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POPSComparison Of The Obama and McCain Tax Plans Basic Findings Jobs respond more to McCain's plan than to Obama's More after-tax spending potential under McCain than under Obama The McCain Tax Plan Family Tax Relief Pro-Growth Tax Cut Elements Maintained Dependent-Exemption Increase The Estate Tax Health Care Business Taxes The Obama Tax Plan Some Expiring Provisions from 2001 and 2003 Made Permanent Increase Taxes on High-Income Taxpayers Social Security Surtax Extension of the AMT Patch Child and Dependent Care Tax Credit Higher-Education Tax Credit Tax Credits for Low-Income Filers Making Work Pay Credit Expansion of the Earned Income Tax Credit Exemption for Low-Income Seniors Overall economic activity more vigorous under McCain's plan
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POPS"Obamanomics" A "Recipe For Recession" Thus, while Mr. Obama also proposes an alternative minimum tax (AMT) patch, he could instead wind up with the permanent abolition plan for the AMT proposed by the Ways and Means Committee Chairman Charlie Rangel (D., N.Y.) -- a 4.6% additional hike in the marginal rate with no deductibility of state income taxes. Marginal tax rates would then approach 70%, levels not seen since the 1970s and among the highest in the world. The after-tax return to work -- the take-home wage for more time or effort -- would be cut by more than 40%. That would, obviously, devastate the economy. Worse, it is unfair. It is simply immoral for the state to confiscate 70% of anyone's income. It would be deeply ironic if, at a time when the rest of the world is moving toward greater freedom in the form of lower tax rates, the United States were to regress to the stultifying statism of the 1970s. Yet that is exactly what Barack Obama promises.
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POPSTaking Care Of Tax Business From how to deal with minimum wage increases to the right time to buy equipment, here's a look at some tips small business owners should keep in mind this tax season--and for the future.
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POPSAre they underestimating Harry Reid? I wonder if Harry Reid is smarter than we've been giving him credit for. Conventional wisdom in Democratic circles holds that he's a wimp who folds every time Republicans even threaten a filibuster. But I wonder if it's possible that playing the helpless minority, especially on Iraq, might pay more political dividends than direct confrontation by sending the message that voters *must* give the Dems 60 votes in the Senate and the presidency if they want the war to end. I still think they should be more confrontational on domestic issues like the AMT, but this is food for thought.
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POPS Pelosi And Reid's "PayGo" Is Now "PayGone" The budget deficit is a little above 1% of GDP, which is below the 25-year average, and should remain so as long as the economy keeps growing. But paygo shouldn't be allowed to expire without everyone kicking sand on its grave. That's because it has been nothing but a confidence game from the very start. Paygo doesn't apply to domestic discretionary spending, and it doesn't restrain spending increases under current law in entitlements like Medicare and Medicaid. Its main goals are to make tax cutting all but impossible, while letting Democrats pretend to favor "fiscal discipline," a la Ms. Pelosi's boast above. ...
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POPSCongressional Foolery For all the fools out there that look forward to getting a refund check. You refund check is nothing more than a interest free savings account that the government benefits from. Now that check may be slow in getting to you. Do some homework at tax time, adjust your tax withholding so that you either pay some tax or get close to a zero tax return.
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POPSWill Your Tax Refund Be Delayed? Democrats have backed themselves into a corner on this one. 23 million taxpayers are not going to forgive Congress if they get hit with AMT in January. And Senate Republicans aren't going to raise taxes to offset AMT relief. The options: add $50 million to the deficit, find a compromise quickly, or delay refunds. Time is running out. --Brian Wingfield
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POPSHouse passes $80 Billion dollar Tax Relief bill The White House said the bill will never pass. The bill will mainly affect investment fund managers. AMT, was created in 1969, to stop wealthy using deductions and tax breaks to avoid paying tax. It has never been indexed for inflation. Every year more and more middle income earners fall into the bracket.The Democrats have been 'patching' the Legislation, What was the average income in 1969? Why should middle income earners pay tax for the sake of investment fund managers?
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POPS Cafe Press ShutUp.org T-Shirt Mocks Left-Wing Group Under Google’s trademark policy, owners can request that third parties’ not be allowed to use their trademarked term in the text of ads — a policy that far exceeds the requirements of trademark law. Lindenauer says that MoveOn.org withdrew from that policy on Friday after it heard about the brewing controversy over Google’s termination of Collins’ text ads using the group’s name.
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POPS GOP Hopefuls Tax Policy Such maneuvering skirts a broader and more uncomfortable reality for Republicans. In the generation since Ronald Reagan took power, the message of lower taxes and reduced government involvement in the economy has been a powerful one for the party and its candidates. This year, though, a combination of forces -- including white-collar fears about loss of health and pension benefits and the recent wave of foreclosures among consumers who acquired subprime mortgages -- has led to broader voter concerns about the market's rougher edges.
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POPSSalary dumping in switzerland The state, charged with the task to protect workers from salary-dumping, gets wolf and institutionalizes dumping within the weakest. Who made the goat gardener? ( German saying with allusion to Zottl, SVP party mascotte.)
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POPSDemocrats go to War The Dems seemed to have picked the summer season to go to war with their favorite enemy; the evil rich. It is hard for them to find a terrorist or dictator not to their liking, but the thrifty, productive, and successful bring out their battle flags. As per usual, they have a bit of trouble figuring out their exact quarry ... $500K, $200K, even $75K the Democrats are far better with nearly anyone's money than the people themselves, so they feel it is a huge benefit to all if they can just get it away from those nasty folks that have managed to make it. Subsidize what you want more of -- retirement of productive people, more ineffective union educators, scads of government union employees. Tax what you want less of -- business, productivity, income. Soon some Democrat will tell us that "the best years of the US are behind us" ... no doubt it will be Bush's fault!
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POPSFixing the AMT means higher taxes elsewhere In order to replace the $500B-$1T in tax revenues, Congress is looking at increasing taxes on the rich (of course), raising the AMT ceiling but increasing the tax rate, increasing capital gains taxes, repealing the state and local tax deduction and/or changing the mortgage deduction. Good column. The AMT needs to be fixed. It'd be nice if it were just abolished. If not, then I'd like to see the AMT ceiling raised and indexed to the CPI.
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