by Jonathan Decker
This week, overzealous California regulators saw their hopes of enacting a “Texting Tax” squashed by President Trump’s FCC. The FCC issued a declaratory ruling which found that “text messaging” is an information service, thereby limiting the state’s authority to regulate. Prior to the FCC’s announcement, California regulators were set to vote on an initiative that would have imposed a tax on consumers’ phone bills in order to fund additional government services. California residents should be grateful the FCC saved them from their bloated state governments’ latest tax-and-spend scheme.
In my last column, I warned that Obamacare’s “Tax Hike Time Bomb” could explode if Congress does not pass legislation by years end. While time is running low on the shot clock, this week there are encouraging developments — the House may vote on a bill that would delay the medical device tax, delay the premium tax, and repeal the tanning tax (just in time for winter, I’m getting pale). Hopefully the House and Senate will delay or repeal all upcoming Obamacare taxes before the end of the year.
Obamacare could possibly have another date with the Supreme Court after a Texas judge ruled the law is unconstitutional this week. According to Fox News:
U.S. District Judge Reed O’Connor ruled that last year’s tax cut bill knocked the constitutional foundation from under the law by eliminating the penalty under the individual mandate for not having coverage. The rest of the law cannot be separated from that provision and is therefore invalid.
Speculation has begun to build over whether Chief Justice John Roberts would uphold the Affordable Care Act a second time, as well as whether the newly admitted Justice Brett Kavanaugh would strike it down.
Stocks suffered from a “two-day drop of more than 1,000 points sparked by worries about the health of the global economy.” Investors are weighing fears of slowing growth in China as well as the Federal Reserve’s ability to continue normalizing interest rates. In light of the market turbulence, I would like to once again remind Santa that ‘All I Want for Christmas Is a Trade Deal with China.’