The big hoo-hah over taxes we had to suffer through last month had to do with income tax rates and some specialty items that largely attached to corporations.
Last week, Politico profiled freshman Congressman Tom Cotton (R-AK) to give their readers a sneak peak at “the ‘hell no’ caucus.” According to the reporters, the Iraq and Afghanistan veteran who holds a pair of Harvard degrees is “neither a hick, nor a blowhard.” However, they said, “To much of the country, Cotton is nothing more than a straight, Southern, white, male, ‘radical’ conservative — a befuddling relic of a fading slice of politics.”
The conventional wisdom has emerged that in order to avoid the so-called "fiscal cliff," politicians in Washington must agree to some method of tax increases ("revenue") -- which will be real, even if low taxes are not the cause of our ills -- alongside some kind of promise of spending restraint on entitlement programs, which is our problem, and which no one believes Washington will restrain.
WASHINGTON - If you thought the presidential election would lead to an early break in the fiscal gridlock that now divides our government, think again.
The economy is limping along at an official 2 percent growth rate - and even that is overstated because it includes a 9.6 percent increase in deficit-financed government spending. We're already in the recession red zone, and the largest tax hike in American history looms January 1 if Congress fails to reach an agreement to cancel it. In this contest, the presidential election boils down to a remarkably simple choice: recession or real recovery.
Barack Obama really does have a plan for the next four years. When he thought he was speaking off the record to the Des Moines Register the other day, he said he wanted to negotiate a "grand bargain" with the congressional Republicans. It would include spending reductions and tax increases to reduce forecasted federal deficits.
Unfortunately, some people misinterpret the insights of the Laffer Curve. Politicians, for instance, tend to either pretend it doesn’t exist, or they embrace it with excessive zeal and assume all tax cuts “pay for themselves.”
Democrats want higher taxes on the rich and say GOP stalwarts are "selfish." Republicans oppose tax hikes and say the Dems are big-government empire-builders. Impasse? Not necessarily.
Bored with the Penn State scandal because it didn't implicate any prominent Republicans, the mainstream media have suddenly become obsessed with Grover Norquist's "Taxpayer Protection Pledge." They are monomaniacally fixated on luring Republicans into raising taxes.
Judging by the number of comments on the story, liberals are very offended that I believe Obama is the "The Worst of All Possible Presidents." Somehow, I think, I'll learn to live with the guilt. Over time, I might even learn to laugh about it. Yep: Time's up.
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