News
WSJ | Obama Presses For Higher Taxes, But Adds Caveats
President Barack Obama said Wednesday he will push for a deal to resolve the year-end fiscal crisis by raising tax rates on upper-income Americans, while leaving enough wiggle room to suggest to Republicans that the two sides could still compromise.
FOX News | Florida restaurateur to impose 5 percent surcharge for Obamacare
A Florida restaurateur who operates roughly 40 Denny's locations and five Hurricane Grill & Wings franchises throughout the state intends to add a 5 percent surcharge to customers' bill to offset costs for Obamacare in January 2014 when the Affordable Care Act is fully implemented.
WSJ | Obama: 'Open to Ideas' on Taxes, But Few Alternatives to Hikes
President Barack Obama said he is open to "new ideas" to raise tax dollars from upper-income Americans beyond simply returning to higher tax rates, showing some flexibility as he enters negotiations with Republicans. But he said it will be difficult to find an alternate way.
Econ Comments & Analysis
WSJ | The Other California Tax Grab
Amid so much other good news—13.3% tax rate, liberal supermajority—Californians will also be overjoyed to know that this week the state's new cap-and-trade tax gets underway. Liberals are counting on this to raise billions in new revenue, as if it won't drive more jobs out of the state.
Investors | Obama Tax Hikes On Rich Would Shrink Economy, Jobs
President Obama's proposed tax hike on the top 2% of incomes will do next to nothing to close our chronic budget deficits, now running more than $1 trillion a year.
WSJ | The President's Tax Math
'You know, the math tends not to work," declared President Obama at his Wednesday press conference, as part of his explanation for why closing tax loopholes for the wealthy wouldn't provide enough revenue for a budget deal. Ergo, he says, tax rates must go up immediately for those making more than $250,000 a year, even if this means sending the economy over the January 2013 tax cliff.
Washington Times | Obama’s massive tax hike
Now that he never has to run for election again, President Obama can show his true colors. Mr. Obama made it clear Wednesday he wants to whack Americans with $1.6 trillion in tax increases so that an obese Uncle Sam won’t have to go on a diet. The only thing that can slow down his sharp turn to the left is the House GOP.
Heritage Foundation | The Lurking Dangers in the Hubbard Tax Hike Compromise
Glenn Hubbard, dean of the Columbia Business School and until recently the top economist in the Romney campaign, opined in the Financial Times on November 13 that Congress and President Obama should seek to raise taxes on the well-to-do by means other than raising tax rates. Hubbard suggested scaling back the deductions available to upper-income taxpayers.
Blogs
Tax Foundation | President's $1.6 Trillion Tax Bid Lowers GDP, Wages, Living Standards
In short, the model results indicate that the President’s plan would not only lower GDP and capital formation, but it would reduce after-tax incomes for every household – not just families hit by the higher taxes.
