March 4, 2005 |
Federal Reserve Board Chairman Alan Greenspan said yesterday that the nation should create a "hybrid" tax system that taxes not only income but also personal consumption, as in a national sales tax. Testifying before President Bush's Advisory Panel on Federal Tax Reform, Greenspan heartily endorsed Bush's call to simplify the tax code. He said the coming retirement of the baby-boom generation and the strain that would place on the federal budget made changing the tax system an urgent priority.
July 26, 1986 |
Labor Secretary William E. Brock suggested yesterday that the government consider scrapping the payroll tax as a way of financing Social Security, saying the current system is "unsustainable" in light of the growing numbers of the elderly. Testifying before a congressional panel, Brock expressed concerns that continued reliance on the payroll tax will place strains on the labor force, prompt employers to replace people with machines and create generational tensions between workers and the elderly.
February 17, 2005 |
A presidential commission on tax overhaul is considering a proposal to add a national sales tax or some similar levy to the federal income-tax system. The two-tier tax plan was one of several ideas floated yesterday at the commission's first meeting, but panel members stressed it was far too early to reach any decisions. The nine-member commission has until July 31 to deliver recommendations to the White House. Any tax-law changes as sweeping as those under review would affect every economic interest group in America, shift trillions of dollars within the economy, and be the object of intense lobbying in Washington before Congress works its will.
October 5, 1988 |
Whether the next president is George Bush or Michael Dukakis, some local economists agree that the first important task of a new administration in Washington will be the reduction of the $150 billion federal budget deficit. And the economists expect it will be reduced by an increase in taxes, even though Republican Bush repeatedly has insisted he won't do that. Provident National Bank economists Robert J. Christian and J. Patrick Bradley, who both said they think Bush would do a better job of dealing with the nation's economy, don't believe Bush will have any choice but to raise taxes.
May 31, 2016 |
Could a national sales tax be on the horizon? Since the Great Recession ended in mid-2009, America's real GDP growth has averaged just 1.8 percent a year, well below the nation's prerecession average of 3.5 percent growth. Slow growth in the economy demands tax reform, according to some economists. In response, Ed Liva, director of the Villanova University Graduate Tax Program, is hosting on Thursday the law school's first Tax Policy Symposium, "Fundamental Tax Reform and Tax Policy Issues in Election Year 2016.
July 31, 1987 |
Democrat Bruce Babbitt yesterday became the first presidential candidate in either party to offer a detailed plan to reduce the federal budget deficit, demonstrating in the process why other contenders had chosen not to do so. His solution, as presented in a speech to the National Press Club, was simple, painful and laden with political risk. Babbitt said he would propose a national consumption tax - most likely in the form of a 5 percent national sales tax raising $40 billion to $60 billion a year.
September 10, 2012
This is the first in a series of interviews with third-party candidates for president. Sam Wood is a staff writer and The Inquirer's social media editor Gary Johnson, who was the Republican governor of New Mexico from 1995 until 2003, is running for president this year as a Libertarian (GaryJohnson2012.com). Johnson, 58, is aiming to be on the ballot in all 50 states and is the first Libertarian to receive federal matching funds. We spoke with Johnson as he was campaigning in Florida during the GOP convention.
November 21, 1994 |
The Republican conquest of Congress has let loose the tax-overhaul genie. Talk in political circles has gone beyond the specific tax cuts outlined in the House GOP's Contract With America to a wholesale revamping of the tax system, under which savings and investments would be taxed at lower rates, or not at all. "The federal income tax code is un-American in spirit and wrong in principle," Sen. Pete V. Domenici (R., N.M.) declared recently. Domenici and Sen. Sam Nunn (D., Ga.)
December 6, 1988 |
New tax breaks for savers and investors were hot items in the presidential campaign. Naturally, voters long to have government pad their pockets for saving and investing, but there's more than that behind the popularity of these breaks. Politicians have lulled us to believe that what's good for individual savers and investors is great medicine for the nation's anemic rates of savings and investment. That's a perfect pitch for me-generation yuppies who still feel a twinge of idealism.
May 17, 2011 |
Republicans are unhappy with their field of presidential candidates and yearn for someone who will come along to save them. But here's what the GOP doesn't want to confront: Its problem lies not in its candidates, but in itself. The candidates appear much smaller than they are because the party's primary voters and core interest groups insist on cutting them down to size. To win a Republican nomination, a candidate has to move right, recant absolutely any past position that violates the current conservative catechism, and never dare to speak the truth that solving our deficit problem will require new revenues - a.k.a.