In a stunning depiction of how bad our tax code has become, the Wall Street Journal on March 10 found that 60 major U.S. companies parked a total of $166 billion abroad last year, enabling them to avoid almost $100 billion in taxes. Otherwise put, around 40 percent of these companies’ aggregate total earnings were shielded from taxes — and also made unavailable for paying dividends or making investments in the United States.
President Obama, on whose watch the federal debt has grown by more than $5.9 trillion, and during whose administration America has become drearily accustomed to annual deficits measured in the trillions, is now boasting about cutting the deficit.
When President Obama announced a proposed hike in the federal minimum wage rate in his State of the Union address last week, the reaction was swift. House Speaker John Boehner spoke for most Republicans in condemning the increase (from the current $7.25 an hour to $9.00), reminding his colleagues that “when you raise the price of employment, guess what happens? You get less of it.”
Congressional fiscal debates are making headlines, but in reality our representatives are unlikely to substantially cut spending — despite the harsh consequences of failing to do so.
Now that President Obama and most of his key congressional allies are safely re-elected and the so-called “fiscal cliff” negotiated, the full consequences of the most recent elections are coming into view. Despite repeated assurances he would not raise taxes on any but the wealthiest Americans, the president (with the grudging support of many congressional Republicans), has — before even being sworn into his second term in office — enacted massive tax hikes that will affect almost every working American.
Christians, despite facing intermittent bouts of slaughter at the hands of Roman leaders, not only grew in numbers over the centuries, they eventually subsumed Rome’s empire.
With Barack Obama in the presidency for a second term and Democrats still control the Senate, we can forecast U.S. foreign policy, financial policy, and government growth.
In the wake of Hurricane Sandy and Democratic gains in the 2012 elections, a radical old idea is getting a second look inside the Beltway. Faced with the challenge of raising revenues to pay for exploding federal government costs that neither party has any interest in reducing, the carbon tax is suddenly attracting the interest of the Left and Right.
With college costs soaring and the economy stalled, desperate college graduates, unable to repay college loans, are defaulting en masse. According to a new report by the Department of Education, default rates on student loan debt have soared to 13.4 percent during the first three years of the debt repayment.
Everybody knew it was coming. With the economy continuing to founder, it was only a matter of time before Ben Bernanke and the Federal Reserve decided to turn once again — like the proverbial pig to its wallow — to printing money in a vain attempt to jolt the moribund American economy back to life. As with the first two such feckless efforts, they’re dressing this one in fancy verbiage — “quantitative easing” — that fools no one. This third round of quantitative easing — QE3 for short — announced Thursday and set in motion Friday, is just the digital equivalent of printing still more money, money that banks and other financials will either hoard in vaults or pour into equities, driving up stock prices but doing little to enliven the economy as a whole.