Archives

From today’s WaPo:

“Eighty percent of Americans agree on almost nothing (even Olympic swimming!).

But a Quinnipiac University poll released Thursday found exactly such consensus on one of the central issues in the debate over the “fiscal cliff”: 85 percent of registered voters, including 77 percent of Republicans, said it was a “bad idea” for members of Congress to promise to “never increase taxes on corporations or the wealthy under any circumstance”.

While not explicitly mentioned in the poll question, the result has been widely interpreted as gauging support for the anti-tax pledge advocated by Grover Norquist and his group, Americans for Tax Reform.”

Read the entire article by clicking here.

 

As Congress debates solutions to the “fiscal slope,” the future of the Bush Tax Cuts on incomes over $250,000 continues to play a pivotal role. Allowing these tax cuts to expire will provide over $1 trillion in new revenues—a key component of a balanced approach to deficit reduction—yet we consistently hear that taking this approach will disproportionately harm small business “job creation” and long-term economic growth.

As a new policy brief clearly demonstrates, these concerns have little merit—allowing these tax cuts to expire will have virtually no impact on the kind of small businesses that genuinely contribute to job creation. The specific tax changes under discussion would allow the 2001 and 2003 tax cuts on incomes above $250,000 to expire in 2013, thus changing the top marginal tax rate from 36 percent to 39.6 percent.  According to the report, allowing the upper income tax cuts to expire in this way would affect only small percentage of small business owners and small business income, and even those few would see no significant barrier to capital reinvestment and job creation as a result.

Read More

Uncategorized

A swelling chorus of advice is emerging in recent days amongst progressive thinkers and commentators about the ongoing fiscal policy negotiations in Washington. The message: “Hang tough Mr. President.”

James Protzman over at Blue NC has posted an example — a nice little video from former Secretary of Labor Robert Reich.

But other are saying the same thing:

Robert Kuttner says a lot of the same things in this column, entitled “About time: Obama finally gets tough.”

Meanwhile, the experts at the Center on Economic and Policy Research have weighed in on the hysteria surrounding the so-called “fiscal cliff.”

Finally, Paul Krugman exposes the true nature of the conservative con game in this NYT column.

The federal debt is an issue that needs to be addressed. Virtually everyone agrees on this.

But how big of an issue? And how should it be addressed? These are questions that deserve more robust debate than they’re receiving. As evidence of this fact, check out these recent articles by two of the nation’s most astute economic observers in which debt worries are put in their rightful place. Read More

First the good: Conservative members of Congress are talking back to one of the capital’s biggest bullies. Think Progress reports that Senator Bob Corker of Tennessee joined a growing chorus of GOP lawmakers publicly distancing themselves from Grover “Dr. Evil” Norquist’s no tax pledge.  

Now the bad: The “compromises” being advanced by the backtalkers are a long way from acceptable. As Steve Benen notes, Lindsay Graham deserves credit for rebuking Norquist, but his alternative fiscal solution is really just a warmed over version of Mitt Romney’s plan.