California Governor Jerry Brown is calling for higher taxes as lethargic economic growth has left his state in fiscal turmoil. Brown also mentioned that California would have to implement another $6 billion in spending cuts on public schools and higher education if voters reject his call to increase sales and income taxes.
Karl Marx and Friedrich Engels, the purported founders of communism, established in the 19th century a government paradigm that transformed Europe and other regions in the eastern hemisphere, adding to an already expansive repertoire of political ideologies. And the seemingly farfetched assertion that communism could someday take control of America seems, quite simply, unfathomable. But is it really that improbable, or furthermore, has it already ensnared certain sectors of society?
Five hundred pages of redactions. Mostly blank pages. That's what the public gets to see in the transcripts of the Federal Reserve Open Market Committee (FROMC) meetings for 2007-2010. The long-awaited transcripts, released on March 7, pursuant to a Freedom Of Information Act request by MSNBC's Dylan Ratigan Show, undoubtedly hold some very important information about the Fed's activities and decisions during and since the financial crisis, including to whom the Fed has given trillions of taxpayer dollars in "loans" and bailouts -- and on what terms.
Tax Armageddon, or "Taxmageddon," looms on the horizon, as $500 billion in tax cuts will all be expiring at the end of the year. While Americans were hustling on April 17 to complete their taxes, experts were warning about a much larger tax day — January 1, 2013. And if Congress doesn’t take action, American households will be hit with an average tax hike of $3,800, according to the Heritage Foundation.
When Hostess Brands, maker of Wonder Bread, Twinkies, and Ding Dongs, declared bankruptcy on January 12, it said it can’t make interest payments on its $860 million of outstanding debt and make payments into its unions’ pension plans as well. So it stopped making the pension plan contributions.
On Monday, April 16, the U.S. Senate is scheduled to vote on a procedural motion intended to move the so-called Buffett Rule forward. The motion, if agreed to by at least 60 votes, would invoke "cloture," stopping a Republican filibuster and allowing the Senate to proceed to a vote on the Buffett Rule itself.
Federal Reserve Chairman Ben Bernanke declared this week that too much borrowing and spending will eventually destroy the nation’s economy. Of course, a number of others have made similar assertions all along, but coming from the Federal Reserve chairman, who has seemingly attempted to mislead the public on the state of the economy, it is a surprising declaration.
Tax season is winding down once again, but the progressivity of the tax code is still with us. Most Americans who had more taxes withheld from their paychecks than they owe in taxes have already filed for their refunds. But not only did many Americans have no tax liability, some of them who didn’t owe any taxes to begin with still received a refund, all thanks to our Marxist tax code.
When the Justice Department announced in March that it intended to sue Apple and five book publishers for collusion over the pricing of eBooks, David Boaz of the Cato Institute could be heard to say “Here we go again.” Boaz wrote about Washington regulators and busybodies two years ago, calling them “parasites” and expressing the hope that Apple would avoid the absorption into the Washington “Borg” suffered first by Microsoft and then Google.
When Ann Johnston (left), Mayor of Stockton, California, informed the city council in March that Stockton was about to go bankrupt, making it the largest municipal bankruptcy in history, it took her six hours to explain why. The primary reason was overborrowing, overspending, and thinking that the good times would go on forever. They didn’t.