The Unnoticed Cost of High Taxation
More than one person has said, "I hope the government won't do anything else for me. I can't afford what it's doing for me now."
More than one person has said, "I hope the government won't do anything else for me. I can't afford what it's doing for me now."
Senator Phil Gramm (R-Texas) just raised the ante in the Social Security privatization debate. By the time everyone finishes upping the stakes and playing their hand, the real winner may be the American people.
In 1996 Congress created a demonstration project permitting small employers and the self-employed to establish up to 750,000 tax-free Medical Savings Accounts (MSAs). However, as a result of opposition in Congress, lawmakers imposed a number of restrictions that limit who can purchase MSAs and thwart the ability of MSAs to work properly.
The organization that created the Medical Savings Account concept now says the MSA pilot project is proving to be a failure. The reason: over-regulation.
America's children score among the lowest of 21 countries participating in the International Mathematics and Science Study on general math and science knowledge.
Auto Choice, a proposed structural reform of the country's fraud-ridden $150 billion per year auto tort system, is quietly gaining broad bipartisan endorsement. Its supporters already include Democratic Sens. Daniel Patrick Moynihan of New York and Joseph Lieberman of Connecticut, Republican Sens. Mitch McConnell of Kentucky and Kay Bailey Hutchison of Texas and House Majority Leader Dick Armey (R-Texas).
Internal Revenue Service Commissioner Charles Rossotti recently estimated that the federal government is losing $195 billion per year in revenue due to the failure of people to report income and pay taxes on it.
Many legislators who vote for sweeping government programs without a second thought about their constitutionality suddenly grow concerned when the issue is school vouchers. The moment a dollar of public funds crosses the threshold of a religious school, they contend, it violates "separation of church and state."
The Supreme Court recently ruled that the Americans with Disabilities Act (ADA) applies to prisoners.
Millions of Americans are experiencing real independence for the first time this Fourth of July – they are off welfare.
The U.S. Social Security system is broke. It does not have the assets to pay promised benefits. Unless the system is fundamentally changed, solvency will require either massive tax increases for future workers or draconian cuts in benefits for future retirees.
The Brady Bill doesn't apply to juveniles because Federal law prohibits the sale of handguns to anyone under 21.
Why have MSAs been slow to catch on? How can their use be increased? Lawmakers imposed a number of restrictions that limit who can purchase MSAs and thwart the ability of MSAs to work properly.
Not only would Americans have a higher standard of living if the tax rate had been at 21 percent of GDP, but based on public spending and indicators of social progress, it appears that the marginal benefit of taxation in the United States has been far less than the marginal cost.