions. We will never have the economic security we desire if we create such a disadvantage for our entrepreneurs. We can not build a sound economy based upon the economics of envy and the politics of plunder.
It’s tax day! 17 April, 2007Posted by stoptaxing in Uncategorized.
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Are you paying too little? Don’t worry you are allowed to send more. Check in your tax instruction book for where to send donations. My only request is that you leave my tax level alone. Thanks.
New Castle County: From feast to famine in 3 easy steps. 15 April, 2007Posted by stoptaxing in Local.
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How does a county go from well over 50 million in surplus to 50 to 72 million in projected deficits in a few years? One, anti-growth policies eventually shrink revenue (beware Kent county). Two, wild spending gets locked in. Three, Put off minor spending restraint so the problem grows to half your budget and you can get credit for managing the crisis.
A State of Searching for Money 15 April, 2007Posted by stoptaxing in State.
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Article after article in the local papers chronicle the state’s search for money. Should we raise the cigarrette tax, the gas tax, tolls, the auto documentation fee, and allow sports betting. We are constantly pillaried with the notion that we are not paying enough for our state to operate. We are warned that the growth of revenue is slowing. This is treated as some sort of crisis.
Let’s offer an alternative point of view. State revenue is likely to increase at a level equal to inflation and population or greater. That is not a problem. The problem is that we have mismanaged state finances. Why have the local papers not placed more of a focus on the managament of state finances?
The Transportation Trust fund has long been a fund in which taxpayers should not place their trust. Our money was suppose to pay for transportation projects and not administration. It certainly was not to pay for land in an open space program which would have been better funded with private money through a transfer of development rights program (TDR). It was not to be a development fund for the Wilmington Riverfront. Even worse they say they do not have money yet they push an expensive SR1 connector on to south Dover even though few want it.
They say they do not have money to fund school construction. Yet it is state mandated full day kidnergarten which contributed to much of the need for construction.
They give free tuition at Del Tech, but do not fund Del Tech properly. The idea of the seed program is good, but the follow through is at best a c -.
The state bought out entire neighborhoods that were flooded, but can’t fund a modest amount of $50,000 for a foreclosure stabilization fund. This type of program would protect our tax base and help keep families from homelessness which saves social service money. They spend that on a trip.
We need a new kind of leadership in this state. We need someone who will level with the people and present a real plan of action which starts with making the state government accountable to us before seeking more money.
Presidential Bidding War is on! 2 April, 2007Posted by stoptaxing in Uncategorized.
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Record dollar amounts were raised in the first quarter of 2007 for next years Presidential contest. The insane moving of the primaries to February is turning this election over to the rich and powerful. The question is will the Presidency be sold to the highest bidder or will the taxpayers win out? Remember past experience has shown us that money is important, but it is not the determiner. Votes still rule.
What I find most intriguing is the surprising strength of Mitt Romney and John Edwards. Gov Romney is the money front runner of the GOP. Those who have written him off because of Gulliani’s early poll lead should think whatever happened to President Elizabeth Dole. (She led at this time in 1999.) Senator Hillary Clinton has shown why she is the Democratic front runner by smashing all records and leading both parties in fund-raising. Senator Obama just got in in February so the next quarter will tell us more about his strength in the money chase. Early indications are that he is in to play.
So who will take the mantle as the taxpayer’s candidate? Who will stand with the people?