Taxes

Networks Barely Mention FCC Plan to Spend Up to $350 Billion for Broadband Internet

The problem with the liberal mindset is that it sees government solutions, even when there isn't really a problem. Case in point: broadband internet.

Roughly 200 million Americans have broadband internet at home. Millions of others have access to it at work, school, the public library or on smart phones. Only about 5 percent of Americans lack broadband internet access according to The Wall Street Journal.

Yet in the eyes of bureaucrats at the Federal Communications Commission (FCC) this is an enormous problem to tackle with up to $350 billion taxpayer dollars - so far they have requested roughly $25 billion. On March 16, FCC released a national broadband plan "to bring broadband Internet connections to every home and businesses in the United States," according to the Washington Post.

That night not one of the network evening shows mentioned the enormous government proposal - instead all three reported Tiger Woods' return to golf at the Masters Tournament, ABC and CBS covered Michael Jackson's posthumous record contract and NBC warned against kids going to Mexico for spring break.

WaPo Editorial Calls for Maryland to Pass Bag Tax From Which Newspapers Are Exempt

The Washington Post today called on Gov. Martin O'Malley (D-Md.) to push for and Maryland legislators to pass a plastic bag tax patterned after the District of Columbia's 5-cent-per-bag levy.

The Post couched the need for the tax in terms of safeguarding the health of the Chesapeake Bay -- much as the D.C. bag tax is purportedly earmarked for cleanup of the Anacostia River.

But curiously enough, plastic bags used to protect newspapers from the elements are exempt from taxation, both under the District law and in the Maryland legislation in question, a fact the Post didn't note in its editorial.

NYT's Main Eco. Writer Reverses Himself on Obama's Tax-Cut Pledge for Earners Under $250K

In David Leonhardt's latest "Economic Scene" column for the New York Times, "The Perils Of Pay Less, Get More," he reestablished his reputation as the paper's neo-liberal economic voice, admitting that at a certain point taxes hurt economic growth, but also urging Obama to break his pledge and raise taxes on everyone, not just people making over $250,000 a year, in order to cut the deficit.

Leonhardt has certainly changed his mind about Obama's tax pledge. In a huge August 2008 story for the New York Times Magazine, Leonhardt actually promoted Obama's popular campaign promise to reduce taxes for those making under $250,000, in the name of addressing "inequality":

Obama's agenda starts not with raising taxes to reduce the deficit, as Clinton's ended up doing, but with changing the tax code so that families making more than $250,000 a year pay more taxes and nearly everyone else pays less. That would begin to address inequality.

Lawrence O'Donnell Admits: ObamaCare Will Enact Largest Tax Increase Ever

ObamaCare constitutes the largest tax increase in American history and shatters the previous record, admitted self-described socialist and MSNBC political analyst Lawrence O’Donnell yesterday.

When MSNBC anchor Joe Scarborough asked O’Donnell about the overhaul bill on his radio show, O’Donnell said ObamaCare raises taxes by almost $500 billion.

Obama’s historic tax increase nearly doubles the previous record-setting tax that O’Donnell helped craft as Democratic Chief of Staff to the Senate Finance Committee during the Clinton administration.

Biden Debunked: Cramer Declares Avoiding Taxes a 'Patriotic Duty'

Back during the 2008 presidential campaign, then-Sen. Joe Biden, the Democratic nominee for vice president said it was "patriotic" for people to pay more taxes, in an interview on ABC's "Good Morning America." But what if you don't have to pay more taxes legally?

Biden's reasoning was simplistic - that we all need to "jump in, time to be part of the deal, time to help get America out of the rut." But according to CNBC's Jim Cramer, based on legal precedence, the Internal Revenue Service encourages people to pay as little tax as possible, as long as it is within the boundaries of the seemingly endless U.S. tax code.

"The government has made it very clear in a series of tax rulings since the income tax started - and I learned this at law school - that it is actually well within your patriotic right to try and pay as little tax legally," Cramer said on CNBC's March 12 "Street Signs." "See, tax avoidance is actually part of the IRS - says listen tax avoidance, you can do it. Tax evasion is against the law. Tax avoidance, the IRS has always said listen you have every right to try and have tax avoidance. And believe me, I'm going to take advantage of it."

CBS Touts Soda Tax As 'Good for Waistline and Bottom Line'

Michelle Miller, CBS Concluding a report on proposed soda taxes across the country on Monday's CBS Evening News, correspondent Michelle Miller gleefully proclaimed how such a tax would help fight obesity and fill local government coffers: "New York's mayor estimates a tax would raise a billion dollars, suggesting what's good for the waistline could be good for the bottom line."

Miller began the segment by touting: "When former President Bill Clinton enlisted the beverage industry in fighting childhood obesity, he did not expect this much progress in just four years." A clip was played of Clinton reporting: "There has been an 88% reduction in the total beverage calories shipped to schools." Miller then declared: "That's still not good enough, say some public health officials. A growing number of cities and states wants to reduce adult consumption of sugary drinks by taxing them."

Revealing how bad such a tax would be for the "bottom line" of consumers, Miller explained: "New York has revived a proposal to impose a penny per ounce tax on sweetened beverages....[that] would mean this two-liter bottle of coke, which now retails for $1.79, would cost you 68 cents more, for a total of $2.47." She managed to find one man who was happy to pay an even higher amount: "I think it should be two cents per ounce. I don't mind paying more for it, it would probably discourage me from drinking it."

HuffPo Demands Rich Pay 'Fair Share' in Death Tax

Imagine the audacity of wanting to dispose of your own money as you see fit? The idea is hateful to Bill Scher of the Huffington Post, who demanded in "Super Wealthy Deathly Afraid Estate Tax Would Reduce Deficit" on March 9 that the wealthy "pay their fair share."

Scher railed against the Bush tax cuts, and asserted that a 35-45 percent inheritance penalty (the estate tax or death tax) isn't punitive enough to stem the deficit crisis. 

"But those massive tax breaks to the superwealthy don't quite have the same juice they used to. Especially, the estate tax - levied on the inheritances of the wealthiest heirs in America," Scher wrote. "This year, because of the Bush tax plan from his first term to gradually phase out the estate tax altogether, the estate tax is literally wiped off the books."

Washington Post Uses CBO to Criticize Obama Tax Cuts, Rather than Spending

The Washington Post must dislike tax cuts even more than it likes President Barack Obama. On March 6, staff writer Lori Montgomery warned that the national debt would climb by $9.7 trillion under Obama’s budget.

Relying on the Congressional Budget Office (CBO) for data, Montgomery reported that the debt would be "higher than White House forecast" but not because of spending increases by Obama. Instead, she used the CBO to attack Obama's "tax-cutting agenda" continuing a media theme of portraying him as fiscally conservative despite the largest budget ever.

"Proposed tax cuts for the middle class account for nearly a third of the ($9.7 trillion) shortfall," Montgomery wrote. Her one-sided article relied solely upon the CBO and its director Douglas W. Elmendorf.

Facepalm: CNBC's Liesman Declares the Time is Right for Higher Taxes on Dividends, Corporations

It's been proven time and again in over two hundred years of recorded American history, but some people still don't get it - the government is not the most efficient spender of money.

On CNBC's March 4 "Squawk Box," in the midst of reporting jobless claims and productivity data, the network's senior economics reporter Steve Liesman offered the suggestion that since some banks were increasing their stock dividend, more lending might be on the way. That could be a sign the economy is coming around, but "Squawk Box" co-host warned it could also mean banks want to pay out dividends before the taxes went up on them:

LIESMAN: Isn't right before the banks start to lend, they're going to increase their dividends first. That's the way they're most likely -
KERNEN: They better increase their dividends because when the dividend tax goes back up - when does that go back up?
WILBUR ROSS (Chairman and CEO of WL Ross & Co LLC): Next year.
KERNEN: Next year, after taxes, they won't have the same after-tax return. If you like the wealth effect of stocks rising, it would be nice not to have to just match your after-tax returns --

George Soros Declares a 'Bankruptcy' of Free-Market Capitalism

You'd think the money man behind an array of left wing organizations wouldn't need CNN to get out his message about the death and "bankruptcy" of free-market capitalism, but there was left-wing billionaire and financier George Soros on "GPS" Feb.18

Interviewed by Fareed Zakaria, Soros said he disagreed with President Obama's decision to bail out the banks. Soros would have nationalized them. Soros also advocated for capping CEO pay, and imposing additional taxes on financial transactions and for banks based on size. 

Zakaria offered praise for Obama, saying "You can look at any (issue) all by itself, but I think he's done pretty well and in some ways hasn't gotten the credit for it because the crisis was averted. So now the Republicans can say ‘there was no problem, we didn't need to spend all this money."

CBS's Plante: GOP Used Reconciliation to Pass 'Controversial,' 'Giant' Tax Cuts

Reconciliation History, CBS On Monday's CBS Early Show, White House correspondent Bill Plante reported on the possibility of Democrats using reconciliation to pass a health care reform bill and noted how Republicans used the procedure when they were in the majority: "In the past it has helped the majority party push through some controversial legislation. In 2001, Republicans used it to pass a giant $1.3 trillion tax cut."

A Media Research Center special report conducted from January 20 to March 31 in 2001 found that out of 94 judgements of the size of the Bush tax cuts on ABC, NBC, and CBS, "84 percent...labeled it as 'big' or 'huge' or otherwise portrayed it as large." CBS was one of the worst offenders, with various reporters describing the cuts as large a total of 14 times in that ten-week period. Then-CBS Evening News anchor Dan Rather alone used the word "big" 11 times to describe the tax cuts.

Meanwhile, on Monday's Early Show, Plante did not use the "giant" label to describe the massive ObamaCare legislation, simply referring to it as a "sweeping proposal." According to a Heritage Foundation study by James C. Capretta, the total cost of the bill could add up to $2.5 trillion over ten years.

Fareed Zakaria Campaigns For A National Sales Tax

Fareed Zakaria used his CNN program Sunday to campaign for a national sales tax.

This came just two weeks after he absurdly accused the tax cuts implemented by George W. Bush of being the biggest cause of today's budget deficit.

Zakaria began the most recent installment of "GPS" by first discussing how great a country America is, but "we have big problems."

"[T]he biggest one, by far, the one to worry about is the growing national debt."

Of course, his solution was to raise taxes (video embedded below the fold with partial transcript):

CNN Exposes 'Lavish' Government Pensions despite Economic Crisis

All this week CNN has been taking a look at “Broken Government” and in some cases the cable channel deviated from the mainstream media norm by providing a critical view of government.

That was the case on Feb. 23 when Wolf Blitzer and Lisa Sylvester scrutinized lavish pension-plan and retirement-packages for government officials during “The Situation Room.”

“Many Americans will spend half a lifetime or more working for the same company only to find little or no safety-net when that job ends,” Blitzer said to begin the report. “Others, especially those on Capitol Hill don’t have that problem.”

Norah Still Mocking Palin Hand-Notes

It's been almost three weeks since Sarah Palin addressed the Tea Party convention.  More than two weeks since Andrea Mitchell did her taunting little imitation of Palin's hand notes.  But there was Norah O'Donnell today, still milking the moment to mock Palin.

O'Donnell worked her hand-note reference into a discussion on today's Morning Joe of Scott Brown's vote for the "jobs bill."  

Later, on a different subject, after criticizing socialism, Norah wryly observed "I sound like I'm on another network." See Bonus Coverage, below.

CNN Celebrates Obama Stimulus With a Birthday Cake

Over at the most trusted name in news, they sure know how to party when it's called for.  That was evident this afternoon on CNN Newsroom when anchor Ali Velshi gushed:

Happy birthday, dear stimulus. Our producer Ben Tinker (ph) baked this cake. It is a stimulus happy birthday -- first birthday cake, which is also a pie chart. It is the birthday of the stimulus. It is actually very --

In the same segment Velshi assured guest Jared Bernstein, chief economic adviser to Vice President Biden, that "I don't think we give much sway to people who say nothing (in terms of jobs) was created, it's just hard to actually respond and say something was created, cause jobs were lost."

Presumably not celebrating the stimulus's anniversary with a cake were the 94 percent of respondents to a recent CBS/New York Times poll who don't believe the stimulus has created a substantial number of new jobs.  Of course, Ali doesn't give them much sway anyhow.

Those Americans don't matter.  At CNN, it's time to celebrate Obama's great achievement and those hundreds - or is it millions? - of jobs he's created or saved.  It's enough to send a thrill up your leg.   

Not Just Anti-Incumbency, Jonathan: Anti-Liberalism

Poor Barack Obama.  Hasn't put a foot wrong.  Policies just fine.  It's just that he's been dealt the cruel fate of . . . being President of the United States.

That was the essence of what Jonathan Capehart, WaPo editorialist, whistled past the liberal graveyard on Morning Joe today.  Confronted with the prez's crumbling poll numbers [by 52-44 margin people don't think PBO deserves to be re-elected], Capehart blamed anti-incumbent fever.  It's not that Americans are opposed to the Dems' policies, suggested Capehart: they're just frustrated by how little has been accomplished.

Why don't we play a little game of political prognostication?   Imagine that, far from being ineffective, Obama/Pelosi/Reid had managed to push through their entire agenda in the last year.  Let's focus on three matters:

In Reporting on Debt and Deficits, AP's Raum Disregards Warnings He Wrote of Last Year

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On a low-attention Sunday, the Associated Press's Tom Raum put together a pretty good analysis ("US debt will keep growing even with recovery"), though not labeled as such, of the serious financial situation the country faces thanks to the mushrooming national debt.

But the AP writer ignored two critical warnings raised in a related item he filed over a year ago on Wednesday, January 7, 2009 ("Analysis: Deficit spending is tough medicine") that have contributed mightily to the dire situation he described. In that report, Raum claimed that there was a "consensus ... that some form of major stimulus — either new spending, tax cuts or a mix — is needed ... so long as it is short term and doesn't include permanent new spending programs." It is clear that the stimulus plan passed last year has flunked both key concerns he raised.

Raum also blithely assumed that White House and Congressional Budget Office forecasts assuming a huge increase in collections are accurate, when there is ample evidence that they are not. 

Here are key paragraphs from the AP's Sunday sounding of the siren:

Fareed Zakaria: Bush Tax Cuts Are Largest Cause Of Budget Deficit

CNN's Fareed Zakaria on Sunday demonstrated just how ignorant most media members are of how the federal budget works.

During the most recent installment of "Fareed Zakaria GPS," the host actually said, "[T]he Bush tax cuts are the single largest part of the black hole that is the federal budget deficit."

Before we examine the staggering stupidity on display here, let's first look at exactly what Zakaria said (video embedded below the fold with transcript):

CNBC's Bartiromo Schools MSNBC Panel on Anti-Business Obama Policies

On Thursday's Morning Joe on MSNBC, CNBC's Maria Bartiromo appeared as a guest and recounted some of President Obama's anti-business, anti-wealthy stands as she informed host Joe Scarborough and the panel why some see Obama as anti-business despite his support of bailouts on Wall Street. Responding to Scarborough's declaration that "there has been a redistribution of wealth since Barack Obama has ... been President, it’s the largest redistribution of wealth in the history of mankind, but it’s gone from main street to Wall Street. If I were a Wall Street banker, I’d love this guy," Bartiromo responded:

No, I mean, I don’t see it that way. ... I think that at the end of the day, there has been a feeling out there that he’s anti-business, that there are higher taxes on business and they’re coming, even higher taxes are coming on business and on the wealthiest individuals and the highest earners, so that hasn’t changed.

After Scarborough persisted, Bartimoro added:

Gregory Asks Greenspan: Bad Idea to Let Bush Tax Cuts Expire?

A rather shocking thing happened on Sunday's "Meet the Press": host David Gregory asked Alan Greenspan and Henry Paulson if it would be a mistake to let the Bush tax cuts expire.

Chatting with the former Federal Reserve Chairman and former Treasury Secretary, Gregory referenced Tuesday's Wall Street Journal article about what the impact of allowing these tax cuts to expire would be on the budget and the economy.

Gregory first asked Paulson and then Greenspan, "Is that a bad idea?" (video embedded below the fold with transcript, relevant section at 6:48):

CNBC's Santelli Brandishes Hammer to Illustrate Obamanomics

As the old cliché goes, you don't use a sledgehammer to crack a nut, but according to Rick Santelli, that's exactly what it appears the Obama administration is doing terms of financial regulation and fiscal discipline.

On CNBC's Feb. 2 broadcast of "Fast Money," host Melissa Lee proposed that taxing the wealthy is not the path to "economic prosperity and fiscal stability." Santelli, the network's CME Group floor reporter, agreed.

"Well, you're right," Santelli said. "But I also think you're going to see when the Bush tax cuts expire, a lot of middle class write-offs and exemptions and various tax benefits will also fall by the wayside. Not the least of which to mention, I have so many friends that work for the financial industry. And they've learned from the government, even if you only make $25,000 to $125,000 a year, one firm says if you leave to go into another job or whatever, anything outside retirement, they're going to keep 10-to-20 percent of the stock they took from you following the government's directives."

Scarborough Shows Low Taxes = Low Unemployment in New Hampshire

Want proof low taxes work? Just take a look at the state of New Hampshire, as MSNBC "Morning Joe" host Joe Scarborough astutely pointed out.

On the Feb. 2 broadcast of his MSNBC program, Scarborough interviewed Sen. Jeanne Shaheen, D-N.H. Shaheen's home state was hosting a jobs town hall put on by President Barack Obama and Scarborough used the occasion for a teachable moment.

"Now, usually none of us would celebrate unemployment rates of 7 percent," Scarborough said. "But that is not only well below the national average, but your neighbor, Rhode Island, to the south of you now sitting with a 13 percent unemployment rate. What's New Hampshire doing right?"

Washington Post Gives Obama Great Grades for Promises 'In Progress'

The Washington Post launched an interactive page this week to profile President Obama's record on his campaign promises after one year in office. The Post put promises into three categories: "To Do," "In Progress" and "Completed."

Based on the president's record, most people would be surprised to learn the Post put most of the promises in the "In Progress" category -- and didn't even include a "Broken Promises" category. Many recent promises made as president would belong in that category. 

"In Progress" according to the Post includes "reversing" the Bush tax cuts, while the "To Do" list includes "enact a windfall profits tax" on oil companies. 

James Valvo, government affairs manager for Americans for Prosperity, offers the following additions to the Post's analysis:

Matthews: Obama Policies 'Conservative,' Dems 'Created' Middle Class

On Wednesday's Countdown show on MSNBC, shortly before the beginning of the State of the Union address, as Keith Olbermann discussed the speech with Chris Matthews and Rachel Maddow, after Olbermann brought up the possibility that President Obama would give a divisive FDR-style speech, Matthews seemed to lament that such a speech would "spook" the middle class, and, as he credited the Democratic party with actually "creating" the middle class, he argued that Democrats are a victim of their own success.  After claiming that it would have been "unpatriotic" not to increase government spending in time of recession, he went on to describe President Obama's economic policies as "conservative": "Everybody who studies economics knows if you have no business spending, no consumer spending, the government has to spend. That is reasonable and I would argue conservative economics."

At about 8:57 p.m., after contending that President Herbert Hoover "proved to every single American that the Great Depression was Republican doing," Matthews made his extraordinary claim about Democrats "creating" the middle class:

Ronald Reagan Would Be 'Unamused' by Tea Parties, Says Liberal Son

Since Ron Reagan, son of former President Ronald Reagan, would probably be the first to admit his political view are widely divergent from his father's it seems strange that he would put words in the Gipper's mouth about current events.  

However, the younger Reagan spoke for his father on HLN's Jan. 26 "The Joy Behar Show." Host Joy Behar asked Reagan what his father would have thought about the modern tea party movement.

"What would your father say about these tea partiers Ron, do you think?" Behar asked.