Congressman Jerry McNerney (D-California) has advocated raising marginal tax rates to 90 percent. Such a tax increase on the wealthy would be necessary, but not sufficient, to pay for the vast spending increases proposed by the Obama Administration, if it is to keep its promise not to raise taxes on those making less than $250,000 per year. Indeed, it would not raise enough money, since there simply are not enough wealthy people to pay for all the proposed spending.
In the…
Well-to-do people will receive an unnecessary mortgage bailout, under a new federal program that will cut their payments to just 31 percent of their income — a ridiculously low level lower than many thrifty homeowners have made for years. Taxpayers and the economy will suffer in the long-run. And people with modest incomes will end up subsidizing the more fortunate.
Yesterday, the Obama Administration announced a “mortgage bailout to aid 1 in 9 U.S. Homeowners,” according to today’s Wall Street…
The new $75 billion foreclosure avoidance plan to be unveiled today by President Obama, from initial reports, continues the misguided efforts of the Bush administration and Congress to “keep people in their homes” at all costs. Such policies only end up disserving taxpayers, the economy, and frequently troubled borrowers themselves.
There are many reasons for foreclosures, from borrowers getting into a house than they couldn’t afford to a job loss or other factors that cause loss of a family’s income. Whatever…
Unfettered greed is the suspect many point at to explain the current economic crisis. To some extent, they are right, but it isn’t irrational greed on the part of bank managers or fat cat CEOs. It is the unwieldy bank regulations that forced the entire industry to walk the proverbial plank and then blame it for drowning.
Critics have alternately claimed that over-regulation and under-regulation are the causes for the current crisis. I believe one specific regulation, the Community Reinvestment Act…
Liberal Congressional leaders have apparently reached a deal with the Bush Administration on the principal elements of a $700 billion bailout of the financial system. What this means is that the already costly bailout has now gotten even more expensive, with new tax breaks for politically-connected businesses and delinquent debtors, and limits on foreclosure that will make it harder for the taxpayers to ever get their $700 billion back. Although it is being sold as a “bipartisan” — a buzzword often used to push bad policies – Republican House members…
|
|
 |
 
 
|
Loading ...