“Tax” on The Daily Caller

Gov. Mitt Romney is preparing to release a new tax plan on Wednesday, and President Obama’s deputies are slated to release a “framework for business tax reform to enhance American competitiveness” on the same day. (more)

WASHINGTON (AP) — President Barack Obama is expected to seek a new base tax rate for the wealthy to ensure that millionaires pay at least at the same percentage as middle income taxpayers. (more)

WASHINGTON (AP) — The Internal Revenue Service is extending tax payment deadlines for some individuals and businesses affected by Hurricane Irene. (more)

The passage of “Cut, Cap and Balance” in the House of Representatives is a game-changer. It is also the ground on which the GOP must stand, fight and win, especially now that a July 18-21 CNN poll shows that two-thirds of Americans support the House’s approach. (more)

While Americans may complain about paying taxes, a new working paper from the National Bureau of Economic Research (NBER) found that the vast majority are honest on their tax returns. (more)

Treasury Secretary Timothy Geithner, President Obama’s point man in the debt ceiling debate, revealed much during his interview with Chris Wallace on Fox News Sunday — but not on purpose. Geithner did his best to obfuscate the issues to support the party line, just as representatives of any administration are often forced to do — but he inadvertently made two things perfectly clear. The first is that President Obama’s overriding concern in this debate is his own re-election. The second and more interesting point is that there is an inherent logical contradiction between Obama’s debt ceiling position and his desire to revive our moribund economy. (more)

Republicans framed the debt limit issue properly with “Cut, Cap and Balance,” which died today in the Senate. Now, they need a debt ceiling bill that showcases how they would change things if given an opportunity in the next election. (more)

There are a lot of known unknowns about the new “Gang of Six” budget proposal. But conservatives should hold back from trashing it. Why? There’s a large, pro-growth tax-reform piece in the plan that would lower tax rates across the board. This is a stunning reversal of the Obama Democrats’ soak-the-rich, class-warfare campaign. (more)

In his many recent media appearances, President Obama has argued that revenues (taxes) must go up on the “wealthy.” He talked about this just this week when he toed around supporting the non-plan coming from the Gang of Six. We disagree with the president that higher taxation would solve our spending problem, but instead of arguing with him, we would like to make him a deal, related to one particular statement from his Twitter town hall: (more)

Congress might be running out of time to raise the $14.3 trillion national debt ceiling, but Senate Minority Leader Mitch McConnell’s plan is the biggest disappointment since “Soul Plane.” (more)

The debt-ceiling negotiations have predictably deteriorated into a game of partisan chicken. President Obama is setting up Republicans to take the blame if a fiscal and economic catastrophe results from the failure to reach a deal to raise the debt ceiling. Even worse, Obama is threatening to saddle the GOP with co-ownership of his stinking economy. Democrats are charging Republicans with courting economic disaster to protect their wealthy patrons from tax hikes. The GOP is responding with its “go-to” move for whenever Democrats try to raise taxes: accusing them of waging class warfare. (more)

President Reagan once said, “I’m not worried about the [budget] deficit. It is big enough to take care of itself.” While this was obviously a joke, Reagan did have a good common-sense understanding of the economy. To him, the real world and the real people who populate it were what mattered. He understood that economic growth and full employment would elevate the economy out of the shadow of government debt. (more)

The business community, particularly entrepreneurs and venture investors, has been relatively quiet in the debt ceiling debate. Not the Tech Guys. As funders of job growth, we see how important House Majority Leader Eric Cantor, his ideologically consistent freshman class and other pro-growth congressmen have been in preventing tax hikes and providing the economic foundations for innovation, entrepreneurship and sustained job creation. (more)

There is a maxim in the business world: Never bet the company. (more)

Chris Matthews is not an economist, though he has overcome that constraint and fearlessly plays one on television. Recently, on his program “Hardball,” where for the sake of efficiency, he both asks and answers all the questions, he took on what he termed the Republican Party’s “religious argument” that there is a relationship “between taxes and jobs.” (more)

Last week, President Obama was hailed for saying at a press conference on the debt limit that Republicans are prioritizing tax breaks for corporate jet owners over food for the hungry and medicine for the sick. In reality, however, it was all one big bluff. The president was feeling the heat from criticism that he had been disengaged on the debt limit issue for far too long. That was evident from the mix of threats, blame-shifting, and tired class-warfare rhetoric that he employed in every answer. (more)

There are a lot of pieces to the debt ceiling deal. There are the taxes upon taxes, as the Wall Street Journal editors describe it. That’s the roughly $1 trillion in new Obama taxes on top of what he’s already signed into law. It’s an economy and jobs killer. (more)

The one thing all Democratic politicians have in common is that they could not do well in the real world. Most could not run a business or organize a high school musical. If you are financially inept, D.C. is the best place to be, since there is safety in numbers. (more)

Senate Minority Leader Mitch McConnell issued a rather lengthy press release Tuesday morning that blasted President Obama’s handling of the debt limit debate and dedication to big government. The criticism, however, shrouded the biggest takeaway from the statement: Republicans will not let the government default on its debt. (more)

David Brooks is mad at Republicans. Again. In particular, he is perturbed by the Tea Party, a group he dismisses as “a faction that is more of a psychological protest than a practical, governing alternative.” The reason, apparently, is that the Tea Party is making negotiations on raising the debt ceiling difficult. Rather than take a deal hobbled together by President Obama and the Democrats, some are looking for real reforms. (more)