Under current law, Social Security is supposed to be an “earned benefit,” where taxes are akin to insurance premiums that finance retirement benefits for workers. And because there is a cap on retirement benefits, this means there also is a “wage-base cap” on the amount of income that is hit by the payroll tax. For […]
read more...If you go to the IRS website, there are about one thousand forms (and accompanying material such as instruction documents) that you can download. Fortunately, most of us only have to worry about a small fraction of what’s on that list, but it’s still a nightmare – and one that gets worse every year because […]
read more...By taking advantage of “must-pass” pieces of legislation, Republicans have three chances this year to restrain the burden of government. They didn’t do very well with the ‘CR fight” over appropriated spending for the rest of FY2011, which was their first opportunity. I was hoping for an extra-base hit off the fence, but the GOP […]
read more...President Obama didn’t offer a budget plan yesterday. The White House hasn’t released anything beyond a set of talking points. But that’s not terribly surprising since his speech was really the opening salvo of his 2012 reelection fight. And it’s clear that a central theme of his campaign will be class warfare. But if we […]
read more...Some people thought I was being unfair when I referred to the budget deal as a kiss-your-sister agreement. But as more information is revealed, it looks like the GOP got the short end of the stick – largely because they were afraid of a government shutdown (even though I explained Republicans actually did very well […]
read more...Thanks to demographics and ill-conceived entitlement programs, America is on a path to becoming a bankrupt European-style welfare state. We know how to fix this problem, but whether we make the necessary reforms depends on the heart and soul of the GOP. Are Republicans a bunch of hard-right Tea Party types, salivating at the thought […]
read more...If you are an average American, today is a great day. According to the Tax Foundation, you have finally worked long enough and earned enough money to satisfy the annual tax demands of federal, state, and local governments. This means you now get to keep any additional income you earn. That’s the good news. The […]
read more...Michael Gerson is upset that the GOP budget would trim some money from the foreign aid budget. In his Washington Post column, he regurgitates Obama Administration talking points, claiming that less foreign aid will kill tens of thousands of poor children in Africa. USAID estimates that reductions proposed in the 2011 House Republican budget would […]
read more...Just days after the introduction of a very good plan by the Chairman of the House Budget Committee, leaders from the Republican Study Committee in the House of Representatives have introduced an even better plan. In a previous post, I compared spending levels from the Obama budget and the Ryan budget and showed that the […]
read more...Forget all this talk about giant “spending cuts” of $6.2 trillion in Congressman Ryan’s budget plan. That’s music to my ears, but it’s also based on Washington’s bizarre budget math – i.e., the screwy system where politicians can increase spending but say they’re cutting spending because the budget could have grown even faster. What really […]
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