Wednesday, April 18, 2007
Rep. Ron Lewis Says Repeal Tax Code By 2010
HR 510 would repeal nearly all of the federal Tax Code. Rep. Ron Lewis is the only Kentucky co-sponsor. The rest of the state's delegation should be made to explain why they prefer to keep the American people trapped under the current tax scheme when we could do better.
Repeal is the proper first step. We need to repeal payroll taxes as well, but scrapping the Code and giving Congress until December 31, 2010 to replace it would be a great way to start working on a solution to a problem we all agree we have.
In fact, the key to financial literacy isn't a school program or a public-private partnership preaching to kids. The key to financial literacy is getting rid of payroll deductions for federal and state taxes. Make citizens write those checks themselves and see how fast they start paying attention to personal financial and public fiscal matters.
Repeal is the proper first step. We need to repeal payroll taxes as well, but scrapping the Code and giving Congress until December 31, 2010 to replace it would be a great way to start working on a solution to a problem we all agree we have.
In fact, the key to financial literacy isn't a school program or a public-private partnership preaching to kids. The key to financial literacy is getting rid of payroll deductions for federal and state taxes. Make citizens write those checks themselves and see how fast they start paying attention to personal financial and public fiscal matters.
Mitch McConnell Smacks Down Tax Increases
As the majority in Congress inches closer to repealing the Bush tax cuts, Sen. McConnell calls them out.
Tuesday, April 17, 2007
Stan Lee Wins Economic Freedom Award
The Kentucky Club For Growth release its first annual General Assembly scorecard naming Attorney General candidate Stan Lee as the state's top-ranking legislator and one of only two winners of its Kentucky Defender of Economic Freedom Award.
The Club's executive director Brian Richmond said "fiscal conservatives are in short supply in Frankfort. For the benefit of taxpayers, their children and grandchildren, this must change."
Lee's 91% score narrowly topped Rep. Jim DeCesare's 88%. No other House member scored above 70% and only two Senators -- Dick Roeding and Bob Leeper -- scored above 75%. Richmond had praise for the Senate as a whole, though.
"The Senate did not have as many eligible votes as the House did, which is a good thing," said Richmond. "The Senate defended the taxpayers of Kentucky by not calling to a vote some terrible legislation that passed the House and we commend them in that regard."
The Club's executive director Brian Richmond said "fiscal conservatives are in short supply in Frankfort. For the benefit of taxpayers, their children and grandchildren, this must change."
Lee's 91% score narrowly topped Rep. Jim DeCesare's 88%. No other House member scored above 70% and only two Senators -- Dick Roeding and Bob Leeper -- scored above 75%. Richmond had praise for the Senate as a whole, though.
"The Senate did not have as many eligible votes as the House did, which is a good thing," said Richmond. "The Senate defended the taxpayers of Kentucky by not calling to a vote some terrible legislation that passed the House and we commend them in that regard."
Could Public Schools Teach Financial Literacy?
If we allow our state's public employee benefit plans to deteriorate for just a few more years, the subsequent tax increases will destroy the state.
As the The Blue Ribbon Commission on Public Employees Retirement Systems starts meeting in Frankfort, realization of the depth of the fiscal crisis facing states and municipalities across the nation is starting to draw wide attention among serious policymakers.
A newspaper column in Delaware suggests making financial literacy classes mandatory in public schools. In response to this, I have one question: have you seen a high school history book recently?
We absolutely need increased citizen financial literacy for our long-term fiscal health. But the public schools can't get it done.
If you want to do your part to increase financial literacy, get out of debt and learn about and invest in equities. If you want to increase financial literacy for others, help your children set up retirement accounts with their first jobs.
Take a look at a simple retirement calculator and see how a little grows into a lot, especially when you start early.
As the The Blue Ribbon Commission on Public Employees Retirement Systems starts meeting in Frankfort, realization of the depth of the fiscal crisis facing states and municipalities across the nation is starting to draw wide attention among serious policymakers.
A newspaper column in Delaware suggests making financial literacy classes mandatory in public schools. In response to this, I have one question: have you seen a high school history book recently?
We absolutely need increased citizen financial literacy for our long-term fiscal health. But the public schools can't get it done.
If you want to do your part to increase financial literacy, get out of debt and learn about and invest in equities. If you want to increase financial literacy for others, help your children set up retirement accounts with their first jobs.
Take a look at a simple retirement calculator and see how a little grows into a lot, especially when you start early.
Jody Richards: The Education Governor
Well, to give credit where it is due, at least Speaker Richards isn't calling himself the Economics Governor.
Richards "new and exciting plan" apparently consists only of increasing need-based aid to college students. This is exactly the wrong thing to do at exactly the wrong time. Until we dramatically increase graduation standards in Kentucky, we will continue to send unprepared students to college where too many of them are doomed to fail. Giving them more money to do it doesn't accomplish anything. In fact, piling more state aid on our colleges artificially inflates tuition rates for those students who remain after the weak ones wash out. That makes education harder to afford for people who aren't poor enough for the aid.
Seeking to offer universal access to higher education (or Galbraith's "further education") will always have a perverse effect on the demand curve, squeezing middle income students out. What we need is a combination of more merit-based aid to improve our state schools and higher standards to better prepare our children. Until we do one of these, we will keep failing our students. And until we do both we will continue flushing increasing amounts of money down the toilet.
Richards "new and exciting plan" apparently consists only of increasing need-based aid to college students. This is exactly the wrong thing to do at exactly the wrong time. Until we dramatically increase graduation standards in Kentucky, we will continue to send unprepared students to college where too many of them are doomed to fail. Giving them more money to do it doesn't accomplish anything. In fact, piling more state aid on our colleges artificially inflates tuition rates for those students who remain after the weak ones wash out. That makes education harder to afford for people who aren't poor enough for the aid.
Seeking to offer universal access to higher education (or Galbraith's "further education") will always have a perverse effect on the demand curve, squeezing middle income students out. What we need is a combination of more merit-based aid to improve our state schools and higher standards to better prepare our children. Until we do one of these, we will keep failing our students. And until we do both we will continue flushing increasing amounts of money down the toilet.
Monday, April 16, 2007
Kentucky Club For Growth Takes First Shot Tuesday
Stay tuned for a major announcement tomorrow from the Kentucky Club For Growth.
State Would Have Zapped Billy Donovan $210,000
As you write out your state income tax check, consider another reason Florida Gator coach Billy Donovan is smiling in sunny Florida.
No state income tax.
If the University of Kentucky had paid Donovan $3.5 million as was rumored to be their offer, the state's 6% cut would have been $210,000.
Don't tell new coach Billy Gillispie, formerly of no-income-tax Texas.
No state income tax.
If the University of Kentucky had paid Donovan $3.5 million as was rumored to be their offer, the state's 6% cut would have been $210,000.
Don't tell new coach Billy Gillispie, formerly of no-income-tax Texas.
A Race To Watch In Kentucky This Year?
Ryan Alessi is right about one thing, the race for governor isn't generating any sparks at all. I don't think it is likely to, either.
But the race for Attorney General is another story. Tim Coleman has emerged with a strong challenge to front-runner Stan Lee for the GOP nomination. The winner will face off against either Jack Conway or his primary opponent Bob Bullock. Bullock has the support of state Sen. Julian Carroll.
Most likely, it will be Stan Lee against Jack Conway.
But the race for Attorney General is another story. Tim Coleman has emerged with a strong challenge to front-runner Stan Lee for the GOP nomination. The winner will face off against either Jack Conway or his primary opponent Bob Bullock. Bullock has the support of state Sen. Julian Carroll.
Most likely, it will be Stan Lee against Jack Conway.
For Dems Debate On KET, Only One Question
Who will not show up?
I think Steve Henry and Jody Richards are the most likely to sit this one out. Otherwise, those who show are just going to agree on issues like supporting the casino industry and wrecking our health insurance market again.
9:40 Update: Well, I was wrong. Steve Beshear and Jonathan Miller were the two who didn't show up. And they were there!
Miller just called his opponents a six-pack and himself Miller Genuine. That's cute if you are running for class president. And Beshear's insistence that casino gambling and "kicking butt" will fix Frankfort falls flat.
I think Steve Henry and Jody Richards are the most likely to sit this one out. Otherwise, those who show are just going to agree on issues like supporting the casino industry and wrecking our health insurance market again.
9:40 Update: Well, I was wrong. Steve Beshear and Jonathan Miller were the two who didn't show up. And they were there!
Miller just called his opponents a six-pack and himself Miller Genuine. That's cute if you are running for class president. And Beshear's insistence that casino gambling and "kicking butt" will fix Frankfort falls flat.
Sunday, April 15, 2007
Consider This In The Kentucky Treasurer Race
One very good reason to support Lonnie Napier for Treasurer is that Garrard Judge Executive John Wilson would be certain to replace Napier in the General Assembly.
Did You Ever Think Income Taxes Might Be Illegal?
I found a pretty interesting constitutional case against the 16th amendment, which is the one that made the income tax the law of the land.
We should make presidential candidates answer why the 16th amendment should not be repealed. Forcing this issue is the only way we will ever do more than just whine about our broken tax system.
Pushing to have the 16th amendment repealed through the legislative process or deemed unconstitutional by the judiciary would not yield quick results, but it would make more people think about what we are doing to ourselves with a fatally flawed program for financing our government. But I think once the ball got rolling, it would force the reform issue.
Defending the indefensible makes people say goofy things. While we have so many wannabes on the presidential contender talk circuit, we should encourage them to try.
We should make presidential candidates answer why the 16th amendment should not be repealed. Forcing this issue is the only way we will ever do more than just whine about our broken tax system.
Pushing to have the 16th amendment repealed through the legislative process or deemed unconstitutional by the judiciary would not yield quick results, but it would make more people think about what we are doing to ourselves with a fatally flawed program for financing our government. But I think once the ball got rolling, it would force the reform issue.
Defending the indefensible makes people say goofy things. While we have so many wannabes on the presidential contender talk circuit, we should encourage them to try.
I Love A Good Misleading Headline
The Courier Journal's bold print this morning says "Stumbo respected by both parties."
Then you read the story and see they are only talking about Bob Heleringer. Bob is a casino supporter who used to be a Republican state representative.
Then you read the story and see they are only talking about Bob Heleringer. Bob is a casino supporter who used to be a Republican state representative.
Saturday, April 14, 2007
Good News For Them Is Good News For Us
A column on Bloomberg today should give fiscal conservatives great hope for the future of the United States.
A discussion of emerging-market bond funds might be a great cure for your insomnia, but while many of us have slept poor nations in the world have been catching up to us quickly.
It is time to wake up.
The jolt will be tough for a lot of us, but as prosperity and achievement spread throughout the world we will have to cut our patience for counterproductive public policies.
In other words, as the economies of the third world get stronger we will be less able to afford liberal economic policies.
Could we be seeing progress already? Look at how quickly this turned into this.
A discussion of emerging-market bond funds might be a great cure for your insomnia, but while many of us have slept poor nations in the world have been catching up to us quickly.
It is time to wake up.
The jolt will be tough for a lot of us, but as prosperity and achievement spread throughout the world we will have to cut our patience for counterproductive public policies.
In other words, as the economies of the third world get stronger we will be less able to afford liberal economic policies.
Could we be seeing progress already? Look at how quickly this turned into this.
Gatewood Galbraith Scores 12%, Otis Hensley Gets 8% In Latest Dem Polls
Mock polls on college campuses may be a nice teaching tool, but I was surprised to see two candidates -- Jody Richards and Jonathan Miller -- have now issued press releases touting the results.
At least Jonathan Miller printed the raw numbers. It's a whole lot less impressive when you consider them.
At least Jonathan Miller printed the raw numbers. It's a whole lot less impressive when you consider them.
Fred Thompson Pimps Tax Cuts
If he is going write op-eds in the Wall Street Journal calling out the tax-raisers on Tax Weekend, Fred Thompson needs to go ahead and announce for president.
By the way, have you ever wondered how we got the income tax? Good story.
By the way, have you ever wondered how we got the income tax? Good story.
Friday, April 13, 2007
Battle Of The Would-Be State Treasurers
Responding to Melinda Wheeler's suspicious call to shut down the Treasurer's office she is running for, an opponent has called for her to drop out of the race.
In an email statement from his campaign manager, Rep. Ken Upchurch (R-Monticello) said "if Ms. Wheeler does not have anything to add to the office, perhaps she should consider withdrawing from the race."
Another comment attributed to Rep. Upchurch practically guarantees no other candidate for the office will engage this controversy unless absolutely forced to do so. He said what he would do in an effort to compensate for the lack of meaningful duties associated with the Treasurer's office:
The first lesson in a good financial literacy class, though, might say something about not spending too many tax dollars to make a state officeholder with few real responsibilities look busy.
In an email statement from his campaign manager, Rep. Ken Upchurch (R-Monticello) said "if Ms. Wheeler does not have anything to add to the office, perhaps she should consider withdrawing from the race."
Another comment attributed to Rep. Upchurch practically guarantees no other candidate for the office will engage this controversy unless absolutely forced to do so. He said what he would do in an effort to compensate for the lack of meaningful duties associated with the Treasurer's office:
"Down ticket offices can serve the Commonwealth outside of their basic duties with innovative leadership. My plan to increase financial literacy education in our high schools is an example of a forward-thinking platform worthy of this constitutional office."
The first lesson in a good financial literacy class, though, might say something about not spending too many tax dollars to make a state officeholder with few real responsibilities look busy.
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