Washington loves its panaceas. A few years ago, it was Army General David Petraeus who could fix any problem -- up to and perhaps including the presidency. Then it was the Simpson-Bowles commission, or maybe the congressional supercommittee on deficit reduction. Today’s cure-all? Tax reform.
Mitt Romney's campaign says I'm full of it. I said Romney's tax plan is mathematically impossible: he can't simultaneously keep his pledges to cut tax rates 20 percent and repeal the estate tax and alternative minimum tax; broaden the tax base enough to avoid growing the deficit; and not raise taxes on the middle class. They say they have six independent studies -- six! -- that "have confirmed the soundness of the Governor’s tax plan," and so I should stop whining. Let's take a tour of those studies and see how they measure up.
Republican presidential candidate Mitt Romney has one potential response to working Americans angered by the 14.1 percent federal income tax rate he paid in 2011: If elected, he would lower taxes for everybody.
Medicaid, the joint U.S.-state health program for the poor, spent $329 million extra in 2009 purchasing 20 brand-name drugs instead of available generic copies, according to an American Enterprise Institute report.
A Republican commissioner on the Financial Crisis Inquiry Commission urged his colleagues to make sure the panel’s conclusions would “not undermine” his party’s efforts in the U.S. House to change or repeal the Dodd-Frank Act, according to e-mails cited by congressional investigators.
The U.S. is about to have the highest corporate tax rate in the developed world because our competitors have noticed that revenue goes up as rates go down. Multinational corporations today nimbly move their profits to the friendliest environment, rewarding tax havens like never before.