Economic policy, which became startling when Washington began buying automobile companies, has become surreal now that disappointment with the results of the second stimulus is stirring talk about the need for a ... second stimulus. Elsewhere, it requires centuries to bleach mankind's memory; in Washington, 17 months suffice: In February 2008, President George W. Bush and Speaker Nancy Pelosi, who normally were at daggers drawn, agreed that a $168 billion stimulus -- this was Stimulus I -- would be the "booster shot" the economy needed. Unemployment then was 4.8 percent.
Perdue hides $1.6 billion tax hike proposal behind promise of temporary sacrifices Governor's plan would raise sales, business, income taxes on struggling Tar Heels
Gov. Bev Perdue told legislative leaders Tuesday she wants a 1-cent sales tax increase and a total tax hike package of $1.6 billion to balance the budget.
Tax and Fee hikes outweigh spending reductions by a ratio of more than 2.5 to 1.
According to analysis, for every dollar of actual year over year spending cuts, the House proposes $2.56 of tax and fee increases. House budget makers have often repeated the phrase "balanced approach" to describe how they crafted their fiscal year 2009-2010 budget proposal. Indeed, a mix of spending cuts and tax and fee increases are included in the House plan. A look at the numbers behind the rhetoric, however, calls into question the House's definition of "balance."
Wayne Crews of the Competitive Enterprise Institute has done some heavy lifting in his recent work "10,000 Commandments" in which he delves into the full impact of the "Hidden Tax" of regulatory compliance.
A very rough extrapolation from an estimate of the federal regulatory enterprise by economist Mark Crain estimates that regulatory compliance costs hit $1.172 trillion in 2008.
CBO now projects 2009 federal spending to hit $4.004 trillion and the deficit to soar to $1.845 trillion.The game has changed; although these spending levels eclipse federal regulatory costs now, unchecked government spending translates, in later years, into greater regulation as well.
Regulatory costs rival estimated 2008 individual income taxes of $1.2 trillion.
Regulatory costs dwarf corporate income taxes of $345 billion.
New Action Alert- Stop NC House Tax Package. House leaders planning middle of the night vote to steal your prosperity!!
Breaking News
North Carolina House Speaker Joe Hackney (D) and the democratic caucus are planning on a stealth middle of the night vote on 1.8 billion in new state taxes !!!
RALEIGH - One week after thousands of grassroots activists from all across the state converged on the North Carolina State Legislative Building in Raleigh to tell lawmakers "No Increase in North Carolina Taxes," Americans for Prosperity today announced the creation of a new website, www.NoNCtaxhike.com, to help taxpayers contact their lawmakers in opposition to proposed increases in income, sales, service and other taxes.
The website will allow activists to sign letters and emails to North Carolina legislators stating their principled opposition to the $1 billion in new taxes already proposed by Gov. Perdue and the North Carolina General Assembly.
