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Former Reagan Budget Director Stockman Opposes Extending Bush Tax Cuts

Posted Aug 3rd 2010 4:00PM by Joseph Lazzaro (RSS feed)
Filed under: Politics

A key figure in the Reagan administration's supply side economics policy implementation opposes extending the 2001 Bush income tax cut.

David Stockman, who served as budget director under President Reagan, in a New York Times op-ed piece, said a Republican effort "to extend the unaffordable Bush tax cuts would amount to a bankruptcy filing."

Stockman also called the current Republican stance of wanting to extend the tax breaks as not fiscal responsibility, but "vulgar Keynesianism robed in the ideological vestments of the prosperous classes."

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Are Dividend Rates About to Drop 29%?

Posted Jul 3rd 2010 9:40AM by Kevin Kersten (RSS feed)
Filed under: Pfizer (PFE), AT and T (T), Nokia Corp. (NOK), Altria Group (MO), Bristol-Myers Squibb (BMY), Verizon Communications (VZ), duPont(E.I.)deNemours (DD), Lilly (Eli) (LLY), Qwest Communications Intl (Q), Politics, Stocks to Sell

Is it time to dump dividend stocks before the Bush tax cuts expire? In 2001 and 2003 Bush, passed several tax relief bills that will automatically expire at the end of 2010. Obama campaigned against the tax relief packages and many Americans may be facing a huge tax increase as the package expires.

Dividend taxation is of particular concern to investors. Under the relief packages, dividends taxes were cut to 15%, but if the package expires, dividends may be taxed as ordinary income at levels up to 39.6%.

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New report shows Americans earning less

Posted Aug 21st 2007 12:13PM by Michael Fowlkes (RSS feed)
Filed under: Bad News, Employees, Economic Data, Small Business

A new government report shows that American salaries fell in 2005 for the fifth straight year in a row. During 2005 the average income for American workers came out to be $55,238, which is roughly 1% less than the 2000 national average of $55,714.

For those of us who were born in a post World War II world, this is definitely a trend that we are not used to seeing. Since the end of WWII, there was only one year on record when the average income of Americans fell. But that all changed in 2001 which started the five-year slide between 2001 and 2005.

While the national average was lower in 2005 than it was in 2000, the total incomes of all Americans did rise during the period but so did the actual number of people working, which led to the lower average.

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