Word: taxed
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...past 50 years, arguing for tax increases to fund the expansion of federal programs has been a political death wish. Lyndon Johnson could not sell the public on tax increases to pay for his War on Poverty when the Vietnam War intruded. Jimmy Carter failed to close the deficit through higher taxes in the late 1970s. And Ronald Reagan made tax cuts the down payment on every election since. George W. Bush, of course, imitated Reagan in cutting taxes, thereby creating huge new budget deficits. Voters are still willing to permit the government to expand its share of GDP, particularly...
...partnership between the public and private sectors. Fiscal policy will be President Obama's biggest political hurdle. Expanded spending by government - for health care, climate change, energy security, education, infrastructure and peaceful diplomacy - is urgently needed, but large deficit financing is not a long-term option. Although Obama's tax cuts might stimulate consumer spending - and placate Republicans - any permanent cut would be a huge error, and even short-term tax cuts are an unnecessary risk. Obama's long-term success will depend on his ability to lead Americans to a new, even revolutionary consensus that the U.S. government...
...have a budget, but state legislators have been at an impasse for weeks, haggling over various proposals - and weighing their political consequences. On New Year's Eve, the administration of Governor Arnold Schwarzenegger proposed a new budget plan that includes painfully deep spending cuts and $14 billion in tax increases. Although the proposal is not likely to be the one that finally passes, there is no doubt that few Californians will be untouched by the fiscal crisis. In December, unable to wait for a budget solution any longer, the state pre-emptively canceled $3.8 billion for 2,000 public infrastructure...
...cash by mid-February, as has been predicted, hundreds of state vendors, such as electrical-supply wholesalers, food-service companies and building- and grounds-maintenance firms, will be sent IOUs from the state government. Deductions for each dependent may drop from $309 to $103 on Californians' 2009 income tax forms. And, by the way, don't count on a tax refund showing up soon after you file in April - one of those IOUs may find its way to your mailbox instead, explaining that the refund may be delayed...
Even drowning one's sorrows may be difficult here in "fiscal Armageddon," as Governor Schwarzenegger has referred to the budget crisis; one of his solutions is a sizable tax on booze. "At a time we should be investing for our unmet needs and stimulating the economy, we're going in the other direction," says California state treasurer Bill Lockyer, a Democrat. "Every day, we go deeper in the hole...