From CNN Money.
This "debt panel" is also known in TV pundit circles as the VAT tax panel--don't be surprised if they find for instilling the Fair Tax plan as a means to pay off this debt. Fair Tax is a fancy term for VAT tax.
"After trillions in new and proposed spending, Americans know our problem is not that we tax too little, but that Washington spends too much - that should be the focus of this commission..."
They go on to say that EVERYTHING'S on the table--prepare to see the Fair Tax plan come alive.
Friday, February 19, 2010
Saturday, February 13, 2010
Clueless in the Capitol Meets Small business Ire
From Bloomberg.com
"The president and Congress “pay lip service to the fact that small business generates half of private-sector GDP and employs 60 percent or more of private-sector workers,” Dunkelberg says. As far as Washington’s efforts to help this sector of the economy, “instead of stimulus, give consumers a tax cut,” he says."
...
"Small-business owners list “poor sales” as the numero uno problem. And the jobs tax credit for hiring new workers, proposed by President Obama and embraced by Congress, won’t do much to help. Employers aren’t about to pay a new worker $40,000 to earn a $5,000 credit unless that worker generates $35,000 of revenue, Dunkelberg explains. That’s Econ 101 (see “marginal revenue product” or “profit maximization”), a course most of our elected representatives seem to have missed.
The tax credit for hiring “has absolutely no impact on our decision-making,” says Phil Kenny, president of Trucks Unique, an Albuquerque, New Mexico, company that customizes pick-up trucks for commercial and individual purposes. “We have no tax liability to take a credit against.”
A tax credit “is not going to make me hire when we don’t have work,” says Jim Henderson, president of Dynamic Sales Co., a 44-year-old construction and industrial supply company in St. Louis with seven employees. “I plan to sell my way out of recession, not wait for Washington to help me out.”
I think Obama's starting to figure out that you can't take from the rich and give to the poor when there's no more rich.
"The president and Congress “pay lip service to the fact that small business generates half of private-sector GDP and employs 60 percent or more of private-sector workers,” Dunkelberg says. As far as Washington’s efforts to help this sector of the economy, “instead of stimulus, give consumers a tax cut,” he says."
...
"Small-business owners list “poor sales” as the numero uno problem. And the jobs tax credit for hiring new workers, proposed by President Obama and embraced by Congress, won’t do much to help. Employers aren’t about to pay a new worker $40,000 to earn a $5,000 credit unless that worker generates $35,000 of revenue, Dunkelberg explains. That’s Econ 101 (see “marginal revenue product” or “profit maximization”), a course most of our elected representatives seem to have missed.
The tax credit for hiring “has absolutely no impact on our decision-making,” says Phil Kenny, president of Trucks Unique, an Albuquerque, New Mexico, company that customizes pick-up trucks for commercial and individual purposes. “We have no tax liability to take a credit against.”
A tax credit “is not going to make me hire when we don’t have work,” says Jim Henderson, president of Dynamic Sales Co., a 44-year-old construction and industrial supply company in St. Louis with seven employees. “I plan to sell my way out of recession, not wait for Washington to help me out.”
I think Obama's starting to figure out that you can't take from the rich and give to the poor when there's no more rich.
Saturday, February 6, 2010
Unsustainable
From National Review Online.
"The palpable whiff given off by the White House inner circle is that they’re the last people on the planet still besotted by Barack Obama, and that they’re having such a cool time starring in their own reality-show remake of The West Wing they can only conceive of the public — and, indeed, the world — as crowd-scene extras in The Barack Obama Show: They expect you to cheer and wave flags when the floor-manager tells you to, but the notion that in return he should be able to persuade you of the merits of his policies seems entirely to have eluded them."
...
"National Review’s Jim Geraghty sums up Obama’s America thus: “Unsustainable is the new normal.” Indeed. The other day, Douglas Elmendorf, director of the Congressional Budget Office, described current deficits as “unsustainable.” So let’s make them even more so. The president tells us, with a straight face, that his grossly irresponsible profligate wastrel of a predecessor took the federal budget on an eight-year joyride, so the only way his sober, fiscally prudent successor can get things under control is to grab the throttle and crank it up to what Mel Brooks in Spaceballs (which seems the appropriate comparison) called “Ludicrous Speed.”
"The palpable whiff given off by the White House inner circle is that they’re the last people on the planet still besotted by Barack Obama, and that they’re having such a cool time starring in their own reality-show remake of The West Wing they can only conceive of the public — and, indeed, the world — as crowd-scene extras in The Barack Obama Show: They expect you to cheer and wave flags when the floor-manager tells you to, but the notion that in return he should be able to persuade you of the merits of his policies seems entirely to have eluded them."
...
"National Review’s Jim Geraghty sums up Obama’s America thus: “Unsustainable is the new normal.” Indeed. The other day, Douglas Elmendorf, director of the Congressional Budget Office, described current deficits as “unsustainable.” So let’s make them even more so. The president tells us, with a straight face, that his grossly irresponsible profligate wastrel of a predecessor took the federal budget on an eight-year joyride, so the only way his sober, fiscally prudent successor can get things under control is to grab the throttle and crank it up to what Mel Brooks in Spaceballs (which seems the appropriate comparison) called “Ludicrous Speed.”
Subscribe to:
Posts (Atom)
Posts
