Tag Archives: Taxes

The debt deal: Disaster averted, decline straight ahead

By Matt Miller, Washington Post, July 31, 2011 So this is what we’ve driven the global economy and America’s credit rating to the brink for? This is why Republicans (who voted for the Paul Ryan plan that would add $5 trillion in red ink over the next decade) decided it was vital to not lift the debt ceiling to accommodate their own budget’s outsized debt? Fast Fix – A deal on the debt ceiling is reached, but the economy is far from ... Read more

Debt Deal: Distaster Not Averted

The President Surrenders By PAUL KRUGMAN NY Times July 31, 2011 A deal to raise the federal debt ceiling is in the works. If it goes through, many commentators will declare that disaster was avoided. But they will be wrong. Fred R. Conrad/The New York Times For the deal itself, given the available information, is a disaster, and not just for President Obama and his party. It will damage an already depressed economy; it will probably make ... Read more

The Tax Burden of the Very Rich

When there is an income tax, the just man will pay more and the unjust less on the same amount of income. — Plato, The Republic By Christopher Brauchli Common Dreams, July 23, 2011 The purpose of this piece is to identify for readers how an unjust tax system treats the very wealthy. Once that is understood it is easy to understand Senator Orin Hatch’s recent comments. In a little noted speech the Senator said that the poor need to “share ... Read more

Will the Ceiling Fall In? Disastrous Outcomes From an Orchestrated Crisis

By Paul Craig Roberts Counterpunch, July 29, 2011 With the world concerned about US financial credibility and the poor outlook for the US economy, now is not the time for the Republicans to grandstand on the public debt. The debt ceiling needed to be quietly raised.  Instead, the Republicans started a fire and then threw gasoline on it, creating an inferno that could burn up the US social safety net or the US Treasury’s credit rating and the ... Read more

The Forgotten Legacy of the Excess Profits Tax

By Phil Mattera Dirt Diggers, Digest, July 21, 2011 Behind all the ideological posturing going on in Washington over the debt ceiling, there is a surprising amount of consensus on the wrongheaded proposition that corporations need more tax relief. The bipartisan Gang of Six plan that has recently been at the center of attention provides for the reduction of the statutory corporate tax rate from 35 percent down to as low as 23 percent. It ... Read more

The 6 Biggest Lies About the U.S. Debt

As Congress nears a vote on the various debt ceiling deals, let’s look at the lies and misinformation that got us into this mess. By Arun Gupta AlterNet, July 28, 2011 There is one simple truth about the discussion of the looming U.S. debt crisis: it is largely a compendium of half-truths, distortions, myths and outright lies. For example, is it true that the U.S. debt is unsustainable, which is spurring the budget-cutting fever? Far ... Read more

Deficit Debates vs. Jobs Report-Left Hook and Right Cross to the US Economy

By Jack Rasmus July 27, 2011 COMMENTARY: While everyone is focusing on the August 2 debt ceiling default deadline looming behind the current deficit cutting debates in Congress, the real blow to awareness how weak the US economy is today may come with the date of August 6 quickly to follow. That’s when the July jobs report is released. July and certainly August reports will reveal the depth of the deteriorating jobs crisis that this writer ... Read more

Interest Payments Are At Historic Lows, Paying Debt is Not the Problem

In this interview on Real News, Robert Pollin makes the point that interest payments on U.S. debt well below average because the cost of money is so inexpensive.  As a result there is no immediate debt crisis, there is time to deal with long-term debt. <iframe width=”640″ height=”390″ src=”http://www.youtube.com/embed/SIK9HilJa7s” frameborder=”0″ allowfullscreen></iframe>   Read more

Washington Lunacy

By Robert Weissman Public Citizen, July 29, 2011 Washington is in the grip of a fever. It’s hard to find a word other than lunacy to describe what’s going on. We are veering toward potential economic catastrophe. And Congress is hung up on a debate that shouldn’t be occurring. It is debating an imaginary problem that conjures scary future scenarios but ignores dire existing circumstances. The consensus proffered solution to the imaginary ... Read more

Subsidizing Profits, Weakening Social Security: The Employer Payroll Tax Cut

By Dean Baker Truthout, July 5, 2011 These days, it appears as though the main goal of government policy is to give as much money as possible to corporations and the wealthy. This is an area where there has been considerable success, with the profit share of GDP at near record highs and the richest 1 percent holding a larger portion of the nation’s wealth than at any point since the late ’20s. The proposals for an employer-side ... Read more