According to Obama, income people don't need belongs to the government. He hasn't changed at all from during the campaign when he said we needed to raise capital gains tax for fairness even if it wouldn't increase revenues.
One analysis by an LSU professor shows that the administration's proposed taxes on the oil industry would raise only about $30 billion in additional revenue over the next decade. But this would come at the expense of industry cutbacks that trim 155,000 jobs and $83.5 billion in reduced tax revenues. Ah, the seen and the unseen come back again to bite short-sighted proposals.
Keith Hennessey dissects President Obama's supposed proposals for raising the debt reduction ceiling and demonstrates that there was a possible deal out there if he'd followed the Bowles-Simpson fiscal commission recommendations that three conservative Republican senators had already signed on to. Alas, the President's proposals fall well short of that.
Here's a disappointment for common sense. The GOP House failed to vote to repeal the ban on incandescent bulbs. This was a vote on an expedited basis that required a two-thirds majority. They fell short of that, but did get a majority so the proposal may be back. Though it's doubtful if such a common-sense and popular provision would get through the Senate.
The guy who caught Derek Jeter's 3000th hit and gave the ball back may still owe the IRS a bunch of money for the gifts and prizes that he received in exchange.
Anne Applebaum doesn't think we should be at all surprised by the News of the World scandal. It's been going on in the British tabloids for a long time.
Mark Tapscott is exactly right. The House GOP should pass a bill requiring the President to pay the interest on the debt, Social Security, and Medicare first if no increase in the debt ceiling is made by August 2. Make the Senate Democrats and Obama be the ones to fight against such common-sense prioritizing.
For the media know-nothings who can't seem to understand why Boehner will not endorse the President's tax-hike proposals, Jay Cost explains it all.
Things are looking even more welcoming for Rick Perry. The GOP establishment is ready to welcome him with open arms and pocketbooks.
Just in case you've forgotten, Medicare is already insolvent. And the only cost-saving possibility out there on the books is the Independent Payment Advisory Board to adjust payments to doctors.