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Thursday, June 14, 2007

Your Money?

There are two great editorials in today's Wall Street Journal (online subscription needed).

In Earmarxists Sen. Tom Coburn talks about how Democrats in the Senate have blocked votes on the earmark reforms they campaigned on last year, and avoided conference committee meetings on the reforms that were enacted, but turned into a bill. He also reminds us that the party that was going to change the way earmarks worked, and bring openness to the process is now, lead by David Obey, going to keep 32,000 of them secret until conference committees meet; basically keeping the status quo from 2006.

An article in today's Washington Post says that small truce may have been reached, where only the first two spending bills will advance to the floor with out the earmarks attached. The rest will have to have earmarks attached (and markers names public) before they come to the floor, meaning they will be public.

The second piece, 100% Marginal Tax Rate, explains how at above certain income level next year you could actually pay more than $1 in taxes on each additional dollar you earn! It's not a joke, it's actually in the works in the House Ways and Means Committee. It's the "fix" for the Alternative Minimum Tax that if not repaired will hit about 63 million tax payers in an election year. The solution the Ways and Means folks have come up with is to jack taxes up high enough on 3 million folks that the others can be spared.

Both articles help to clarify the idea that the money you earn is "your money". It is, only if the government thinks you know how to spend it better than them. Since it's been obvious for years that they don't, it really isn't your money, it's Congresses, and if they get their way they will get more of it.

Technorati Tags: Taxes, Spending, Earmarks, Pork Barrel Spending, Congress, David Obey

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