ECONOMIC PERSPECTIVES

Fact Sheets: Taxes HISTORY OF THE U.S. TAX SYSTEM The federal, state, and local tax systems in the United States have been marked by significant changes over the years in response to changing circumstances and changes in the role of government. The types of taxes collected, their relative proportions, and the magnitudes of the revenues collected are all far different than they were 50 or 100 years ago. Some of these changes are traceable to specific historical events, such as a war or the passage of the 16th Amendment to the Constitution that granted the Congress the power to levy a tax on personal income. Other changes were more gradual, responding to changes in society, in our economy, and in the roles and responsibilities that government has taken unto itself. Colonial Times For most of our nation's history, individual taxpayers rarely had any significant contact with Federal tax authorities as most of the Federal government's tax revenues were derived from excise taxes, tar

The Dollar ReDe$ign Project wants to resdesign U.S. currency in order to " rebrand the US Dollar, rebuild financial confidence and revive our failing economy." The project allowed submissions of alternative designs for U.S. currency. People were asked to vote on their favorite until Septemeber 30, 2010.

In the September 23, 2010 article " GOP, Democrats offer dueling governing plans ," Associated Press Writer Julie Hirschfeld Davis outlines the alternative plans for how to run the country.

Newt Gingrich on the GOP's 'Pledge'

In the September 23, 2010 article " GOP 'Pledge' vows cuts, repeal of health care law ," Associated Press writer Julie Hirschfeld Davis explains that the pledge is rhetoric designed to persuade undecided voters to side with Republicans, who vow to cut taxes, government spending, budget deficits, and the public debt without acknowledging the inherent flaws in their logic (or math). REVENUES - EXPENDITURES = Budget Balance (SURPLUS if positive, DEFICIT if negative). When recent deficits have exceeded $1 trillion, advocating reductions to both revenues and expenditures will do little to reduce the deficits and will continue to substantially increase the public debt. Significant INCREASES in revenues are needed as well as dramatic cuts in major federal government spending programs (such as defense, Social Security, Medicare & Medicaid) that neither Republican nor Democrats seem prepared to support.

In the September 22, 2010 article " Unusual Worry: Is Inflation Too Low? Federal Reserve Worries Prices Not Going Up Fast Enough ," Associated Press economics writer Jeannine Aversa provides further evidence that the macroeconomic policy goal is LOW inflation, not NO inflation. Here is an excerpt: The Fed, meeting for the last time before the midterm elections, said its measures show inflation is "somewhat below" desirable levels for the economy. That may sound strange, because inflation is often made out to be an economic evil. And it can be, when it gets out of control. But its opposite can be even worse. Once deflation takes hold, it can wreck an economy. Workers suffer pay cuts. Corporate profits shrivel. Stock values fall. People, businesses and the government find it costlier to pare debt. Foreclosures and bankruptcies rise. And people spend less, convinced that prices will fall even further if they just wait. That trend has already emerged in the housing mar

Robert Reich explains " Why No Amount of Fiscal or Monetary Stimulus Will Be Enough, Given How Small A Share of Total Income the Middle Now Receives. "

Business Cycle Dating Committee, National Bureau of Economic Research This report is also available as a PDF file . CAMBRIDGE September 20, 2010 - The Business Cycle Dating Committee of the National Bureau of Economic Research met yesterday by conference call. At its meeting, the committee determined that a trough in business activity occurred in the U.S. economy in June 2009. The trough marks the end of the recession that began in December 2007 and the beginning of an expansion. The recession lasted 18 months, which makes it the longest of any recession since World War II. Previously the longest postwar recessions were those of 1973-75 and 1981-82, both of which lasted 16 months. In determining that a trough occurred in June 2009, the committee did not conclude that economic conditions since that month have been favorable or that the economy has returned to operating at normal capacity. Rather, the committee determined only that the recession ended and a recovery began in that month.

In the September 19, 2010 Salon article " The perils of false equivalencies and self-proclaimed centrism ," Glenn Greenwald suggests the exaggerations of political conservatives are much more egregious than those of progressives and Jon Stewart's implied similarity is misplaced.

How the tea party is rewriting the rule book for political organizing

The article " Rush Limbaugh falls for Wikipedia hoax " provides further evidence that Wikipedia is an unreliable source for academic research. Information on Wikipedia can be false and unreliable.

"I'm as mad as hell, and I'm not going to take this anymore!" From the 1976 movie, Network .

The unemployment rate increased to 9.6% in August 2010, but that may be a good indicator for job prospects in the near future if you understand how the statistic is calculated. .In the September 3, 2010 U.S. News & World Report article " 5 Key Lessons in August's Jobs Report ," Liz Wolgemuth provides some insight into why an increase in the unemployment rate might be a good signal for economic recovery. August's jobs report is shining a little light on the ploddingly dreary labor market. Private employers added more jobs than economists expected last month, and the Labor Department revised the data to show bigger private sector gains for June and July. In July, private employers added 107,000 jobs, rather than the 71,000 initially reported. The unemployment rate last month ticked up to 9.6 percent from 9.5 percent in July, reflecting an increase in the size of the labor force. This report offers some important lessons to help understand the current job market a

According to its website, The Gerson Institute is: a non-profit organization located in San Diego, California, dedicated to providing education and training in the alternative, non-toxic treatment of cancer and other disease, using the Gerson Therapy. The Gerson Therapy is a safe, natural treatment developed by Dr. Max Gerson in the 1920s that uses organic foods, juicing, coffee enemas, detoxification and natural supplements to activate the body’s ability to heal itself. Over the past 60 years, thousands of people have used the Gerson Therapy to recover from so-called “incurable” diseases such as cancer, diabetes, heart disease and arthritis. Founded by Charlotte Gerson (Dr. Gerson’s daughter) in 1977, we are the true source of information on the original, unmodified, proven Gerson Therapy. We refer people to licensed Gerson clinics and treatment centers, practitioners and caregivers. We also train health professionals, patients and others who want to learn this natural therapy. V

Are you too busy to spend lots of time working out in a gym, but still want to look as though you do? Check out 10-Minute Trainer tools . Please note that "Results may vary. Exercise and proper diet are necessary to achieve and maintain weight loss and muscle definition."