The House is preparing to pass a slimmed-down version of the president’s tax cut plan. Some pundits argue that the $550 billion tax bill is still too large. But various comparisons show that the tax cut is modest and its economic benefits substantial. The following Q&A puts the size of the House tax bill in perspective.p> Q: Won’t the tax cut blow a $550 billion hole in the federal budget? br> A: No, the $550 billion is cumulative over 11 years (2003-2013), averaging just $50 billion a year. It’s like Congress labeling your $600 child tax credit a $6,600 tax cut. /p> p> Q: But still, won’t the tax cut cause problems for the federal budget? br> A: The tax cut is just 1.8 percent of $30 trillion in cumulative federal taxes from 2003 to 2013, according to Congressional Budget Office data. Surely, Congress can find budget savings of 1.8 percent. After all, private industry improves productivity by roughly 2 percent every year, on average. /p>
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?