President Obama is once again calling for an extension of the current income tax rates for middle class Americans but he is also demanding an increase for Americans making more than $250,000 per year. At issue is the so-called ‘Bush tax cuts’. The original plan passed in 2001 but Senate Democrats forced the cuts to be removed at the end of 2010. At that time, Congress and President Obama agreed to extend the rates for another two years. Obama wants an extension of another year for those below the top tax bracket and Republicans want a year’s extension for all taxpayers. Nebraska Rep. Lee Terry is a member of the House Energy and Commerce Committee. He says while Obama is demanding that wealthier Americans pay their ‘fair share’, the real victims in this effort are small business owners. Terry says the majority of small businesses file their taxes as individuals and many of them bring in over $250,000 per year. He says this is exactly the wrong time to be making life tougher for America’s business owners. Terry also says extending tax rates for a year does not provide any certainty for business owners – even if all tax brackets get a year’s reprieve. He adds that a year’s extension could give Congress enough time to welcome a new president and put forth some permanent changes in the tax code.
Archives for July 2012
‘She’s Completely Disconnected’
Missouri Democratic Sen. Claire McCaskill is one of the most endangered incumbents in the 2012 cycle. On August 7, Republicans will choose a nominee from a very competitive field to run against her. The leading GOP candidate at the moment appears to be Sarah Steelman, a former state senator and state treasurer. Steelman says it is clear the Obama agenda is not leading to greater job creation and she says Sen. McCaskill has joined Obama on every single legislative priority. Steelman rips Obama for once again demanding higher taxes on the wealthy and she says class warfare is not what made America great. Steelman strongly disagrees with the Supreme Court decision on the Obama health laws and sh says McCaskill’s ongoing support for the law shows the senator has completely lost touch with her state. The GOP front-runner says she is the best nominee from her party because she is willing to fight for what’s needed and not be a go-along-to-get-along Republican.
There’s Actually A Cooling Trend
In the midst of recent wildfires, deadly storms and a record-setting heatwave, many climate change proponents claimed these extreme events were further proof of man’s impact on our environment. They claim part of the human impact is greater volatility in our climate. Dr. Tim Ball says that’s nonsense. Ball is a former professor of climatology at the University of Winnipeg and is one of the leading scientific voices challenging the climate change movement. Ball says the events we’re seeing are cyclical and are actually the start of a cooling trend for our climate. He explains how winds from the north and south are leading to the extreme temperatures and he says we will probably see them again for years to come as part of this trend. At the same time, Ball says Europe, Russia, Asia and parts of the western U.S. are seeing rather cold and rainy conditions – all part of the cooling cycle we’re witnessing. Ball gives us further insights into the factors causing these conditions and explains why all the talk of human activity causing these events is just a convenient political move and nothing based in actual science.
Three Martini Lunch 7/9/12
Greg Corombos of Radio America and Jim Geraghty of National Review are encouraged by a Hill newspaper poll showing a majority of voters think Obama’s ‘change’ has made America worse. They also agree with criticism of Mitt Romney that suggests he has to do much more in making the case for a change in the White House. And we shake our heads as DNC Chairwoman Debbie Wasserman Schultz defends the Obama jobs record.
‘Beyond Disappointing’
The Labor Department reported Friday that 80,000 jobs were added to the economy in June – well below already meager expectations. The overall unemployment rate stayed at 8.2 percent. Texas Rep. Kevin Brady is chairman of the Joint Economic Committee, which closely studies the monthly jobs reports. Brady says the current trend shows job creation getting even slower and Obama presiding over the most sluggish response to a recession in several decades. He says the Obama health plan and other regulations have business owners holding off on plans to hire, grow and expand. Brady admits that Obama inherited a rough economy but adds that he hasn’t made it any better in three-and-a-half years. The chairman responds to Obama’s accusations that uncooperative House Republicans are responsible for paltry jobs numbers and explains why he thinks Mitt Romney would be a far better steward of the economy. Finally, Brady discusses the House-passed jobs bills that are gathering dust in the Senate and outlines the stark choice facing voters in November.
Ten Pills
A few weeks ago, we learned that President Obama won over the support of the pharmaceutical industry for his health care plan. One concession Obama made was to stop his public push for generic and imported prescription drugs. That means all your favorite TV ads for those drugs will keep rolling along and the Capitol Steps are taking notice. Our guest is Steps star Elaina Newport.
Three Martini Lunch 7/6/12
Greg Corombos of Radio America and Jim Geraghty of National Review recoil as the June job numbers come in very weak. They also shake their heads as President Obama calls the report a step in the right direction and a key economic adviser says we shouldn’t read too much into one report. And they discuss the latest evidence of a hard Left turn in HBO’s programming.
What Next on Fast & Furious?
Last week, the House of Representatives voted to hold Attorney General Eric Holder in contempt of Congress. That would normally trigger an investigation and prosecution by the Justice Department and a U.S. Attorney, but the DOJ has already announced it will not be moving forward on the action against Holder. The contempt citation came after what Republicans say is more than a year of deception and stonewalling from Holder and his colleagues at the Justice Department in connection with the gunwalking scandal known as ‘Fast & Furious’. Arizona Rep. Paul Gosar is a member of the House Oversight & Government Reform Committee that first voted out the contempt citation. Gosar says he is deeply disappointed by the politics involved in the Justice Department’s decision and he says civil contempt charges should be coming soon through the Republican leadership. Gosar also discusses the myriad of immigration and border security headlines in recent days – from the Supreme Court decision on Arizona’s immigration laws to the Department of Homeland Security refusing to cooperate on cases of illegals detained in Arizona to the DHS telling border agents to ‘run and hide’ if confronted by violence.
Three Martini Lunch 7/5/12
Greg Corombos of Radio America and Jim Geraghty of National Review are glad that Mitt Romney finally decided to call Obama’s individual mandate a tax almost a week after the Supreme Court did so. They also sigh as the expected job creation for June is nowhere near the growth needed to expand the economy or bring unemployment down. And they discuss how green activists and the Feds shut down a fireworks display in Oregon out of respect for sea birds.
Obamacare’s Taxes
The individual health insurance mandate survived a major court challenge last week when Chief Justice John Roberts declared it could exist as a tax. While President Obama and his allies still insist the mandate is not a tax, Americans for Tax Reform President Grover Norquist says the plan has always been full of taxes increases on the American people – more than 20 in all. Norquist walks us through some of the most onerous taxes, from targeting investors to the mandate tax to the medical device tax. He calls it the largest middle class tax increase we’ve ever seen.