Posts Tagged ‘Obama’

President’s 2013 Budget Would Enable Almost All Americans to Save for Retirement

The new 2013 budget unveiled by President Obama on Monday again contains the Automatic IRA, which was developed by Brookings’ Retirement Security Project in conjunction with The Heritage Foundation. This year’s  version includes an important change that will also encourage more employers to offer a 401(k) account to their workers. However, important changes to the […]

Raising Revenue in a Progressive Manner Without Raising Tax Rates

Amidst the myriad proposals in President Obama’s budget are two “big ideas” that would raise revenue in a progressive manner without raising taxes. These important ideas should be emphasized in the discussion of tax and fiscal reform that the country should be having and will have to have sooner or later.  (The President also proposes […]

102% Tax Rate? Really?

Investment manager James Ross last week told New York Times columnist James Stewart that his combined federal, state, and local tax rate was 102 percent.  No doubt, Ross did pay a lot of tax to the feds and the two New Yorks, city and state. But did he really pay more than all of his […]

How Congress Can Cap Tax Breaks

Sooner or later, Congress will realize it needs new revenues to help balance the budget, and trimming tax subsidies is the way to get them.  But will it tackle individual preferences, such as the mortgage interest deduction, one at a time? Or, will it try to limit the political bloodshed and go after these tax […]

Do We Need an Election to Fix the Deficit?

I spent this morning at one of those Washington institutions: the budget roundtable. Today’s (at the Aspen Institute) gave me a chance to pose a question in exchange for my muffin:  Should Washington await the results of the 2012 election before reaching a cosmic budget agreement? It will, of course. The odds that President Obama […]

Who Pays No Income Tax? It is the Wrong Question

Would you rather get a tax cut of $1,000 or $1.4 million?  I thought so.   Would you change your answer if taking the smaller tax cut allowed you to avoid paying income tax entirely? That is exactly the focus of the endless squabble over the half of American households who pay no federal income […]

Why I Hate Budget Caps

I hate budget caps. They are arbitrary and beg to be gamed. It is irresponsible to make one that is absolutely unbreakable, even in the face of an economic depression or other national catastrophe. Yet even the most well-intended exception will open the door to wholesale abuse. Caps–and the triggers needed to enforce them– are […]

There They Go Again: The ‘People’s Budget’ and High Tax Rates

Will Donald Trump bring Barack Obama’s birth certificate to the Royal wedding? I have no idea, but now that I’ve made our Web optimization folks happy, here is another question: What’s the deal with the People’s Budget, the fiscal plan released this week by 80 congressional progressives? The answer is likely to drive less traffic than […]

S&P, the Debt Limit, and Political Risk

So it has come to this: The biggest short-term risk of the U.S. defaulting on its sovereign debt is not that big spenders will have their way. Rather, it is that a relative handful of self-styled fiscal conservatives succeed in throwing the country into financial crisis by refusing to raise the nation’s debt limit. It […]

Obama’s Spending Calculator

Now that you’re done filling out your 1040, the White House wants you to know where your tax dollars are going. Its Federal Taxpayer Receipt is, in concept, a great idea. But it also has some odd bits worthy of note. First, the good news: At a time when much of the fiscal debate in […]