Posts Tagged "Taxes"

think-progress:

Pitiful, America.

"The good news is, you are living in a country with a very low tax burden. The bad news is, because of that low tax burden you are living in a country where good, deserving people, who need government’s help continue to suffer. They suffer depravations that none of the other countries on that chart would allow them to suffer — in healthcare and other needs. They suffer depravations that are unthinkable in the United Kingdom — in Margret Thatcher’s time or in our time. Their suffering, is the price we pay to be at the bottom of that list." - Lawrence O’Donnell

Bloomberg News poll reveals a majority of Americans believe in Obama mandate

shortformblog:

  • 65% of voters believe that President Obama has a mandate to raise taxes on the wealthiest Americans after being reelected last month. That includes 45 percent of the Republicans surveyed as well.
  • 64% of voters believe that President Obama also has a mandate top protect programs like Medicare and Social Security during his next term. Considering Senate Republicans are now relying on filibusters of their own proposals related to the “fiscal cliff,” something tells us that Speaker Boehner was probably correct in telling House Republicans not to make holiday plans this year. source

Stephen Colbert v Stephen Colbert

Stephen: Hey, he is [Mitt Romney] looking out for the middle-class.

Stephen: He’s promising a 20 percent tax-cut for the top one percent.

Stephen: Ah, but he’s also promising to close their tax loopholes, so they’ll still pay the same amount.

Stephen: Theeen why cut their taxes. 

A Closer Look at the 47 Percent

nyt-agenda:

By MICHAEL COOPER

“Forty-seven percent of Americans pay no income tax,” Mitt Romney said at a fund-raiser earlier this year, according to a video posted by Mother Jones.

The figure comes from the Tax Policy Center, which found that 46.4 percent of households paid no federal income tax in 2011. 

But most households did pay payroll taxes. Of the 18.1 percent of households that paid neither income taxes or payroll taxes, the center found that more than half were elderly and more than a third were not elderly but had income under $20,000. Roberton Williams, a senior fellow at the center, wrote in a blog post last summer that about half of those were off the rolls because they had low incomes. 

“For example, a couple with two children earning less than $26,400 will pay no federal income tax this year because their $11,600 standard deduction and four exemptions of $3,700 each reduce their taxable income to zero,” he wrote. “The basic structure of the income tax simply exempts subsistence levels of income from tax.”

A major reason that many poor people no longer pay federal income taxes is the Earned Income Tax Credit, which has long been supported by Republicans. The credit was added to the tax code when Gerald Ford was president, and was expanded by President Reagan in 1986 and by George H.W. Bush.

When President Reagan urged the passage of the 1986 tax overhaul, he said that ”millions of working poor will be completely dropped from the tax roles,” which he said would make the tax overhaul package ”one of the best anti-poverty programs this country has ever seen.”

Mitt Romney earned the title, “Governor Fee-Fee”

REPORTED THEFT OF ROMNEY TAX RECORDS BEING PROBED - AP →

Secret Service investigates reported theft of Romney tax files, $1 million extortion threat

Mitt Romney Would Pay 0.82 Percent in Taxes Under Paul Ryan’s Plan

Read: The Atlantic

Romney Paid 13.9 Percent Tax Rate on $21.6 Million 2010 Income - Bloomberg →

Republican presidential candidate Mitt Romney earned $21.6 million in 2010 and paid 13.9 percent of that amount in income taxes, using the preferential rate on investment income and charitable deductions to pay a smaller share of his earnings than top wage earners typically do.

letterstomycountry:

liberalsarecool:

“Please Raise My Taxes” via LinkedIn town hall meeting with President Obama.

For those who can’t watch clips online, question came from a man who retired at a young age, thanks to the success of a start-up company he worked for that “did quite well” (the man was later identified as the former director of marketing at Google). He asked the president, “Would you please raise my taxes? I would like very much to have the country to continue to invest in things like Pell Grants, and infrastructure, and job training programs that made it possible for me to get to where I am.”

We all benefited from someone investing in us.

We’re a massive, modern nation with a vast economy. We face real challenges, and they’re not the kind of challenges individuals can hope resolve on their own — we need cooperative solutions built around shared action.

This is kind of what Elizabeth Warren was getting at: a lot of people in this country were able to take advantage of certain opportunities with the help of government programs; whether it’s Pell Grants, temporary & disability assistance, guaranteed federal loans for graduates students (like myself), or what have you.  When those programs are in jeopardy due to a lack of tax revenue, there is a case to be made that those who willingly took the benefit of those programs (and became successful as a result) should contribute to their upkeep so “the next kid who comes along” will have the same access to opportunities that you had.

This isn’t to say there aren’t principled arguments to be made against government aid for all the things I just mentioned.  Libertarians make these arguments all the time, and I don’t find them unreasonable.  But essentially what you’re dealing with are two worldviews in which society looks different in a lot of fundamental ways: I guarantee you that if we stopped having the Federal Government guarantee loans for graduate students, for example, less people would be able to go to law school or Med School, because there’s no way private companies would underwrite as many students.  And while this can be argued as a good thing for the legal profession, the same argument cannot be made for the Medical profession, which continues to be desperate for new blood.