Blogs

Tax Freedom Day is the day when the nation as a whole has earned enough money to pay off its total tax bill for the year.  Each Year, the Tax Foundations calculates that date, and for 2013 it's today, April 18.  

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In the hours leading up to the "Sequester" kicking in late last Friday, President Obama clung to his familiar refrain.  In speech after endless speech, Obama said that it was simply "dumb" to reduce spending and predicted catastrophic consequences.  What was needed, Obama argued, was higher tax revenue. 

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Easily duped, millions of voters dutifully believed Barack Obama's and the Democrats' campaign rhetoric that they only wanted to raise taxes on millionaires and billionaires – out of “fairness”.   But, once re-election was in the bag, things changed.  Surprise! 

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As Barack Obama and the Democrats in Congress finalize plans for whom to increase tax rates on and by how much – all in the name of preventing the nation from going over the "fiscal cliff," of course – the following may being of interest to readers of this page, if not to the politicians. 

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You may think there isn't much common-sense anywhere close to Capitol Hill, but less than a ten minute drive away there is a veritable wellspring to be found in the person of Dan Mitchell, Senior Fellow at CATO.  Mitchell is an expert on tax policy and supply-side economics. 

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By Bob Beauprez
 

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Supposedly there are grand negotiations ongoing in Washington in search of a grand bargain to avoid a grand calamity - pushing the nation over the fiscal cliff.   It appears, however, that whatever discussion is really happening is focused on how much additional "revenue" to extract from taxpayers' pockets instead of how strict of a diet to impose on the federal government.
 

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Predictably, the Obama campaign has decided that the only way to divert attention from Barack Obama's disastrous performance in his first debate with Mitt Romney is to attack Romney.  

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Americans for Tax Reform publishes s a "Cost of Government Day" report every year, which calculates how long the average American must work to pay for the full costs of government spending and regulation. The 2011 version just came out and it isn't encouraging.  Here's the bad news: 

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Editor's note:  Politico.com asked me if "closing tax loopholes" as proposed by Barack Obama to raise revenue amount to a tax increase?  My answer is below and can also be found in the Arena on their website.

Whatever a politician chooses to call it, when the government takes more money from a business or and individual, it is a tax increase. Additionally, how can government - even a president - determine what is a "fair" portion to confiscate of income earned by someone else? 

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