The Foundation

"An unlimited power to tax involves, necessarily, a power to destroy; because there is a limit beyond which no institution and no property can bear taxation." --John Marshall

 

Government

"[Friday's] jobs report is a broken record, with the unemployment rate stuck at 8.2 percent. The Department of Labor reports that only 80,000 jobs were added in June -     
                                                                                                              Taxmageddon is coming
consistent with other data revealing the economy has downshifted from slow to slower. ... In 2009, the President promised that his 'recovery plan' composed almost entirely of government spending was the only way to stave off rising unemployment. The White House even drafted a chart showing projected unemployment with the economic stimulus plan and without it -- to scare lawmakers into voting for it. According to their projections, by now, unemployment should be at 5.5 percent. ... [E]mployers aren't hiring because they are suffering from prolonged uncertainty, as economists readily admit. ... That uncertainty ... stems primarily from America's date with Taxmageddon on January 1, 2013. The largest tax increase in U.S. history -- $494 billion in one year -- will hit on that day, as a host of tax cuts expire and new tax hikes (including some of Obamacare's new taxes) take effect. Taxmageddon falls primarily on middle- and low-income Americans. Heritage research shows that families will see an average tax increase of $4,138. Visit the new Taxmageddon page to see the impact of these tax hikes on individuals. ... The President should be leading the country in the opposite direction -- giving employers and individuals the assurance that these tax hikes will be prevented. Instead, in his 2013 budget submission, the President called for $2 trillion in tax increases, and he has showed no signs of saving Americans from Taxmageddon. ... The longer Congress waits to prevent Taxmageddon, the more uncertainty there will be for workers and businesses. This is an element of the economy that is actually in the complete control of American policymakers. They should act quickly to increase certainty and stability at a time when the economy greatly needs it." --Heritage Foundation's Amy Payne     Cont. Reading