Federal, state, and local government revenues meanwhile slipped from 28.6 percent of GDP in 1980 to 26.9 percent in 2010. Again, the recession is in part to blame for the recent decline in tax revenues, and Obama’s original stimulus and followup steps to goose the economy have also involved hefty tax cuts.
Tag: Taxes
Bill McBride at Calculated Risk on the “fiscal cliff” — or “fiscal hillock” or “fiscal bluff”
“Given that the top marginal tax rate will increase – and that certain politicians can’t vote for any bill with a tax increase – the agreement will probably be voted on in January after the Bush tax cuts expire.”
Why not just go off the fiscal cliff?
Some are arguing for the fiscal cliff because we would reset the budget debate. With so many members of Congress taking a hard line on tax increases, there’s little way to increase revenues — and without more revenue there’s little chance of ever balancing the federal budget.
Interesting results in new Georgia poll tracking charter school amendment, presidential race, other key issues
While more likely voters, men and whites “disapprove strongly” of Obama’s job performance than “approve strongly”, the two categories are dead even among women in the state. Among non-whites, 74 percent “approve strongly” and another 15 percent “approve somewhat”.
How much will taxes go up if we plunge off the “fiscal cliff”?
I’ll be back with another post about the fiscal cliff in a couple of days, but there’s some interesting data out there today from the Tax Policy Center, which has released a study detailing how impending tax increases will affect Americans at different income levels.
The 47%: why don’t they pay federal income taxes?
Romney’s remarks are not only offensive. They’re just wrong — it’s a fictional narrative about 47 percent of Americans taking from the other 53 percent.
A few thoughts on Romney’s VP pick of Paul Ryan: Devils in the details of his economic plan
Ryan will likely fare fine in debates. He’s attractive and a good speaker (although he’s going to look a little too much like a long lost Romney son in campaign ads). His presence might inject into the campaign some real discussion about the federal budget and how to avoid the upcoming fiscal cliff — but the majority of voters will disagree with Ryan’s specific prescriptions. The more they hear, the less they’ll like.
AJC: Why 3 Georgia regions voted for T-SPLOST
Three Georgia regions voted in favor of the additional one percent sales tax for transportation infrastructure on Tuesday — the Central Savannah River Area District around Augusta, the River Valley District including Columbus, and the Heart of Georgia Altamaha District in south central Georgia.
Bank failures and scandals, state revenue, T-SPLOST, tax credits for filmmakers — a roundup of my recent Peach Pundit posts
Regular readers will know that since June I’ve been a regular contributor (2-3 posts per week) to Peach Pundit, the most important political blog in Georgia.
An ESPLOST rant . . . [updated]
I’m all for increased spending on public education in the county, and I’m all for — at times — specific infrastructure upgrades. Raise my property taxes. Raise sales taxes that can also go to teacher hiring and general operations.
My latest Peach Pundit post: July primary could doom TSPLOST
I’ve got a new post up today — Savannah, Turnout, and TSPLOST — arguing that a weak Democratic turnout in Chatham County on July 31 will doom the coastal region TSPLOST.
Intellectual laziness: The payroll tax cut edition
From Charles Krauthammer’s The GOP’s payroll tax debacle in The Washington Post: A two-month extension is nothing more than a long tax weekend. What employer is going to alter his hiring decisions — whose effects last years — in anticipation…
WSJ: What a payroll tax increase would mean for workers
I think it’s clear that the politics of this issue are working in favor of President Obama and Democrats, but I’m a lot more interested in the impact that the 2% cut in payroll taxes had on the economy in…
More can-kicking: Payroll tax cut and UI benefits extended for just two months
Just a quick post about Congress’ extension on Friday of the 2% payroll tax cut and some long-term unemployment benefits for two more months. We have a fragile economy still, and there are considerable dangers of a severe shock from…