Word: perring
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...Reagan's so-called supply-side cuts blasted an enormous hole in the budget - the President had to come back in 1982 with the largest peacetime tax increase in American history: the Tax Equity and Fiscal Responsibility Act, which raised $37.5 billion, or 1% of gross domestic product (GDP), per year. He also signed a $3.3 billion gasoline-tax increase. The next year, he signed another whopping tax hike, designed to save Social Security...
...recession-driven low of 17.7% last year, but averages out to just under 19% from 1980 to today. If the not-so-onerous Clinton tax rates are restored when the economy recovers, the federal Treasury would be enriched by nearly $300 billion per year...
...midst of a debate over how to fund a health-care-reform plan - and the idea of raising taxes, even just a little bit, to pay for it is causing heart failure among our legislators. They are looking for somewhere between $30 billion and $35 billion per year. If the bill isn't properly funded - if working-class families don't receive large enough tax credits to help pay for their newly mandated health insurance, if they're forced to pay thousands of dollars in new out-of-pocket expenses - Republicans will use "socialized" health care as a bludgeon against...
...nonstarter, however, because organized labor has negotiated excellent health benefits for its members over the years and doesn't want to see them curbed. The unions are opposed to the next-best idea - a tax on gold-plated health-care plans, which would raise an estimated $28.7 billion per year - for similar reasons. It seems likely that union lobbyists will get that tax reduced, if not eliminated, in the next month's sausagemaking. And then what? Barack Obama's fate depends on the Democratic Party's willingness to face the revenue issue squarely...
...which all Republicans - moderate and conservative - can agree. For example, Cantor notes that state unemployment burdens are expected to double from $30 billion in 2009 to more than $60 billion in 2012, resulting in what he says will be a doubling of business taxes from $250 to $500 per worker per year by 2012. "Eric's correct, in my opinion, to place an emphasis on trying to make our nation more competitive and prop up the private market - a place which has been kind of under assault the last year or so," says John Feehery, a GOP strategist and former...