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Budget

  • Full Expensing Will Create Jobs and Economic Growth

    One of the last votes the Senate made in December before adjourning was to yet again pass a bill of so-called “tax extenders” to renew a long list of temporary tax provisions. While all tax extenders provide an advantage vested interests—rum producers, race horse owners, farmers, small businesses, NASCAR race tracks, etc.—many do so at the disadvantage of others, and should be eliminated. 

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  • Parker Anderson/CC

    Before the Super Bowl this Sunday, one winner is already determined—local New England Patriots fans. NFL owners are professionals at extracting taxpayer money from local fans to fund generous subsidies for their lavish stadiums, and the NFL is tax-exempt. But Patriots owner Robert Kraft took a different, more taxpayer-friendly, approach and arranged 100 percent private funding for the construction and maintenance of Gillette Stadium. In contrast, the public’s share of financing for the Seattle Seahawks’ CenturyLink Field was 64 percent ($300 million). 

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  • How to Fix the $960 Billion Budget Deficit

    The decrease in the federal budget deficit has been touted as an accomplishment by many—most recently by President Obama during his State of the Union Address—but America’s debt situation is far from resolved. The deficit for the 2014 calendar year fell to its lowest level since 2007 due to a $2 billion surplus in December, according to a Department of Treasury report published on January 13th. The government ended 2014 with a total calendar year deficit of $488 billion, $300 billion higher than its 2007 deficit

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  • Obama is Decidedly Unserious With His Tax-Increase Plans

    You have to hand it to President Obama.

    Despite Democrats’ loss of the House of Representatives in 2010 and the U.S. Senate in 2014, as well as the loss of 16 statehouses and 10 governorships since Obama’s election in 2008, he keeps advocating for tax increases.

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  • Raising Taxes on Capital Hurts the Middle Class

    In his Tuesday State of the Union address, President Obama will propose raising top tax rates on capital gains and dividends to 28 percent, up from the current rate of 24 percent. Prior to 2013, the rate was 15 percent. Mr. Obama seeks to practically double capital gains and dividend taxes during the course of his presidency, a step that would have negative effects on investment and economic growth.  

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  • And the Oscar for “Best Tax Break” Goes to…

    The Oscar nominations are in. Though the nominated films include diverse titles such as American Sniper, Boyhood, and the Grand Budapest Hotel, they all have something in common. All eight films received generous government handouts, financed by taxpayers, during production. These handouts come in the form of film tax credits.  

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  • Warning: Disability Insurance Is Hitting the Wall

    For years Social Security’s trustees (of which I am one) have warned that lawmakers must act to address the troubled finances of the program’s disability insurance (DI) trust fund.   Congress has nearly run out of time to do so.  

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  • The next two years are sure to feature myriad claims that rising income inequality has hurt the middle class, necessitating liberal policies to pull down the top. Invariably, these claims convey overly negative impressions of how the middle class is doing, omit important contextual details, exaggerate the extent to which inequality has risen, or otherwise present an inaccurate case that inequality is the source of all our troubles. 

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  • Keystone XL and two other things that won’t happen in 2015

    Columnists and bloggers are spewing lists of what will happen in 2015, what should happen in 2015 and what Congress’ priorities should be for 2015. It’s far easier to say what won’t happen in 2015.

    We won’t spend hours watching the World Cup or the Olympics because they aren’t happening in 2015. Most of us won’t spend Tuesday, Nov. 3, waiting for election returns, although citizens of Kentucky, Mississippi and Louisiana will elect governors and state representatives, and Chicago Mayor Rahm Emanuel will find out if he has won reelection

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  • The Rich Pay More than Their Fair Share of Taxes

    It seems so long ago, but the central point of contention in the 2012 presidential race was over the question of whether the rich pay their fair share of taxes. As President Obama argued, “Those who have done well, including me, should pay our fair share in taxes to contribute to the nation that made our success possible.  We shouldn’t get a better deal than ordinary families.

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