The Tax Policy Blog

September 22, 2008

Seeking a Monday laugh, a Tax Foundation employee brought the pamphlet pictured below into the office after receiving it in his Virginia mailbox from the RNC. (I wonder why they aren't sending these things to our employees that live in the District...) It reminds me of this classic Simpsons parody.

Anyway, we thought you'd get a laugh out of it considering John McCain does not...

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September 22, 2008

There has been a lot written about the Treasury bailout of financial institutions, both from intelligent people and those who don't have a clue. Some call it a bailout for those on Wall Street, implying that typical Americans don't benefit. Is that true? I don't know. There may be some truth to that. But in order to answer this question of who wins and who loses, we should follow the tax...

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September 22, 2008

It sounds good so why not say it? That has been the philosophy of John McCain and Barack Obama throughout this campaign. Let's take a look at what Obama said in his speech on Monday about the economy in Green Bay:

American families, since George Bush has been in office, have seen average family incomes go down $2,000.

Not true. Let's look at the...

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September 20, 2008

An issue that has been debated throughout this campaign is whose tax plan would be better for the "middle class," however you define that. Obama defines "middle class" as anyone making under $250,000. McCain doesn't really define it (remember the $5 million joke?). I don't want to define "middle class" so I'm not really going to answer the title question of this blog post. But I can try to answer whose tax plan would cut taxes for middle-income tax units the most (as defined by the...

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September 20, 2008

Let's summarize how you should view the two presidential candidates' advertisements in a nutshell: don't believe anything. Just don't believe it, no matter who is saying it.

The latest ridiculous ad comes from Obama who claims McCain supports cutting Social Security benefits in half. Here's the summary from factcheck.org:

A new Obama ad characterizes the "Bush-McCain privatization plan" as...

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September 19, 2008

I've documented over the past few weeks how many Obama supporters are misleading the general public as it relates to Sen. McCain's proposed health care tax plan. They argue it is a tax hike, when on net over the next ten years, it is a huge tax cut. It's rather bizarre. The Obama supporters like David Cutler and Brad DeLong in a WSJ editorial called it a tax hike. Maybe Cutler and DeLong are Lafferites now and believe that a tax hike lowers revenue. What else can it be? McCain's plan that...

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September 19, 2008

Ohio's Constitution prohibits excise taxes on the sale or purchase of food off premises (art. XII, sec. 3(C)), or wholesale or ingredients (art. XII, sec. 13).

The state recently adopted a statewide CAT gross receipts tax, with all the problems gross receipts taxes have. Back in 2006, ...

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September 19, 2008

In a Tax Foundation commentary released this morning, Tax Foundation Vice President for Economic Policy Robert Carroll responds to Brad Delong's recent criticism of a Tax Foundation Fiscal Fact on Sen. McCain's health care proposal. Delong questions that the McCain health credit could increase the number of newly...

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September 18, 2008

If Joe Biden was in public finance 101, he would get an F for his statement made this morning about taxation. Let's first look at what he said courtesy of ABC News:

Biden was asked by ABC News' Kate Snow in an interview aired Thursday morning on "Good Morning America" if people earning more than $250,000 a year would have to pay more taxes under an Obama-Biden administration.

"...

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September 18, 2008

From Federal News Radio:

The Internal Revenue Service is trying to collect billions of dollars in unpaid taxes from nearly half a million federal employees. According to IRS records, 171,549 current federal workers did not voluntarily pay their federal income taxes in 2007. The...

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September 18, 2008

Two Indiana lawmakers are proposing a tax swap plan, whereby the state sales tax would be expanded to all services (except medical and legal), the sales tax rate lowered from 7% to 5.5%, and the remaining revenue used to eliminate non-commercial property taxes.

These property-tax-for-sales-tax plans are pretty popular nowadays, which is...

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September 18, 2008

From Edward M. Gramlich's new book Subprime Mortgages: America's Latest Boom and Bust. We add the last column of current status.

Ten Largest Prime and Subprime Lenders, 2005 (page 21)

...
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September 17, 2008

From a letter to the editor in USA Today on March 5, 2004 after Greenspan testified before Congress on why Freddie Mac and Fannie Mae need more oversight (the first sentence is priceless):

Fed's idea would hurt potential home buyer

If Congress follows Federal Reserve Chairman Alan Greenspan's advice to rein in Fannie Mae and Freddie Mac because they could conceivably one day pose a "systemic risk" to the nation's financial...

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September 17, 2008

 

Hearing from September 2003 on an administration proposal to alter the regulation of GSEs like Fannie Mae and Freddie Mac. See Congressman Barney Frank's opening statement, which begins at 4:40. It's rather amusing. Here's an excerpt of his opening...

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Subscribe to Tax Foundation - Tax Foundation's Tax Policy Blog The Tax Policy Blog is the official blog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.

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