Musician John Legend got the chance to preform in the State Dining Room at the White House last night. He took the occasion to let guests know he was rich and was disturbed he got a “tax cut” this year. The brain-dead singer thinks he got a tax cut?
I’m serious. I’m waiting to hear about these supposed $2 billion in cuts. Total spending by the state of Connecticut has increased from $13.4 billion in 2001 to an estimated $26.1 billion dollars in 2011. That’s almost doubling the state budget in 10 years. Connecticut did not ride the TEA Party conservative wave, and we may just pay for it big-time.
During the course of his pre-Super Bowl interview with Bill O’Reilly, President Obama said “I didn’t raise taxes once”. I guess he forgot. Read more
You can call it a 66 percent increase in taxes – it is – or an increase in the personal income tax from 3 percent to 5 percent and corporate taxes from 3.25 percent to 5.25 percent. Either way, the State of Illinois is taking a huge gamble.
I’m not kidding. Anything to collect a fee for the state. If you are walking on a sidewalk, you’re using town or state resources, should we also require a plate be attached to our back-side? Maybe require official state inspection of bicycles? Yeah … that’s good for another $10 … gotta ensure those bikes are safe to ride.
Last summer, New Jersey ammended the state’s Uniform Unclaimed Property Act, allowing the state to seize (steal) unused money on gift cards. The law was signed by Gov. Chris Christie (R-N.J.). In November, a judge temporarily struck down the law. How I missed this before, I just don’t know, as is a prime example of actions that would be considered criminal if done by a private party.
Obama lied. Today, those of you with health savings accounts (HSAs) – originally promoted by congress-critters and the federal government as a great way to reduce medical costs – are paying more for over-the-counter medications and prescriptions.
Yes, I understand the current political climate requires town finance managers to beg for money from the state, and state leaders must beg for money from the federal government, but can we agree this is a problem? Actually, it’s incrementally grown from a small issue to what any well-informed TEA Party member would refer to as the problem.
While Congress debates whether to increase taxes on the “rich” (yes, allowing the Bush tax cuts to expire is a tax increase), it it worth reflecting on the words of the late economist, Milton Friedman.
Politicians will always spend every penny of tax raised and whatever else they can get away with.
And, a study done by Richard Vedder and Lowell Gallaway of Ohio University examining the data from World War II forward bears this out. For every new dollar in taxes raised by the government, Congress appropriates anywhere between $1.05 and $1.81 in additional spending. The study was done in the late 1980’s and has been updated over time using data since then, variables and models,
[b]ut no matter how we configured the data and no matter what variables we examined, higher tax collections never resulted in less spending.
So, when you hear the left bemoan the fact that taxes must be increased on the “rich” in order to reduce the deficit, understand that no such deficit reduction will happen. New income will result in new spending, and then some.
Congress seems incapable of doing anything else.