The House of Representatives has adjourned without extending the current income tax rates, that have been in place since 2003. If Congress does not act all tax bracket rates will go up January 1. The per child tax credit will be cut in half. Every American who pays income tax will be hit with a […]
Congress has adjourned until after the election without voting on an extension of the Bush tax cuts. Background: In the Spring of 2003 the economy had been weak and unemployment had been rising for more than two years in the wake of the tech stock collapse and the terrorist attacks of 9/11/01. To boost economic […]
President Obama and the Democrats have spent almost two years enacting unpopular legislation while economic misery continues. Thus, a disastrous election looms and out of desperation they’re reviving an old campaign strategy, appeals to envy and resentment of “the rich.” Under existing law the Bush tax cuts, enacted in 1993, will expire at the end […]
Myth #3: Since the Bush tax cuts of 2003 “the rich” have not paid their fair share of federal income tax. President Obama and Democrat leaders in Congress have decided that income tax rates for “the rich,” those earning more than $200,000, must be increased. One of their justifications is the claim that at current […]
Myth: Reduced tax rates on those earning over $200,000 caused deficits. The establishment politicians and commentators who make this claim expect you to conclude that the rich paid less income tax after the Bush tax tax rate reductions than before. This chart, showing the most recent figures available from the IRS tells the truth. As […]
House Speaker Nancy Pelosi was asked about the future of the Bush tax cuts of 2003. Those tax cuts are scheduled to expire at the end of 2010. If Congress doesn’t act tax rates will increase substantially in 2011. Ms. Pelosi’s answer echoed the political-media establishment. She wants to extend the tax cuts for lower […]
After deliberately, adding more than $2 Trillion to the federal debt in his first 18 months in office the President and the Democrats are beginning to feel a sense of foreboding. They have suddenly pivoted from profligate spending to seeking ways to wrench more money out of the private sector into the government till. The […]
