Word: taxed
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...face a larger challenge than the failure of financial institutions. The failure of consumer demand will trample the economy well into next year. The only solution to the problem is to given people extremely enticing reasons to spend money. Whether that is done though tax credits or access to inexpensive credit, governments have to move into the difficult role of building a system to create a series of incentives that make spending money more attractive than saving it. That is nearly impossible because it would certainly involve giving people a dollar to save for every dollar they spend...
...fact, this crisis is an ideal opportunity for Obama to start keeping his campaign promises: providing tax relief and health security for ordinary Americans, restoring our economic competitiveness and reducing our dependence on environmentally disastrous fossil fuels that increase the power of our enemies. It's hard to imagine when he'll have a better opportunity. Nothing in the historical record suggests that when Congress has more time to deliberate - and more time to confer with the special-interest lobbyists and local-interest political advisers who dominate the decision-making of its members - it will enact fair tax policies, sustainable...
...these measures, some of the tax cuts in the current House and Senate plans are hard to defend. For example, both chambers included a tax credit for first-time home buyers, a classic hair-of-the-dog solution to a crisis with roots in an artificially inflated housing market; the credit wouldn't provide stimulus and it wouldn't point the country in a new direction. Similarly, as the nonpartisan Tax Policy Center pointed out, the Senate's $70 billion patch to the alternative minimum tax is "neither timely nor targeted" and "makes no sense as economic stimulus...
Certainly, there's some junk in there. The Senate wants to toss as much as $50 billion into loan guarantees for nuclear plants, even though their costs have gone through the roof. And there's talk of further subsidizing home mortgages that are already tax-deductible, as if the Federal Government hasn't done enough to encourage homeownership (and in the process, it can be argued, help lay the foundation for the current crisis). But Obama has called for an earmark-free stimulus, so the legislation shouldn't have too many embarrassing waterslides, Mafia museums or cranberry subsidies. Instead, Congress...
Between his tax problems and the growing scrutiny of his lucrative ties to the health industry, the former Senate majority leader's nomination had become a repudiation of the very things Obama had promised to change in Washington. And coming on the heels of Treasury Secretary Timothy Geithner's failure to pay nearly $40,000 in taxes, Daschle's nomination was turning into fodder for political opponents and late-night comedians. It didn't help matters that on Tuesday morning, another Obama appointee, Nancy Killefer, withdrew her name from consideration for the position of chief White House performance officer amid...