Boasting the laudable goal of eliminating property taxes throughout the State of Texas, a recently filed Value-Added-Tax (VAT) bill — House Bill 3472 — would replace not only property taxes, but also business franchise taxes, a limited statewide sales tax, and various other local sales taxes with a VAT. Texans have never experienced the economically depressing effects of a VAT, but once they realize what those effects would be, they will oppose any VAT in order to preserve their state’s prosperity.
It should be asked in the wake of the “successful” fiscal-cliff negotiations, “Why does the U.S. debt ceiling need to be raised again; why, during fiscal-cliff negotiations, didn’t Congress simply raise taxes to pay for all planned spending?”
There are 57 ways the sequester could sting you, says Jeanne Sahadi, a senior writer at CNNMoney. The following 57 things are her “somewhat random sampling” of the bad things that could happen when the sequester takes effect. But because I see most of these things instead as good things about the sequester, I have added my comments after the bullet points in her 14 categories.
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.
On its face the latest report from the Congressional Budget Office is gloomy enough, but careful sifting through it reveals excessive optimism that its predictions cannot hide: rising interest rates, increased healthcare costs thanks to ObamaCare, and the inevitable march of demographics and the aging Baby Boomers.
Two years ago Steve Forbes, two-time candidate for nomination for president by the Republican Party and editor of Forbes magazine, predicted “a return to the gold standard by the United States within five years … [because it would] help the nation solve a variety of economic, fiscal and monetary ills.” It’s now two years into his prediction and articles explaining how such a return would work, and why, are beginning to appear in the media.
The passing of scholar James Buchanan stills the voice of one who understood the fact that men, without Constitutional constraints, will vote themselves unlimited largess from the public treasury due to their own self interest.
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.