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Tax Reform Fantasy

The most difficult thing to understand about the President's deficit reduction commission is its love affair with tax reform. Under one proposal it would cut $1.1 trillion in tax expenditures, but only $80 billion of that would be for deficit reduction. So, less than 10 percent of the revenue for...

Keynes Reborn: Stimulus Tailored to Republican Tastes

Basic economics tells us (1) America needs larger deficits in the short-term to fight unemployment and (2) America needs massive deficit reduction to promote long-term economic growth and prevent a Greek-Irish style fiscal meltdown. The Obama-Republican tax plan achieves the first goal admirably. The...

Winter Wonderland

Newsflash: We interrupt the Capitol Hill Chorus Holiday Special featuring traditional favorites of “O Holy Tax Reform” “Happy Christmas (Deficit is Over)” and “Have Yourself a Merry Little Tea Party” to bring you this breaking news: There will be no pain on Capitol...

Super Committee Gridlock: In Celebration of Failure

We're being told America's future has suddenly grown more bleak because the Joint Select Committee on Deficit Reduction has dropped the ball . I'm not sold on that conclusion. The failure of the Super Committee might be exactly what America needs: a long overdue kick in the back side. The...

Super Committee Gridlock: In Celebration of Failure

We're being told America's future has suddenly grown more bleak because the Joint Select Committee on Deficit Reduction has dropped the ball . I'm not sold on that conclusion. The failure of the Super Committee might be exactly what America needs: a long overdue kick in the back side. The...

Are You Ready for Taxmageddon?

A combination of spending cuts and tax increases could bring the economy to its knees at the end of 2012. By our count, the economy must deal with nine significant fiscal events that will be automatically triggered by current law if Congress and the president take no action. Together these events create...