Word: taxed
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Summers is a dyed-in-the-wool Democrat who believes in trying to keep the conflicting forces of the U.S. economy--free trade, worker protections, rising incomes and fair tax rates--in balance. And he believes in risking dramatic action in a crisis. "It's a lot easier to correct the errors of overreaction than the errors of underreaction," Summers said in a speech to a securities-industry group in October...
...Tax cuts: The middle class will get a tax cut quickly, say several Democrats familiar with the planning. There may also be a payroll tax break to speed some extra cash to all. Obama may even postpone his plans to roll back the Bush tax cuts for the wealthiest Americans and delay any tax hike on top-tier earners until 2011, when the cuts expire under current...
...care sector immediately. Some will go to a massive tech upgrade for an industry that in many ways is still paper-based. More urgent is the need to funnel cash directly from Washington to states so that local legislators don't rush to cut spending on Medicaid as state tax receipts dry up in the recession. "Absent some relief there, you'll get Medicaid budgets slashed," says a senior Democratic aide familiar with the plans...
...hear over and over about the federal bailout of the financial industry. But what tends not to be said is that it is our tax dollars--yours and mine--that will be doing the work. A friend of mine mentioned a novel proposal: the executives of these financial companies who are getting federal dollars should not make any more than the $400,000 that we pay the President of the United States. After all, the President works for the American citizen, and now the American citizen is bailing out the high-flying executives of these financial-service companies that squandered...
...expert advice to Obama. In addition to Mankiw, past CEA chairs include Federal Reserve Chairman Ben S. Bernanke ’75 and economics professor Martin S. Feldstein ’61. Harvard Kennedy School professor Jeffrey A. Frankel said that Romer, a highly-regarded scholar of monetary and tax policy, will bring more skills to the job than just her intellectual firepower. “Not all academics make good policy makers,” Frankel said. “But she’s got—besides her academic intelligence—all the other things...