Last week’s show trial of Apple Computer on Capitol Hill ended up being more of an indictment of the Republican Party than of allegedly venal Apple executives accused of tax “avoidance.”
Tax deductions are not subsidies. They don’t have to be “paid for.” Yes, they deprive the government of revenue, but that is essential for a free society in which people are able to keep everything they earn and decide for themselves on what to do with it instead of the government deciding for them.
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.