Back in February when the Congress voted to extend the payroll tax “holiday” to the end of the year, the Washington Post was the first to notice the tsunami of tax increases coming next year. But then Lori Montgomery began to add up all the other taxes that will increase on January 1, 2013, and called it “Taxmageddon.”
When President Obama signs the JOBS (Jumpstart Our Business Start-up Act) bill into law today it will reflect the first sign in a long time that some in Congress are waking up to reality: government regulations stifle business growth. The bill passed the House 390-23 in March and then passed the Senate 73-26 last week but not without much weeping and gnashing of teeth from regulationists decrying the bill’s alleged resurrection of “deregulation.”
The budget plan of Wisconsin GOP Rep. Paul Ryan (left) passed the House on Thursday 228 to 191, mostly along party lines. In fact, not a single Democrat voted for it, signaling that it won’t see the light of day in the Democrat-controlled Senate as predicted here. The previous day, the House overwhelmingly rejected 382-38 the Simpson-Bowles deficit reduction proposal, which incudes tax increases as well as spending cuts. Last week, the administration-supported budget bill was also voted down, 414-0, which leaves the legislative branch of the U.S. government in limbo.
Despite predictable outcries against a plan advertised as a $5.3-trillion cut in federal spending over the next 10 years, House Budget Committee Chairman Paul Ryan (R-Wis., left) says voters are ready to embrace the kind of cuts he has outlined in his proposed budget. Appearing on the "Morning Joe" show on MSNBC shortly before the release of his spending plan Tuesday, Ryan acknowledged he had been advised by some of his Republican colleagues not to propose deep spending cuts, especially to Medicare, in an election year. But, the budget chairman argued, the mounting national debt and growing concerns about its effect on the nation's economy have changed the public's attitude toward spending cuts.