by | ARTICLES, BLOG, ELECTIONS, FREEDOM, GOVERNMENT, OBAMA, POLITICS, TAXES
The upcoming Presidential Election Cycle is beginning to get crowded already. Since I’m undecided right now, I’ve chosen to do a scorecard of sorts of each of the major candidates in four policy areas:
*Taxes
*Immigration
*Free Trade
*Entitlement Reform
These issues are among the most crucial for me. Over the next couple of weeks, I’ll be posting about what I believe is the best, most optimal policy in each of these four areas, and then I’ll score the candidates on their positions.
I’ll also post when I have decided to eliminate a candidate, and why. I welcome your thoughts on these particular issues too. The scorecard will be up soon.
by | ARTICLES, BLOG, ECONOMY, FREEDOM, GOVERNMENT, OBAMA, POLITICS, TAXES
Obama proposed his FY2016 budget on Monday. The budget is filled tax hikes — more than 20 — which are expected to fund more spending schemes cooked up by the President. The tax hikes total about $2 trillion in additional revenue over the next decade. “The administration contends that various spending cuts and tax increases would trim the deficits by about $1.8 trillion over the next decade, leaving the red ink at manageable levels.”
So, just like his yearly spending, so to with his decade budget outlook: despite record tax revenue, Obama’s proposals still don’t balance out. We continue to have deficit spending.
What is in this budget proposal? It’s chock-full of ambitious taxes aimed mainly at the wealthy and businesses. Most of his budget items will likely not pass Congress — and he knows this. At this point in his Presidency, it doesn’t matter anyway what he proposes, or really, what actually passes. And Obama knows this. He’s not running again.
Obama has merely given the Democrats a list of initiatives for them to push, so that they can create anti-Republican narratives using his ideas for litmus tests and sound bytes over the next year to two years heading into the 2016 elections. It’s not about solutions; it’s about creating more divide. Charles Krauthammer got it right when he said, ““Look, I don’t mind if the President sends a budget which he knows is not going to achieve anything. But when he prefaces his remarks as we just saw by saying we have to put politics aside, posing again as the one person in the country who rises above partisanship and party, speaks for the national interest, it’s really grating.”
Here’s the rundown of the list of budget tax hikes. I’ll do some follow up posts about a couple of particularly odious policies contained therein, but for the time being, you can read the entire list of tax increases here. The amounts of revenue noted below are calculated to be collected from the tax increases over the next decade, from 2016 – 2025.
“Limit deductions for top earners to 28 percent rate, even if income is taxed at 39.6 percent: $603.2 billion
Impose a 14 percent one-time tax on previously untaxed foreign income: $268.1 billion
Impose a 19 percent minimum tax on foreign income: $206 billion
Modify estate and gift tax provisions: $214.4 billion
Change the taxation of capital income: $207.9 billion
Other increases from reform of U.S. international tax system: $135.8 billion
Impose a financial fee on large financial companies: $111.8 billion
Increase tobacco taxes and index for inflation: $95.1 billion
Repeal LIFO (Last In First Out) method of accounting for inventories: $76.1 billion
Conform SECA (Self Employed Contributions Act) taxes for professional service businesses: $74.6 billion
Other revenue changes and loophole closers: $47.9 billion
Eliminate oil and natural gas preferences: $45.5 billion
Implement the Buffett Rule by imposing a new “Fair Share Tax” (making millionaires pay at least 30 percent tax rate): $35.2 billion
Reform the treatment of financial and insurance industry products: $34.4 billion
Limit the total accrual of tax-favored retirement benefits: $26.0 billion
Other loophole closers: $24.3 billion
Reinstate Superfund taxes: $21.2 billion
Tax carried interests as ordinary income: $17.7 billion
Make unemployment insurance surtax permanent: $15.7 billion
Eliminate coal preferences: $4.3 billion
Reauthorize special assessment from domestic nuclear utilities: $2.3 billion
Increase and modify Oil Spill Liability Trust Fund financing: $1.6 billion
Repeal tax-exempt bond financing of professional sports facilities: $542.0 million”
by | ARTICLES, ECONOMY, ELECTIONS, FREEDOM, GOVERNMENT, OBAMA, POLITICS, TAXES
Mitch Romney’s appearance on Fox News Sunday the weekend before Election Day confirmed that he should not be a candidate for President in 2016. Indeed, his inability to answer any of Chris Wallace’s questions made it painfully clear why he lost his election bid in 2012.
The first question had to do with the old “outsourcing jobs” bit, which has been an omnipresent theme in several races, such as Quinn for Governor in Illinois, and Perdue for Senate in Georgia. The way Chris Wallace asked about it gave Romney the perfect chance to explain how the outsourcing attack is utter nonsense, but instead, he ignored the question and derided the Democrats for making ad hominem attacks.
Even though the aforementioned candidates won their bid, much of America still honestly believes the “exporting jobs” claim against Republicans — which is why the Democrats tried so hard with it. Had it been a different election cycle, it may very well have stuck better in those race. And Romney missed the opportunity to explain how “outsourcing” those relocated jobs can and do strengthen American business. But he didn’t.
He said nothing about how when the U.S. economy can’t compete in the world market with these lower level jobs here in the US, moving the jobs abroad increases global sales which grow the higher level (administrative, executive, engineering, research and development) jobs remaining here. And nothing about how, in some scenarios, not exporting jobs to stay globally competitive often means, as a result, firing people and closing the business outright. But Romney — the businessman, mind you — ignored all of this and acted as if the other side was right…but just mean.
The second question Romney messed up was in regard to immigration reform. Wallace suggested that the Senate passed a comprehensive plan but that the House GOP refused to pass it. Here, Romney ignored this point again, saying that well, if the GOP gets control of the Senate, they can make immigration laws too. That’s not the point He totally failed to discuss at all how the comprehensive immigration bill was a Democrat style bill which contained provisions unacceptable to the GOP regarding spending and border control. That is the entire reason why it has been rejected soundly by the Republicans.
The last question was in regard to Reince Priebus’ recently published “11 points”. Wallace asked Romney if he thought it was a mistake for the GOP to have made these points. Romney basically ignored it. He could have talked about how, once the elections are over and Republicans victorious, the GOP can move forward. He had the opportunity to build up the Republican brand, to wax poetic about why Republicans are better and use even some of the 11 points to discuss it. But he didn’t. He said nothing.
To use a baseball analogy, it was strike three. Romney is not a good contender. In an arena as easy as Chris Wallace and Fox News Sunday, it was extremely disappointing We need someone that knows how to answer the damn question. To articulate the positions of the GOP on their feet. To prepare the points that need to be made. To get the sentences out swiftly and succinctly. The nominee for 2016 needs to be able to think on his feet, defend liberty, promote prosperity, and speak the principles that we hold dear. Romney has proven, once and for all, that he is unable to do such a thing.
by | ARTICLES, ELECTIONS, OBAMA, OBAMACARE, POLITICS
With all the talk abuzz about an inevitable Hillary Clinton candidacy, I wager that her platform might quite likely include repealing Obamacare. Hillary is certain to declare late in the spring so that she can positively impact the midterm elections to benefit the Democrats.
What would Hillary gain from a repeal-Obamacare platform? Here’s three things:
First, a “repeal-Obamacare” position would effectively neuter the Republican narratives of anyone running in 2014 (and possibly beyond). All the hand-wringing and fundraising, all the sob-stories and alarm bells about Obamacare would be utterly weakened if Hillary was out there saying the exact same thing.
Think about it: any Republican candidate on the same policy page as Hillary Clinton would be disastrous for that candidate. The Republicans are hoping for strong gains in 2014 — possibly even taking the Senate — and are banking on a fledgling Obamacare to do it. This objective could not be achieved with Hillary added to the mix arguing that Obamacare is not good legislation.
Second, a “repeal-Obamacare” position from Hillary would give vulnerable Democrats a free pass to sever close ties and loyalty to Obama. Obama is toxic right now; his popularity is in the mid ‘30s and his signature legislation is overwhelmingly disliked across the country. With Hillary jumping in, Democrats would be able to rally around a more popular and likeable Democrat (what Democrat doesn’t like the Clintons?). They could distance themselves from Obama and Obamacare without hurting the Democrat brand for the elections; Hillary enhances that brand right now much better than Obama can.
Finally, Hillary herself was intimately involved in health care reform after Clinton’s election in 1992. The legislation she helped champion via the Taskforce For Health Care Reform was aptly dubbed “Hillarycare”.
Twenty years later — in comparison to what we’ve seen of Obamacare, does Hillarycare looks so bad? Maybe not to some people. Is this the alternative solution and finally Hillary’s day in the sun? Possibly, but not likely.
It is much more plausible that Hillary would take healthcare reform even further than Obamacare. Knowing the growing disdain for mandates and the insurance system that seems helplessly broken right now, Hillary would likely lobby instead for a single-payer system.
This is a dream of many progressives and Democrats. It would be presented as a “simplified” alternative solution to the byzantine problem that is Obamacare, at a time when the Republicans lack their own, strong Obamacare alternative.
Whatever the case, running on repealing Obamacare is a win-win for Hillary. She gets to directly impact and help the midterm elections for the Democrats. 6 years after her primary defeat against Obama, Hillary will emerge as the better, wiser, and more likeable Democrat (revenge is a dish best served cold?). And finally, Hillary will have the unprecedented opportunity to finish the healthcare reform she started two decades ago, since practically anything will be seen as better than Obamacare now.
