Americans at all income levels will be paying more in taxes under current policies, according to this month's long-term budget outlook report by the Congressional Budget Office, with the working poor seeing a greater increase in income taxes.
Even if tax rates are unchanged, Americans will be paying more in taxes due, in part, to how tax policies are structured in relation to inflation and wage growth, according to the report, and these higher payments will be a disincentive to work and save.
"Thus, in the long run, people throughout the income distribution would pay a larger share of their income in taxes than people at the same points in the distribution pay today, and many taxpayers would face diminished incentives to work and save," the report states. more >>
Mitt Romney must be perplexed. As the Republican presidential nominee in 2012, he was wrong for America, liberals argued, because he was the wealthy Wall Street type. Today, however, liberals condemn Republican critics of Wall Street as "far right" while Democrats representing Wall Street are hailed as moderates.
The current intra-party war among Republicans pits "establishment" types against a new conservatism with many labels, including new populists, libertarian populists, reform conservatives, and reformocons, to name a few.
This war is, in part, about crony capitalism. The new conservatives criticize the establishment conservatives for being "in bed" with "big business." Companies receive government favors and in return their Republican supporters receive campaign donations. more >>
One of the lessons I learned in my first management course is you can't improve something unless you can measure it. Let's apply that to government.
As ambitious government programs go, it's hard to top the "Great Society," which recently marked its 50th anniversary. President Lyndon Johnson, after all, vowed "to give every citizen an escape from the crushing weight of poverty."
That's a tall order. Five decades, nearly $22 trillion and roughly 80 welfare programs later, it's fair to ask how we're doing. The short answer? Not well. more >>
Marijuana is now a retail item in Washington State, as the west coast state opened its first licensed retail stores for the controversial plant.
Monday sounded the end of the state prohibition on cannabis sales, twenty months after Washington voters passed a referendum allowing for individuals 21 and over to purchase pot.
"I voted for it, and I'm just so excited to see it come to be in my lifetime … I'm not a heavy user, I'm just proud of our state for giving this a try," said one Seattle resident to the Associated Press. more >>
A church in Arizona facing the possibility of foreclosure due to owing money on a tax it claims was illegal has raised about $68,000 to remain open.
Church of the Isaiah 58 Project was given a $50,000 tax bill from La Paz County that the congregation argues it does not have to pay.
WASHINGTON – For the conservative movement to succeed it must reach out to "average working Americans," says former United States Senator Rick Santorum.
In a speech at the "Road to Majority 2014" conference on Friday morning, Santorum stressed the need to appeal to what he has in the past called "blue-collar conservatives."
"As a movement we have not been connecting with the people who are hurting in this country and providing them a message and a plan for them to embrace and live the American dream," said Santorum. more >>