Nov 11 10:35 The Floor, Not The Ceiling?
Nov 12 04:08 Cluelessness Personified
Nov 13 03:46 Want Big Government? Expect The Tax Increases
Nov 12 16:57 Nonpartisan Mark Ritchie?
Nov 13 04:28 Vague and Generic Reaganism?
Nov 13 16:47 Franken's Undervote Strategy
Nov 13 21:35 Team Franken Lawyers Up
Nov 14 04:17 Whoppers & The SOB Who Won't Stop Telling Whoppers
Nov 14 15:45 It ISN'T The Funding, Stupid
Prior Months:
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Prior Years:
2006
2007
The Floor, Not The Ceiling?
This post
by James Pethokoukis should cause lots of alarm within the business community. Here's what Mr. Pethokoukis wrote:
I have been arguing that Barack Obama's tax hike plan represents a floor, not a ceiling. (And even that floor seems to fluctuate.) I recall that some House Democrats, like Charlie Rangel, were pushing a for a "millionaire" surtax during the last Congress.
Now this: My guy Dan Clifton, superanalyst at Strategas Research, has noticed that Speaker Pelosi is pushing for a permanent refundable tax credit on payroll taxes paid. Clifton thinks that tax credit could be paid for by a five percent surtax on higher income taxpayers. "While this achieves the same goal of raising the top tax rate, to achieve the permanent middle class tax cut, the 5 pct. surtax will fall on top of the higher income tax rates after the Bush tax cuts expire (39.6% + 5%)."
Raising taxes that much, especially early in his administration, would tell people that President-Elect Obama is an extremist. It would disintegrate his image as a centrist. Most importantly, it would deepen and lengthen the recession that we're in.
On the other hand, this might just play into who he is. He might be arrogant enough to think that he can do this with impunity. He'd certainly get away with this with the kool-aid drinkers. I don't think it'd fly with centrists and independents. In fact, it's quite possible that it'd cause the scales to fall away from the centrists' and independents' eyes.
We'll see how this plays out. This is what's posted on the
tax issues page
on Obama's campaign website:
Families making more than $250,000 will pay either the same or lower tax rates than they paid in the 1990s. Obama will ask the wealthiest 2% of families to give back a portion of the tax cuts they have received over the past eight years to ensure we are restoring fairness and returning to fiscal responsibility. But
no family will pay higher tax rates than they would have paid in the 1990s.
In fact, dividend rates would be 39 percent lower than what President Bush proposed in his 2001 tax cut.
It's obvious that the pre-election plan doesn't match up with the post-election plan, if indeed the 45% tax rate is what's planned.
Earlier this morning, I told King that I never trusted Obama's tax plan because I thought, like everything else, he was simply selling the American people a bill of goods he couldn't possibly deliver on.
Posted Tuesday, November 11, 2008 10:39 AM
Comment 1 by
eric zaetsch at 12-Nov-08 07:02 PM
I think the graduated rates during the Eisenhower administration were okay. The nation prospered. The standard of living was higher than now for almost all the families. We had the Korean war going on and could afford it. US Steel, General Motors, and the Oil Companies were big, as was General Electric.
Big Steel died off for multiple reasons. But the demise of firms were matched by new industries and new firms like Apple and Microsoft and Cisco. Entrepreneurial opportunity or activity was probably less then, in the Eisenhower years but I suggest it had nothing to do with taxes.
Trading markets, capital availability, and all were tighter and more club of Wall Street then in comparison to now because of electronic capabilities, the rise of venture capital as highly profitable with the one hit in five or one in nine being enough, etc.
I suggest that if we had Eisenhower rates, and capital liquidity we have now, there'd be little change - except globalizing capital and the rates at which herd behavior can move are unprecedented.
But changing tax rates would not cause the sky to fall, despite a thousand Chicken Littles saying it would. It would make government more responsible in providing social goods.
In fact, a Huey P. Long Share the Wealth, taxing wealth above a certain level of accumulation, would not result in disaster either.
Can you prove it would?
Cluelessness Personified
This David Brooks column
proves just how clueless Mr. Brooks is with regards to conservatism. Here's what I'm referring to:
In one camp, there are the Traditionalists, the people who believe that conservatives have lost elections because they have strayed from the true creed. George W. Bush was a big-government type who betrayed conservatism. John McCain was a Republican moderate, and his defeat discredits the moderate wing.
To regain power, the Traditionalists argue, the G.O.P. should return to its core ideas: Cut government, cut taxes, restrict immigration. Rally behind Sarah Palin.
.....
The other camp, the Reformers, argue that the old G.O.P. priorities were fine for the 1970s but need to be modernized for new conditions. The reformers tend to believe that American voters will not support a party whose main idea is slashing government. The Reformers propose new policies to address inequality and middle-class economic anxiety. They tend to take global warming seriously. They tend to be intrigued by the way David Cameron has modernized the British Conservative Party.
Let's see if I've got this straight. Does Mr. Brooks think that The Traditionalists are rallying around Sarah Palin just to regain power? Does Mr. Brooks think that Gov. Palin isn't a reformer? Does Mr. Brooks intend on identifying the people making up The Reformers wing of the GOP?
Let's further state that this is a strawman argument. The Rush Limbaugh/Sarah Palin wing of the party believes in true reforms, not just Reform In Name Only (RINO). It's insane to think that Rush Limbaugh and Gov. Palin represent the status quo wing of the GOP.
Let's also stipulate that Ronald Reagan was more than just policies. To really know Reagan is to understand his underlying philosophies. Reagan's policies came from the belief that his policies should either make people more prosperous, more free or more safe. Reagan saw regulations as limiting people's freedom. Reagan saw taxes as preventing people from being free and from being prosperous. Reagan saw defeating the USSR as imperative to making America safe.
People that say that Reagan isn't relevant are essentially saying that there's no need for America to be free, prosperous or secure in our sovereignty. I stubbornly reject such foolishness just like I reject Mr. Brooks' strawman arguments.
Posted Wednesday, November 12, 2008 4:12 AM
Comment 1 by
Janet at 12-Nov-08 09:05 AM
The sentence, P #3 - It's insane to think that Rush Limbaugh and Gov. Palin represent the status quo wing of the GOP. What are you saying here? Palin is not status quo?
I thought Brooks' column was an early attempt to try to split Republicans - I don't trust Brooks.
Comment 2 by
Gary Gross at 12-Nov-08 09:25 AM
I certainly don't think that Gov. Palin is status quo. She's the personification of 'outside the box'.
You're wise if you don't trust David Brooks.
Comment 3 by
Walter hanson at 12-Nov-08 10:19 AM
You know the Star Tribune had an article about liberal democrats are eager to pass things which they thought have been blocked for years.
* They blocked real social security reform.
* Their idea of saving Detroit is first pass a lot of laws which kills Detroit's ability to make cars and a profit and than where the companies are about to fail give them maybe hundreds of billions of dollars. Their spokesperson is the person who is single handily killing Michigan's economy.
Walter Hanson
Minneapolis, MN
Want Big Government? Expect The Tax Increases
This year, poll after poll showed that wide margins of voters didn't approve of tax increases. Rep. Steve Gottwalt and Rep. Dan Severson told me that voters in the greater St. Cloud Area were fed up with taxes. Their constituents stated that emphatically when they were doorknocking. Steve and Dan weren't the only people who heard their constituents' anti-tax sentiments, either.
This begs the question of why people voted for the DFL. Part of it has to do with the DFL's superior ground game. In my opinion, though, the biggest reason for this disconnect is because conservatives didn't pound the message home that a vote for big government is a vote for tax increases. A slogan I saw at a Minneapolis Jimmy Johns sums this up perfectly:
The gap between more and enough never closes.
When's the last time you heard a DFL legislator say that funding is just right? Better question: Have you ever heard a DFL legislator say that funding for anything is just right? With their insatiable appetite for spending, the inescapable truth is that the DFL will forever try passing tax increases.
It's instinctive
. It's reflexive. The DFL's appetite for tax increases will never change. The only thing that can stop it is either a governor's veto, a House GOP majority in 2010 or GOP majorities in the House and Senate.
If MOBsters don't pound that message frequently, then we aren't doing our jobs as activists. If MOBsters don't adequately explain the consequences of big government policies, we won't persuade voters. That's something we can't afford.
Posted Thursday, November 13, 2008 3:47 AM
Comment 1 by
CommonSenseRambler at 13-Nov-08 01:46 PM
Amen. You will never get a commitment from a taxraiser on what is enough. The only thing that keeps them from going totally haywire is the other party AND a depression, when they might admit that taxes went too high.
On second thought, they think government spending it the way to get our of recession/depressions, so never mind.
Nonpartisan Mark Ritchie?
GOP activists never bought into the notion that Minnesota SecState Mark Ritchie wasn't a hyperpartisan political hack. Thanks to this MSNBC video, we now have verifiable proof that Mr. Ritchie is a hyperpartisan political hack: