Tax Reform

Senate Still Obsessed with Tax Hikes

|

President Obama campaigned in 2008 and again in 2012 on tax hikes for the rich. The rich, he told us constantly, weren’t paying their fair share. But to assure us he meant nothing radical, he also frequently clarified he favored “going back to the tax rates that existed under Bill Clinton.”

Yet less than two months after the president won reelection, the top marginal income tax rate (with the new Obamacare surtax) jumped from 35 percent to 40.5 percent and the capital gains tax rate jumped from 15 percent to 23.8 percent – both higher than the rates ever were under Bill Clinton.

Democrats in Congress cheered. But were they done? Of course not.

No fair share, it turns out, is ever quite fair enough.

Read the rest at American Commitment.


Obama v. JFK: What a Difference 50 Years Makes

|

President Obama opened his State of the Union address with a quote from President John F. Kennedy: “the Constitution makes us not rivals for power but partners for progress.” But Obama’s speech that followed and the agenda it advocated indicate he failed to study JFK’s famous 1963 State of the Union and its ambitious program of tax cuts and tax reform that successfully shifted the U.S. economy into high gear.

Read the rest at American Commitment.


The Senate is the Problem

| |

The late night drama cast Senator Mitch McConnell and Vice President Joe Biden as heroes. They did what Obama and Boehner failed to do, come together on an agreement to limit the bite of the fiscal cliff's tax hikes. That agreement led to bipartisan Senate action. But the appearance of the Senate coming to the rescue obscures the fact the Senate has recklessly refused to act for months, sitting on the House-passed bill to avert the tax hikes, H.R.8, for fully five months before jamming a massive amendment through when there was no time to consider any changes, or even fully understand its provisions. With another looming deadline coming March 1 when the postponed sequestration spending cuts take effect and the country approaches the debt ceiling, the Senate cannot be allowed to again wait until the last minute and then cut a backroom deal.

Read the rest at American Commitment.


Back to Plan A

|

There is not a majority in the House of Representatives to support a tax plan that would raise taxes on any taxpayers – not even the much-maligned “millionaires and billionaires.” But that does not mean the House has acquiesced to the automatic tax hikes on every taxpayer slated for January 1. In stark contrast to the failure of “Plan B,” the House already succeeded in passing its “Plan A” back in August: H.R. 8. That bill would extend all current tax rates for one year, while committing to comprehensive tax reform in 2013. It passed the House on a rock solid 256-171 vote, with 19 Democrats joining 237 Republicans.

Read the rest at American Commitment.



Congress Has Real Work to Do in September

| |

When Congress returns to Washington in September, it needs to do more than hold a few political posturing votes before going home to campaign. Even if a continuing resolution to fund government is passed as expected, there are still serious unresolved issues that should not be left for an unaccountable lame-duck session. Not only should Congress act to avert the toxic brew of tax hikes coming at the end of the year, but it should also act to check lame-duck regulatory abuses by the Obama administration.

Read the rest at American Commitment.


Syndicate content




Phil Kerpen on Facebook