One of the most enduring myths of conservatism is that lower taxes on the wealthy and on businesses means more jobs. And it’s certainly true at some point when taxes are extraordinarily high, but that situation does not exist. A new study finds that corporations who paid higher taxes created far more jobs over the …
Category Archive: Budget and Taxes
Dec 06 2013
Dec 04 2013
A new study estimates that undocumented workers pay more than $11 billion a year in taxes (and would, of course, pay far more if they were given legal status and could come out of the shadow economy). ThinkProgress compares that to General Electric, which paid no taxes in 2010.
Dec 04 2013
Peter Reilly, a CPA and tax policy expert, makes a very good point in discussing the Freedom From Religion Foundation’s so-far successful lawsuit against the parsonage tax exemption. It turns out that while this benefit helps ministers a lot, there are other provisions in the tax code that hurt them enormously and without justification.
Nov 30 2013
The Freedom From Religion Foundation won a very important lawsuit this week against the parsonage tax exemption for churches, with their argument being that because it applies only to Christian churches, it is a special benefit for churches and thus unconstitutional. American Atheists has a similar suit going on another case of disparate treatment, the …
Nov 26 2013
One of the arguments from conservatives and libertarians that leaves me shaking my head is the claim that if the government would just stop helping poor people, private charity would make up the difference. Christopher Flavelle crunches the numbers and shows why this is nonsense.
Nov 04 2013
Aaron Klein, one of the truly unhinged voices that the Worldnetdaily is constantly promoting, has a hysterically overblown article about the Robin Hood Tax. Of course, it’s all about George Soros and COMMUNISTS! The commies are coming, the commies are coming! This is not a repeat from 1981. Or 1951.
Oct 29 2013
USA Today has a report on the companies on the S&P 500, more than 10% of which paid no federal taxes. A surprising number of companies in the Standard & Poor’s 500, 57, have found ways to pay effective tax rates of zero, according to a USA TODAY analysis of data from S&P Capital IQ… …
Oct 24 2013
Now that the shutdown is over, at least for a few months, the polling data coming in is showing just how bad the whole fiasco was for the Republican party in the minds of voters. And the numbers are so one-sided in a new ABC/Washington Post poll that they are kind of astonishing.
Oct 21 2013
Groundhog Day is set for Feb. 2, 2014, a mere five days before the temporary raising of the debt ceiling will expire and a little over two weeks after the continuing budget resolution will expire. This may not be mere coincidence, as it is pretty likely that we will be in the same situation then …
Oct 17 2013
Wednesday began with President Obama praising Sen. Harry Reid and Sen. Mitch McConnell for reaching a “compromise” on the budget and the debt ceiling that really isn’t a compromise at all. In fact, it does nothing but kick the can down the road. Here’s what it does:
Oct 17 2013
A study from Depaul University political science professor Wayne Steger shows what has been obvious to anyone paying attention all along, that conservative Republicans only seem interested in fiscal responsibility when a Democrat is in office.
Oct 13 2013
Norm Ornstein is a very, very smart man, one of the smartest policy wonks in Washington. But I’m afraid his suggestion for a way out of the budget and debt ceiling impasse, as reasonable as it may seem to reasonable people, is destined for failure even if President Obama were to offer it.
Oct 11 2013
With the government still shut down and the debt ceiling limit about to be reached, some have argued that President Obama could invoke Section 4 of the 14th Amendment and order the Treasury Department to continue borrowing despite the statutory debt limit having been reached. Section 4 says:
Oct 07 2013
If you want an absolutely perfect example of demagoguery, look no further than the wingnut outrage over Congress and their staff getting subsidized access to the Affordable Care Act’s Gold Metal plan. The Worldnetdaily put up half an article linking to the full article at The Hill about this on the regulations issued on this …
Oct 01 2013
With a government shutdown here and the internecine battles in the Republican party reaching a fever pitch, David Frum tries, as so many others have, to be a voice of reason in the GOP. But as he correctly notes, this has little hope of succeeding because the extreme right tail is now wagging the Republican …