Word: taxed
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...money that Kinsley hopes to inject into the economy must first be taken out of it. Add in collection costs and the usual political malfeasance, and we have a net loss to the economy. There's more: Kinsley argues that last summer's high oil prices were essentially a tax on consumers; the money just went to oil companies instead of the government. But he forgets that oil companies do not have control over their prices. If they did, then why would oil prices ever drop? Kinsley's logic does not follow. Ryan Young and Drew Tidwell, Competitive Enterprise Institute...
...obscures the true value of the sale, and I don’t know if that’s legal or not, but from the perspective of tax assessing, if everyone did that, nobody would be able to assess any property,” Mattison said. “The whole reason all those records are public is because someone felt the sale price should be public. There should be that paper trail...
Here's the problem with that math: the tax system brings in about 18% of GDP, less in a recession - and Obama is even floating a two-year, $300 billion tax cut (roughly 1% of GDP per year). Even worse, our federal revenues are nearly exhausted by just four areas of spending: Social Security and other retirement programs, health programs such as Medicare and Medicaid, defense, and interest payments on the public debt. Almost all the rest of our expenditures - from education and infrastructure to international diplomacy and much more - have to be funded by borrowing. We are racking...
There are certainly some straightforward ways to start closing the budget gap. The Bush tax cuts for the rich should be rolled back this year, not next, to start collecting about 0.5% of GDP in extra revenues from those who can most easily pay, though this might just partly offset other tax cuts and recession-induced declines in tax collections. The spending on the wars in Iraq and Afghanistan should be ended, not prolonged, saving at least 1% of GDP. We'd still probably be close to $1 trillion (perhaps 6.5% of GDP) shy of budget balance. With the economy...
...Infrastructure can be financed in part by borrowing against future user fees, like tolls on roads and higher electricity rates for more reliable and cleaner power, rather than against general government revenues. This strategy can probably cover as much as 1% of GDP per year. We can introduce new taxes on the carbon emissions from coal, oil and gas to hasten our transition to sustainable energy. For example, instead of letting gasoline prices tumble now only to see them soar again shortly, we could set a floor on prices at the pump and collect the difference between the wholesale...