Category Archives: taxes

American Prospect runs special section on saving the middle class

 

 

 

 

 

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Guess they really, really should have read that study

The Republican National Committee really wanted to stick it to Democratic legislators for that time they totally punted on holding a vote on the future of the Bush-era tax cuts. And so, they armed themselves with a shiny new study from the Tax Foundation that they thought really aided their criticism. “What excuse will the Democrats use now?”

As it happens, the study compared the actual Dem plan with the GOP one. And it found that for a family of four with an income of $40,000, the Dem plan — continuing the low end tax cuts, plus the stimulus measures — would cause a 7.8 percent jump in after-tax income. That jump would only be 6.8 percent under the GOP plan to continue all the Bush tax cuts.



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Filed under Economics, Financial Rules & Regulations, Republicans, taxes

Bush and Obama Tax Plans

So how are the Republicans going to sell their plan to keep those Bush tax cuts for the 2% who are wealthiest?  What kind of spin will they put on this one?  It would be entertaining if it weren’t so desperately serious.

fnord

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GOP answer to budget shortfall — “Who knows?”

Minority Leader Mitch McConnell (R-KY) took to CNN Sunday to bash Democrats’ “gargantuan spending spree,” the latest in a long line of Republican attacks over the deficit that began almost immediately after President Obama’s inauguration. But what, exactly, would the GOP do to reduce the substantial budget shortfall–a much of it coming from the sea of red ink President Bush bequeathed to President Obama?

The answer: Who knows?

That, of course is nothing new — talking about belt-tightening in the broad sense is always easier than throwing out specifics.  Since Sen. Jon Kyl’s clarification on Fox News earlier this month that extending unemployment benefits is fiscally dangerous but deficit-financed tax cuts to the tune of $678 billion are just gravy, Republicans have been under new pressure to clarify how exactly they intend to reduce the national debt.  Sen. Pete Sessions’ (R-TX) appeared Sunday on Meet The Press and under persistent questioning from David Gregory, he failed to offer any specific examples of what spending programs the GOP would cut.

This evasion probably won’t keep them from being elected or reelected, it hasn’t in the past.  And if they should regain the majority and are asked to present a budget they’ve painted themselves into a corner.  They’ve signed pledges to not increase taxes, they’ve endorsed an array of new tax cuts that blow a further hole in the budget.

The GOP recently rebranded itself as the holy defender of Medicare during the health care debate, putting another huge chunk of the budget out of play. Let’s assume that Defense Spending is an unlikely target as well. That pretty much leaves Social Security and a handful of popular spending programs like SCHIP on the block, which are as politically disastrous targets as they come.

Pinned down by a conservative base demanding drastic spending reductions AND tax cuts, it seems extremely unlikely a Republican House would be able to produce a workable budget that would get past the president’s desk, leading some observers — most notably Paul Krugman — to predict a government shutdown.

fnord

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Filed under Financial Rules & Regulations, Republicans, taxes, The Economy

Saving America’s Economy

The picture above shows what the current crop of Republicans in Congress have to run on in elections this fall.  How successful do you think this strategy will prove to be?  Although the Party of No didn’t participate beyond saying, “Hell No!,” here’s some facts about how the Stimulus bill passed by the Democratic majorities under the leadership of President Obama has saved America’s economy —

  • Income tax rates in 2009 were the lowest they’ve been since Harry Truman was president.  The tax rate paid by all Americans — rich and poor, combined — has fallen 26% since the recession began in 2007.  Federal, state and local income taxes consumed 9.2% of all personal income in 2009, the lowest rate since 1950, the Bureau of Economic Analysis reports.  One-third of last year’s $862 billion economic stimulus went for tax cuts.
  • Most state governments counted on The Stimulus money to stay afloat.  Most states are now seeing reports from their Departments of Labor showing how many jobs in their states are funded solely by The Stimulus package.
  • American auto makers are making profits again.
  • In 2010 small businesses will receive a tax credit of up to 35% of their premium costs for employee health coverage.

Check out the web site where the Obama administration is tracking the money.  It’s an enormous task — publishing a real-time, reliable accounting of what the government is doing — and it wouldn’t have been possible a decade ago. Call it Government 2.0, or Democracy 2.0 — Deputy OMB Director Rob Nabors says it’s time for a new era. “We’ve never really been in a position before where the government took on the responsibility of showing at a state level, at a local level, how federal dollars are being spentWe’re allowing the public to connect the decisions that government makes in a way that’s relevant to their civic lives,” he says. “And that feedback look gives a sense of empowerment that they never had before.”

Recovery is slow going, but this wasn’t any run-of-the-mill recession, it was the worst economic downturn since the Great Depression.  Our economy continues to sputter and joblessness persists — there is still work to be done, but great progress has been made.  Obama’s economic policies helped America avoid a depression.  America is going forward!  We’ll get there even without Republican help.

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Filed under Economics, taxes, The Economy

Most say their taxes are fair

While some say the Tea Party stands for “Taxed Enough Already,” most Tea Party supporters – 52 percent – say their taxes are fair, the poll shows. Just under one in five Americans say they support the Tea Party movement.

However, those most active in the Tea Party are less satisfied with the amount of income taxes they will pay. Fifty-five percent of Tea Party activists – those who have attended a rally or donated money – (about 4 percent of Americans overall) say their income taxes are unfair.

Americans overall are more likely than Tea Partiers to describe the income taxes they’ll pay this year as fair – 62 percent do, according to the poll, conducted April 5 – 12.

Majorities across all income levels say their income taxes are fair, as do most Republicans and Democrats.

This poll was conducted among a random sample of 1,580 adults nationwide, interviewed by telephone April 5-12, 2010. Phone numbers were dialed from RDD samples of both standard land-lines and cell phones. The error due to sampling for results based on the entire sample could be plus or minus two percentage points. The error for subgroups is higher.

An oversample of people who describe themselves as supporters of the Tea Party movement were interviewed, for a total of 881 interviews. The results were then weighted in proportion to the adult population. The margin of error for the sample of Tea Party supporters is three points.

According to a new CBS News/ New York Times poll.

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Filed under taxes, Tea Party Movement

Oregon Tax Hike

Is Oregon on to something or will they see a backlash? 

Lilac

http://www.huffingtonpost.com/2010/01/27/oregon-tax-hike-on-wealth_n_438040.html

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