Word: fiscal
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...Congress doesn't act soon, about 21 million will be penalized. House Ways and Means chairman Charles Rangel has proposed a one-year stopgap fix that would exempt these middle-income taxpayers from the AMT, at a cost of more than $50 billion. The problem? In a fit of fiscal prudence, the Dems earlier this year passed a requirement mandating that Congress pay for everything it does with either tax hikes or budget cuts. Cue the proposed hedge-fund tax increase...
...explained recently in the pages of TIME why the farm bill was bad agricultural, fiscal and environmental policy; bad water, energy, land and health policy; and bad foreign policy to boot. At a time when farm incomes are at an all-time high, the legislation would perpetuate a system that redistributes billions of dollars from taxpayers to wealthy farmers, particularly the huge industrial operators who devour the most water and fossil fuels, spew the most pesticides, erode the most soil, grow the most fattening foods, and use their handouts to buy out smaller farmers and depopulate rural America. Only...
...export limits on essential goods like meat to moderate prices. But rather than blow a windfall from commodity exports--prices for Argentine products like soybeans have hit all-time highs in recent years--Argentina replenished its foreign reserves (a record $44 billion today), pared debt and built a strong fiscal surplus. "Overspending and overindebtedness caused the crisis," says Redrado, noting that much of that excess occurred, ironically, during the more market-oriented government of President Carlos Menem in the 1990s. "This is no longer a policy of the right or the left. It is common sense...
...comparison, Brazil's competitive outlook is often described as a day in the Ipanema sun. Lula--who has adhered so faithfully to orthodox fiscal policies that he has alienated his own leftist party--recently boasted that Brazil's $1 trillion economy, the world's 10th largest, "is going through an auspicious moment...
...Many Dems are so loath to cede the high fiscal ground painstakingly won from the G.O.P. that they are willing to hit Wall Street with a new tax. But others have very parochial reasons to want to protect private equity. Senator John Kerry, for example, was opposed to a version of the bill that was floated this summer and only came out for this latest iteration with some fairly significant caveats. "We should do it in [a way that] avoids unintended consequence[s] and harm to other similarly structured partnerships in other fields," Kerry said. In Massachusetts the private equity...