America is stuck in the middle of a corporate tax nightmare. While the rest of the industrialized world has realized that low corporate tax rates are necessary to succeed in the twenty-first century global economy, America continues to miss the boat.
Congress Should Plug the Holes Before It Raises the Roof
As high levels of federal spending persist, the nation is on pace to reach its statutory $14.294 trillion debt limit in mid-May. Debates over whether or not to raise the debt ceiling as well as whether or not to attach provisions to reduce the deficit and debt have ensued. Scare tactics are being employed to compel members of Congress to vote for another increase, or else experience “catastrophic economic consequences” and default on the national debt. Lawmakers face a major dilemma and are gearing up for a fight when Congress reconvenes after the Easter recess.
Obama’s Budget Ignores More Than It Mends
On April 13, 2011, after calls from both sides of the political aisle for leadership on America’s ballooning deficits and debt, President Obama delivered what has been dubbed “The Debt Speech” at George Washington University. It was widely considered a response to House Budget Committee Chairman Paul Ryan’s (R-Wis.) “Path to Prosperity” budget proposal, which lays out a blueprint for reducing federal spending by $6.2 trillion in the coming decade. That budget was approved by the House on April 15, 2011, by a vote of 235-193.
Federal Real Property: Buried Alive!
When it comes to property management, the federal government is a bit of a pack rat. It likes to purchase and hoard a lot of real estate. Due to a combination of bad incentives and typical government bloat, selling real estate is a long, costly process. As a result, Uncle Sam owns more real property than any other entity in America: 900,000 buildings and structures covering 3.38 billion square feet. The Office of Management and Budget estimates that 55,000 properties are underutilized or entirely vacant, costing taxpayers $1.66 billion to maintain each year. That is probably too much stuff to cram into an hour-long “Hoarders” episode, but it should still be brought to the public’s attention.
A-Maize-ing Waste: Why Ethanol Subsidies Must Be Repealed
“I once was lost but now am found; Was blind, but now I see” the amazing waste in the ethanol subsidy program, admitted Vice President Al Gore. A November 27, 2010, Wall Street Journal article confirmed that the ethanol cheerleader and environmental eminence of the climate change movement had backtracked on his support for the program, saying it was a “mistake,” and that he only supported it because he had a “certain fondness for the farmers in the state of Iowa” during his presidential run.
Blackmail to Avoid Blackouts is Not Sound Policy
Imagine that you’re settling in to watch your favorite must-see-TV when your station de jour abruptly goes black. You suddenly can’t watch the big game, or the American Idol finale or (fill in your “can’t-live-without-it” show here). How could this possibly happen? You try rebooting your cable box as you frantically flip through the TV guide to make sure it’s really Super Bowl Sunday.
Four Myths about the Export-Import Bank
The Export-Import Bank of the United States (Ex-Im Bank) is an independent government agency founded in 1934 in an effort to encourage U.S. exports. In 2010, Ex-Im Bank provided $24.4 billion in taxpayer-backed direct loans, guarantees, and export-credit insurance to private firms and foreign governments. Whatever its original intent may have been, today Ex-Im Bank is an obvious example of corporate welfare. Denying Ex-Im Bank’s charter, which is up for renewal in 2011, would eradicate a regressive, wasteful institution whose time has passed.
Victory!
On February 16, 2011 taxpayers and the Council for Citizens Against Government Waste (CCAGW) scored a major victory when the House of Representatives voted 233-198 to kill funding for the alternate engine for the Joint Strike Fighter as part of H.R. 1, the Full-Year Continuing Resolution (CR) for fiscal year (FY) 2011. The CR, which cut $100 billion from President Obama’s FY 2011 budget (equal to $61 billion from fiscal year 2010 approved spending levels), was approved by a vote of 235-189. The CR contained 61 spending cuts worth $9.9 billion were either identical or similar to recommendations in CAGW’s Prime Cuts.
New House Rules Focus Members on Making Serious Spending Cuts
On election day, taxpayers turned out in droves to support fiscally conservative candidates that they entrusted with the responsibility of cutting the federal budget, reducing the size of the national debt, and returning Congress to the hands of the American people. Charged with these critical tasks, the 112th Congress has agreed to new rules and proposed debt-busting legislation in an effort to restore some semblance of fiscal sanity.
Does Obamacare Save or Cost Money?
The strange world of congressional budget scoring obscures whether Obamacare saves or costs money, but it also provides insight into why the federal government is in such a financial mess. Revenue and cost figures are thrown about in an attempt to justify each side’s position. Understanding the relevant facts provides a clearer picture of reality.