when you hear congress and their media cronies come out whining about how they need to squeeze a little more money out of your pocket or they’re going to have to lay off police and fire fighters, and throw old people into the snow, and let children be educated by wolves, and the roads, the roads, for God’s sake WHAT ABOUT THE ROADS!!! … Keep in mind that while the whole nation teeters on the edge of that fiscal cliff, Obama and Congress just gave themselves a raise.Read more »
While the nation’s eyes are affixed firmly on the future tax implications of the fiscal cliff negotiations, few people realize that they stand to pay larger tax bills in 2012 courtesy of a little something Congress could have — and should have – taken care of long ago: the exemption to the alternative minimum tax (AMT). As a reminder, the AMT is a parallel tax system that was originally designed in 1969 to guarantee that 155 wealthy, enterprising taxpayers would pay some amount of federal income tax.Read more »
Insanity abounds! An old suggestion has resurfaced that was originally made during the debt ceiling crisis in 2011. Cullen Roche, writing for the Pragmatic Capitalist, shared a suggestion sent to him by one of his readers, and the unusual idea had made it all the way to the desks of Yale law professors and court economists. Now the suggestion has resurfaced, this time from Brad Plumer, writing for the Washington Post. To solve the economic crisis all they have to do is issue two shiny new platinum coins worth … wait for it … $1 trillion dollars each!Read more »
Let’s get one thing straight: America is not facing a fiscal crisis. It is, however, still very much experiencing a job crisis. In fact, of course, it’s just the opposite: The danger is that the deficit will come down too much, too fast. And the reasons that might happen are purely political; we may be about to slash spending and raise taxes not because markets demand it, but because Republicans have been using blackmail as a bargaining strategy, and the president seems ready to call their bluff.Read more »
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