Tag Archive: Tax Increases


WSJ Poll: Public Now Backs GOP On Immigration

 

 

 

 

 

” The U.S. public is coming around to the Republican position on immigration, according to the latest Wall Street Journal/NBC News poll.

  The survey found that 35 percent of Americans believe the Republican Party is better positioned to address immigration, as against 27 percent who think Democrats would do a better job. The December margins had favored Democrats 31 percent to 26 percent for Republicans.

  Proposals to offer some 11 million illegal immigrants a pathway to citizenship are losing support considerably. Now, 53 percent are in favor with 45 percent opposed. In April, those in favor numbered 64 percent against 35 percent who were opposed.

  Pollsters attribute the shift in public opinion to the influx of children who illegally crossed into the United States from Central America earlier this year. The GOP message has been that security on the border is lax and that a 2008 bipartisan law intended to discourage sex trafficking has had the unintended result of encouraging illegal migration and needs to be amended. “

 

 

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Senate Passes Bill to Avoid Fiscal Cliff

 

” The Senate voted early Tuesday morning 89-8 in favor of the scaled-down bipartisan package that would halt historic tax hikes for many Americans and postpone automatic spending cuts for two months. The bill will now go to the House, which is expected to be back in session at noon today.

The outlines of the deal Mr. McConnell and Mr. Biden worked out included raising tax rates for individuals making more than $400,000 and families with incomes more than $450,000, and extended unemployment benefits for the long-term jobless. It also continued a number of programs from Mr. Obama’s 2009 stimulus law, including tax credits for college tuition and for green-energy programs.

The question now is whether the bill can pass the House. Breitbart points out that the deal reached “cuts only $15 billion in spending while increasing tax revenues by $620 billion—a 41:1 ratio of tax increases to spending cuts,” according to the CBO. Commenting on the lopsided ratio, one House Republican said, “I can’t imagine a ratio such as that warming our fiscal hearts.” “

 

 

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Experts Warn About Impending Obamacare Tax Increases

 

” Five major tax increases will go into effect starting in 2013 as a result of Obamacare, regardless of what happens with the fiscal cliff.

Three of those tax hikes will mostly affect the middle class.

The medical-device tax, for example, will apply to hip replacements and “affect everyone who needs those devices,” John C. Goodman,  president of the National Center for Policy Analysis, told The Daily Caller News Foundation.

Americans for Tax Reform, the Washington-based group headed by Grover Norquist, estimates the overall tax burden of the medical-device tax will be $20 billion”.

 

  ” One of the most dangerous myths that has infected the current debate over the direction of tax policy is the oft repeated claim that the tax increases under President Bill Clinton led to the boom of the 1990s.  In their Wall Street Journal Op-Ed last Friday, for example, Clinton campaign manager James Carville and Democratic pollster and Clinton advisor Stanley Greenberg write the increase in the top tax rate to 39.6% “produced the one period of shared prosperity in this past era (since 1980).”

While this myth is now a central part of liberal Democratic folklore, it is contradicted by the political disaster and poor economic results that followed the tax increase.  The real lesson of the Clinton Presidency is the way back to prosperity lies not through increased taxes on “the rich,” but through tax and regulatory reform and a return to a rules based monetary policy that produces a strong and stable dollar.

The 1993 Clinton tax increase raised the top two income tax rates to 36% and 39.6%, with the top rate hitting joint returns with incomes above $250,000 ($400,000 in 2012 dollars).  In addition, it removed the cap on the 2.9% Medicare payroll tax, raised the corporate tax rate to 35% from 34%, increased the taxable portion of Social Security benefits, and imposed a 4.3 cent per gallon increase in transportation fuel taxes.

If these tax increases were good for the middle class, then they should have been popular.  Yet, in the 1994 elections, the Democratic Party suffered historic losses. “