News
WSJ | Millionaire's Tax To Be Tough Sell
President Barack Obama's proposal to raise taxes on some millionaires will likely please members of his party, but it is unlikely to have much practical impact on federal deficits anytime soon.
Bloomberg | Obama Deficit Plan to Call for $1.5 Trillion in Taxes
In combination with cuts in spending, Obama said, his plan would reduce the long-term deficit by $3 trillion beyond the $1 trillion that was agreed to as part of a deal to raise the U.S. debt ceiling.
WSJ | Obama Seeks New Tax Rate for Wealthy
Mr. McConnell said raising taxes on individuals making $1 million or more would end up hurting small-business owners because more than 700,000 of them file their taxes as individuals, not businesses.
Econ Comments
National Journal | The Small-Bore Solution
Extending the payroll-tax cut beyond 2012 is an anchor of Obama’s jobs plan. Good luck with that.
NY Times | Fair Taxes? Depends What You Mean by ‘Fair’
These claims are enough to get populist juices flowing. The problem with them is that they don’t hold up under close examination.
Blogs
Cato@Liberty | CPAs Celebrate as Obama Proposes to Create a Turbo-Charged Alternative Minimum Tax
The alternative minimum tax (AMT) is one of the most-hated features of the tax code. It is such a nightmare of complexity that even Democrats routinely have supported “patches” and “band-aids” to protect millions of additional households from getting trapped in this surreal parallel tax universe – one that requires taxpayers to calculate their taxes two different ways, with the IRS getting the maximum amount of money from the two returns.
Heritage Foundation | Heritage Responds to Obama’s Debt Reduction and Tax Proposal
Want to Tackle Spending? Obamacare Has Got to Go.
Daily Capitalist | The Warren Buffet Tax
Mr. Buffet favors taking away assets of rich people because they have them. That is, because he feels rich people should pay more, he wishes to force rich people to pay more.
