by Mario Rizzo I now favor expiration of the Bush era tax rates for everyone. Why? Because the only way to curb spending in the long run is to make as large a number of Americans as possible truly feel the consequences of the expenditures they appear to desire. If Americans saw the cost of the gigantic welfare … Continue reading Raise Middle Class Taxes Now!
by Mario Rizzo The New York Times reports today that the Democrats are searching for a way to get additional tax revenue from "the rich" in a way that might garner Republican support. So they are bringing up an idea suggested by Mitt Romney in the presidential campaign to limit deductions to a specified aggregate amount. … Continue reading A Cap for Deductions?
by Mario Rizzo The above table is from the November 8th issue of the Wall Street Journal. The figures for the fiscal cliff consequences are usefully stated for next year and not for the next nine years as those who want to suggest that the numbers are truly impressive (or want to scare children) typically use. Consider … Continue reading Fiscal Cliff: Sense and Nonsense
by Mario Rizzo Let us begin with a famous quotation from Judge Learned Hand in a decision affirmed by the Supreme Court: Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic … Continue reading Mitt Romney is Not a Tax Idiot
by Chidem Kurdas Wisconsin governor Scott Walker is in the extremely unusual position of facing a recall vote less than two years after he was elected in 2010. The recall is orchestrated by unions that have gone all out to reverse his valiant effort to contain the growth in state and local spending. This vote … Continue reading Taxpayers’ Future in Wisconsin Vote
by Mario Rizzo I wish people would perform the following intellectual experiment. Find out how much in federal taxes you have paid in the past year. Don’t worry about making any distinctions between the various payroll taxes and the income tax. It all goes into the same pot in the final analysis. Now assume that this … Continue reading How’s Your Compulsory Holiday Giving Coming Along?
by Chidem Kurdas No matter how thoroughly public policy fails, there is no end to efforts in the same area. Energy is a case in point. Reviewing the history of US energy policy in his new book, Columbia University legal scholar Michael Graetz writes: “The book is, then, in one sense a story of failure…” … Continue reading Energy Policy vs. Market
by Chidem Kurdas Neither House Republican Speaker John Boehner nor Senate Democratic Majority Leader Harry Reid propose tax increases in their competing deficit and debt-ceiling plans. Indeed, the Reid plan’s omission of tax hikes is described by Democrats as a major concession to Republicans. But even if there are no new obligations, taxes are primed … Continue reading Tax Baseline Key to Debt Fight
by Mario Rizzo President Obama and his various spokespeople are saying incessantly that deficit reduction as a requirement (thanks to the Republicans) to raise the debt limit must be done in a “balanced” manner. There must be some kind of revenue increases to go along with the spending-growth reductions. There are many ways to talk … Continue reading Taxes Are Already Scheduled To Rise
by Mario Rizzo One of the most important, but frequently ignored, aspects of the current negotiations about raising the debt ceiling is the lack of credible commitment on each side. The problem has two aspects. One is clearly analyzed by Michael McConnell in today’s Wall Street Journal. (Perhaps also here.) What exactly is “on the … Continue reading The Current Debt and Budgetary Impasse