We can NOT allow the 401k/IRA deductions to go away. I suppose if we instituted a flat tax of 5% we could contemplate it, but otherwise NO. This would constitute a massive tax increase on the middle class, and yet another assault on savers. That this is being bantered about with a GOP president, Senate, and House, is disgusting.
That’s right. Do the right thing. Put money away. Suffer the slings and arrows of the stock market.
I personally like Grover and his anti-tax pledge is about the only thing which has provided ANY restraint on federal spending over the last couple of decades.
Norquist’s simple assessment is absolutely correct. We as a country do not have a revenue problem. The government already extracts far too much from the productive sector and redistributes it to its friends in government and the the crony establishment. No, we have a SPENDING problem.
At this point the effort should always be to reduce spending and cronyism.
2 days ago we reported that Washington DC went on a parking ticket writing spree during the recent blizzard. The city took the storm as an opportunity to generate cash, over $1 million in fines. We argued that maybe instead of going nuts on the ticket writing front the District should have instead been more lenient if anything during a time when parking was severely restricted due to the piles and piles of snow.
We apparently weren’t the only ones who thought this and as such the city has voided many of the snow storm parking tickets.
Don’t mess with City Hall’s revenue stream. Parking tickets are the sweetest plum.
It consists of fees from speeches which were originally reported as “revenue” and not “donations.”
Both the city and the red light robot shakedown industry are fighting the citizens of a small town in Florida. According to the law, if enough signatures are gathered for a referendum (there were) there’s supposed to be a referendum come election time in Brookville. But since this referendum would determine whether red light cameras (and the revenue they generate) would remain in the city, big time lawyers have descended on this sleepy backwater to reverse the citizen tide.
Who would have thought? New Jersey cops issuing questionable citations just to increase revenue.
Arthur Dent fighting a similar battle in the 1970s.
Local governments love to seize property for projects. Since the Kelo Decision such seizures often are blatant transfers of wealth from the relatively poor and unconnected to the rich and very connected. If your property isn’t generating enough tax revenue for the city fathers (and their underlings) watch out, a bulldozer my be on your doorstep soon.
We have points of disagreement with Mr. Stockman, but generally his analysis is excellent.
It isn’t fair that traditional brick and mortar stores have to charge sales taxes and online merchants don’t. But as usual with these bills there’s more to the “Marketplace Fairness Act” than one might initially think.
The most frustrating thing about the “fiscal cliff” discussion, is not that Boehner and Obama can’t come together to put together a deal or the endless political posturing, but that the debate itself is focused on the wrong thing.