Pundit Dick Morris says a deal could be in the works and Congress might get together to cut tax rates and limit deductions.
John Stossel explains the beauty of federalism. If you live in a state where the politicians are power-crazy, running amok, bankrupting the government and taxing the citizenry to the hilt, all you have to do is pack your bags and head somewhere else where the pastures are greener. He identifies the handful of states that don’t collect an income tax.
Lee Doren exposes the myths, the miscalculations and the outright lies behind Democrats’ plans to tax the rich as a means to ease the federal government’s mounting debts. The catalyst for his critique is an animated piece of propaganda called Tax the Rich, created by the California Federation of Teachers. Narrated by lefty loon Ed Asner, the video blames the rich for pretty much all of the country’s economic and social woes, and even has a scene depicting the wealthy urinating on poor people. Here’s Doren’s rebuttal, followed by Tax the Rich, which should otherwise be known as Teachers Can be Just As Stupid, Biased and Bigoted As Anyone Else, If Not More So.
Steven Crowder surveys bystanders to find out just how much the public understands the pending Fiscal Cliff. He discovers many people identifying themselves as siding with the Democrats when they actually voice support for the tax and spending reform positions taken by the Republicans.
The rich aren’t paying their fair share! That’s not just the mantra of Occupy Wall Street, even some executives are singing that tune. One of those executives is co-founder and former CEO of Costco Jim Sinegal. Sinegal lambasted the rich at the Democratic National Convention, then maneuvered to avoid paying taxes. Find out all about it on this episode of Trifecta, featuring Bill Whittle, Stephen Green and Scott Ott. H/T PJTV
Reason Magazine Editor Matt Welch previews the current issue, focusing on the Fiscal Cliff coming in January. Welch projects higher taxes, but no discernible effort to reign in spending, as legislators just keep shirking their responsibilities and kicking the can down the road.
It appears many GOP Congressmen are suddenly willing to raise taxes. What utter fools says pundit Wayne Allyn Root. As Forest Gump’s mother (played by Sally Field) said: “Stupid is as stupid does.” And this is world-class stupid.
Stephen Moore, senior economics writer for The Wall Street Journal, cautions against raising taxes given the fragile state of the economy and sluggish signs of growth. He tells Newsmax that further slippage could thrust America into a double-dip recession, with disastrous consequences.
Although it may seem counterintuitive, raising taxes on the rich does not actually increase the amount of taxes the government collects. How could this possibly be the case? Because the many loopholes in federal income taxes, capital gains taxes and other taxes enable people to partially avoid these taxes, or so says Professor Antony Davies of Duquesne University in Pittsburgh, Pa.
Instead of discussing how to raise tax revenues, perhaps we should spend our energy simplifying the tax code. This would make it more difficult for people to avoid taxes and, Davies says, “The less time and money we spend trying to work around a complex tax code, the more time and money we will have available to put to more productive uses.”
President Obama justifies increasing taxes for the rich on the grounds of fairness. Yet the United States already collects a higher percentage of tax revenue from the rich than any other industrialized nation in the world. This mini-documentary from the Center for Freedom and Prosperity Foundation explains why Obama’s policies of demonizing and persecuting investors and entrepreneurs only serve to cripple economic growth.