Happy Thanksgiving! May you and your family enjoy this Thanksgiving. After all of the feasting, football watching, and holiday shopping, Congress will return to Washington to face a daunting task: Averting the massive tax hikes and regulatory tsunami. The best path forward is clear: Reject tax hikes, reform federal spending and entitlements and roll back the crippling regulations. Heritage's overarching plan to restore fiscal sanity is called Saving the American Dream.
How Congress Can Avert the Fiscal Cliff Heritage senior budget expert Patrick Knudsen offers guidance in his latest Issue Brief for developing a budget solution to the dual blows of the impending $500 billion tax hike and 10% defense spending cut in January.
Do Rich People Pay Their Fair Share? When people tell you that the rich aren't paying enough in taxes refer them to this chart, which illustrates that 10% of earners are already carrying 71% of the tax burden.
Will Increased Tax Rates on the Rich Generate More Tax Revenue? The truth is that increasing tax rates doesn't necessarily lead to higher income tax receipts. When the top individual income tax rates was reduced from 91% to 50% the tax receipts increased from 7.8% to 9.2% of GDP. When the rate was increased the tax receipts were reduced.
Pencils Teach Us the Power of the Free Market Leonard Read wrote a famous essay entitled "I, Pencil" to help people understand how the world's economy works by explaining how pencils are made. The Competitive Enterprise Institute took the story and turned it into an informative short film. The film illustrates how the invisible hand of the market directs millions of people around the world to voluntarily collaborate to create products and generate income in ways a central government planner never could.
InsiderOnline Updated daily, InsiderOnline (www.insideronline.org) is a compilation of publication abstracts, how-to essays, events, news, and analysis from around the conservative movement. Sign up to receive a weekly summary via e-mail here. The current edition of The Insider quarterly magazine is also on the site.
Nov. 27 Heritage Lunch w/ Gov. Haley Chicago Ritz Carlton
Nov. 28-30 ALEC's States & Nation Policy Summit Grand Hyatt Washington
Dec. 3 Heritage Lunch w/ Hon. Ed Meese Houston JW Marriott