The latest dead-on-arrival lame-duck proposal from the White House came Thursday. In a statement about its “21st Century Clean Transportation System" plan, the Obama administration said it would pay for new infrastructure spending with a "new fee paid by oil companies." Here's an excerpt:
So to meet our needs in the future, we have to make significant investments across all modes of transportation. And our transportation system is heavily dependent on oil. That is why we are proposing to fund these investments through a new $10 per barrel fee on oil paid by oil companies, which would be gradually phased in over five years.Read more
When the Democrats passed Obamacare (without a single Republican vote), part of how they were allegedly going to pay for it was through a "Cadillac tax" on expensive employer-based insurance. Yet, this week, many Republicans are working with Democrats to delay or even repeal this tax. For three reasons, Republicans' constituents shouldn't be at all happy about these efforts.
First, this is an attempt to "fix" Obamacare, something Republicans shouldn't be in the business of trying to do. Second, it would actually make Obamacare even more expensive and hence even worse—while at the same time letting Democrats off the hook for their policy choices and causing corporate lobbyists to lose a significant portion of theirRead more
Hillary Clinton has unveiled a "profit sharing" tax plan. The details of the plan have been published on her website.
"Clinton’s Plan for a Profit Sharing Tax Credit," the headline of the item on Clinton's website reads.Read more
Among the Affordable Care Act’s many features is a tax on high dollar health insurance coverage that is part of an individual’s employment compensation. The thinking is that someone who is self-employed or doesn’t have employer provided coverage pays for health insurance with after-tax dollars so it isn’t fair that others should get this in-kind, untaxed income.Read more
After the Democrats passed Obamacare without a single Republican vote, Republicans generally (and wisely) united around the notion that they shouldn’t pursue partial repeal or “fixes” to Obamacare. Rather than willingly giving Obamacare a newly bipartisan sheen, they publicly committed to repealing it in full. (The only exception to this partial-repeal moratorium was supposed to beRead more
White House Principal Deputy Press Secretary Eric Schultz told reporters Wednesday that the White House is studying ways to go after U.S. corporations that elect to undergo a process known as “inversion” and become a foreign-based corporation.Read more
Conflate two separate issues and you get one policy error. That is what too many opponents of carbon taxes are doing, getting caught up in the argument about climate change, which really has nothing to do with the case for a carbon tax. That case is that such a tax can make growth-inducing tax reform easier to achieve, and reduce the need for an expansion of the regulatory state, while protecting the competitiveness of our industries.Read more
To meteorologists, an inversion is a deviation from the normal change of an atmospheric property. It can lead to pollution and adverse health effects. To Wall Street dealmakers, and now to most boards of directors, an inversion is a cross-border merger that allows the buyer to reincorporate in a more tax-friendly jurisdiction.Read more
It looks like labor unions might be getting tax relief from Obamacare, according to a report from kaiserhealthnews.org.
"Weeks after denying labor’s request to give union members access to health-law subsidies, the Obama administration is signaling it intends to exempt some union plans from one of the law’s substantial taxes," reads the report.Read more
One day away from the launch of the Obamacare marketplaces, the question most on the minds people visiting the Healthcare.gov website is not about coverage, but rather about avoiding the penalty, or tax, for not having health insurance. As of morning, here is how the website listed its "Most Popular" items:Read more
Senate majority leader Harry Reid called the Obamacare medical device tax "stupid" at a briefing today on Capitol Hill:
A Grand Rapids, Michigan report on a company that had to lay off over 1,000 people due to the Obamacare medical device tax:Read more
Sequestration has been blamed for everything from cancelled White House tours to military cutbacks that threaten national security to government worker furloughs.Read more
When the Affordable Care Act passed in 2010, one provision that kicked in immediately was a Small Business Health Care Tax Credit. The IRS explains how the fairly generous credit works:
For tax years 2010 through 2013, the maximum credit is 35 percent for small business employers and 25 percent for small tax-exempt employers such as charities...Read more
If you are a U.S. senator and have a cool idea about taxes but are worried to speak it aloud for fear some of your constituents will peel your hide off in small strips ... well, there is hope. A couple of your colleagues have come up with a plan.Read more
Republicans forged ahead in their effort to transform North Carolina into a reliably red state, with Gov. Pat McCrory and top legislature leaders agreeing Monday on a tax cut plan to boost economic growth and job creation.Read more
The House of Representatives is scheduled Tuesday to consider a bipartisan bill to add new seasonal flu vaccines to the IRS definition of taxable vaccines. The Senate has already reached an agreement to vote on its version of the bill without further debate if the House passes an identical version. If passed into law, all new flu vaccines would become subject to the 75¢ per dose vaccine tax, and also become eligible to be included in the Vaccine Injury Compensation Program (VICP). A summary of the bill provided by the House Republican Conference explains:Read more
The Democratic ranking member of the House Oversight Committee, Elijah Cummings, said that today's IRS hearing "is more important than one election":Read more
In his prepared remarks on the IRS’s targeting of his political opponents, President Obama said that “we’re going to hold the responsible parties accountable,” but only once we determine “who is responsible.” In today’s Wall Street Journal, Kim Strassel offers some helpful thoughts on determining responsibility, writing that it’s really not all that hard — and, indeed, it’s not.Read more
Governments everywhere are on the prowl for more revenues. French president François Hollande wants to tax incomes in excess of €1 million at a 75 percent rate. Britain’s chancellor of the exchequer, George Osborne, has jacked up VAT.Read more
House speaker John Boehner might support the Internet tax bill. But it isn't too likely, he indicated in an interview with Bloomberg Television.Read more
Congress is preparing to take action on a bipartisan proposal to raise taxes on flu vaccines. This is not a tax on the wealthy, but rather on a broad swath of Americans, or at least those who choose to be immunized against the flu.Read more
Mark Knoller from CBS News reports this morning that President Obama, in a statement in the Rose Garden, “will stress his budget’s top objective is to boost the economy and create jobs.” To do that, he’ll have to contradict what he previously described as “the consensus among people who know the economy best.Read more
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