David Bernstein notes that the effect of the Obama tax plan would be to raise marginal tax rates above 50% and in some states it could be as high as 60%. Obama is playing to his liberal type by exploiting the politics of envy to try and “soak the rich,” but in terms of actual [...]
Tags: 2008, Economics, Obama, tax, upward mobility
U.S. News‘ Capital Commerce blog notes the Democrats’ radical plan to skyrocket American tax rates. The Rangel plan would not only repeal the Bush tax cuts, but would create the largest tax hike in history, adding increased transaction costs to nearly every activity. The effect of such a reckless plan would be disastrous for the [...]
Megan McArdle observes that the national budget will be nearly balanced by the time George W. Bush leaves office, provided that current trends continue: Thanks to George Bush’s amazing deficit reduction plan, the budget deficit is now only 1.2% of GDP. If this trend continues, by the time George Bush leaves office, the budget will [...]