Wednesday, December 19, 2012

Economy - Taxes - #4390 - Congrats Barry, U.S. Falls Out of Top Most Prosperous Nations - American Thinker (2) President Obama's Economically Destruction Tax-Hike Plan - Heritage Foundation (3) The Practical Reasons to Not Set Up Health Insurance Exchanges - Redstate (4) Byron York: Get Ready for the Costs and Chaos of Obamacare - Washington Examiner (5) Obamacare Gets Stunning Rebuke from 25 States - Newsmax

Congrats Barry, U.S. Falls out of Top Most Prosperous Nations - American Thinker - Via InstaPundit, we learn that for the first time, the United States does not rank as one of the world's ten most prosperous nations, as rated by London's Legatum Institute. The authors of the report found that the U.S.'s slippage is being driven by "a decline in the number of US citizens who believe that hard work will get them ahead." Well, they're right: in Barack Obama's America, hard work doesn't cause you to get ahead; being politically connected does. We are all paying the price for the corruption of the Age of Obama. Consistent with this finding is the fact that for the first time in history, the average Canadian is wealthier than the average American. Canada has a conservative government, and they have passed us like we are standing still. Which we are, at best.  Read more........


President Obama's Economically Destructive Tax-hike Plan - Heritage Foundation - President Obama’s plan to increase taxes primarily on “high-income earners” and small businesses will have devastating effects on the economy, according to a new report from The Heritage Foundation’s Center for Data Analysis. “Private-sector employment in the U.S. economy would fall by an average 1.1 million jobs (1 percent) per year,” explain Heritage economists Bill Beach, John Ligon and Guinevere Nell. ”And Americans would work 2 billion fewer hours relative to baseline levels.” Not only that, but the tax hike wouldn’t achieve its intended effect of increasing revenue by $160 billion per year. Instead, it would generate only about $68 billion per year.” This is due, the report notes, “to a smaller tax base commensurate with the smaller economy. For example, fewer hours worked and lower real wages result in less federal income and payroll tax receipts.” The Center for Data Analysis has developed a unique dynamic model that forecasts how policies like tax increases affect human behavior. Most models, including those used by the government, assume no such changes. For example, many official government projections fail to note that Americans change their saving and investment behavior based on tax policies.  Read more.........


The Practical Reasons to Not Set Up Health Insurance Exchanges - Redstate - One of the key features of Obamacare is the establishment in each state of a health insurance “exchange” (now known by the abbreviation HIX) where customers would be able to purchase insurance policies eligible for federal subsidies. Much to the surprise of the administration 32 states have declined to participate. The reasons for a majority of states to refuse to participate has less to do with opposition to Obamacare than practical politics. Predictably, the Obama regime and it enablers are bleating in dismay and accusing Republican governors of betraying their own ideals by refusing to participate in developing state HIX....Just 18 states and the District say they plan to operate their own exchanges, which are slated to begin enrollment in October. In an additional 32 states, the exchanges will be run either entirely by the federal government or a federal-state partnership......New Jersey Governor Chris Christie gave the best reasons for why a state would not participate: In short, I will not ask New Jerseyans to commit today to a State-based Exchange when the federal government cannot tell us what it will cost, how that cost compares to our other options, and how much control they will give the states over this state-financed option. We will comply with the “Affordable Care Act,” but only in the most efficient and cost effective way for New Jersey taxpayers. Until the federal government gives us all the necessary information, any other action than this would be fiscally irresponsible.  Read more......

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