The Entitlement Crisis and ‘Welfare State Death Spiral’
Whether you agree or disagree with George Will he offers some rather tasty food for thought.
Whether you agree or disagree with George Will he offers some rather tasty food for thought.
Athletes tax their bodies. The U.S. taxes athletes. As Yakov Smifnoff might say, "What a country!" To put it plainly the IRS defines income as 'everything unless we specifically say it's not.' There's a method to the madness. Imagine a scenario where a handful of specific items are classified as income. The result is we'd all scramble [...]
Effective July 29th Genworth Financial will no longer sell LTC policies offering lifetime benefits. Additionally the 40% spousal discount will be reduced to 20%. The move is the latest in what has become the gutting of the LTC market. In recent months large underwriters such as Prudential, MetLife and Unum abandoned this line of business. [...]
Much has been written about last week's Supreme Court ruling on Obamacare - specifically the compulsory portion known as the "individual mandate." Reactions have largely focused on the tax hikes coming in 2013 that will pay for it, speculation about how (un)affordable health care may be in the future and the headwind likely facing the [...]
According to recently released tax returns President Obama and his wife paid a 20.5% federal tax rate on $789,674 in Adjusted Gross Income ("AGI") for 2011. This level of income lands the Obama household in the top 1% of US households when compared to the median income of just under $50,000. And what will President [...]
Last year President Obama proposed that no household earning more than $1 million per year pay a smaller share of its income in taxes than middle-class families. In support of his proposal he called for the imposition of a minimum effective tax rate of at least 30%. This year in his State of the Union [...]
From the immortal Pauly Shore came this gem: "Karma is a bitch!" Last week TaxMasters, the firm claiming to solve everyone's IRS problems, filed for bankruptcy making it the latest high profile tax resolution firm (following JK Harris and Roni 'Tax Lady' Deutch) to go out of business. There's no need to fret. For those who missed their opportunity to be taken by [...]
In his weekly radio address President Barack Obama said vehicle fuel economy standards set under his administration and better cars built by a resurgent U.S. auto industry will save money at the gas pump. "Automakers are on track to build cars that average nearly 55 miles per gallon by 2025. That means folks will be [...]
Later today President Obama will make a speech in New Hampshire aimed squarely at voters who can't help but notice the recent rise in gasoline prices. But will his words reflect his policy (lack thereof to be precise) or his politics? President Obama is expected to call for increased domestic production. Similarly he's expected to [...]
In a move that makes eminent economic sense the Obama administration is set to ask Congress to reduce the corporate tax ratefrom 35% to 28%. In doing so a number of so-called "loopholes" will be reduced or eliminated. Reduce the rate and broaden the base? Bingo! That's how to increase revenue. That's precisely the type of [...]