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April 17, 2012
23:59 // 2 years ago
April 13, 2012

Obama’s 2011 tax returns wouldn’t fall under the Buffet Rule

  • $789,674 in income for Obama during 2011, according to his just-released tax returns released Friday
  • $162,074 the amount the president paid in taxes on that income, which is a 20.5 percent tax rate source

» A dip from prior years: Obama’s taxes show a dip in income from his book sales — which earned him millions of dollars in prior years — to the point where it makes up roughly half of his income in 2012, with the other half coming from his presidential salary. The president, it turns out, made under the $1 million in income that would force him to pay higher taxes under his proposed “Buffett Rule.” Obama certainly isn’t struggling, though his income doesn’t compare to what his likely GOP competitor, Mitt Romney, has made in recent years. In other news, we’re betting this post is reminding you that you forgot to do your taxes. Better get on that!

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11:15 // 2 years ago
April 11, 2012
We could call it the Reagan Rule instead of the Buffett Rule. I’m not the first president to call for this idea that everyone has to do their fair share.
President Barack Obama • During a speech before a group of executives at the White House, the second pitch he’s made for the policy in as many days. The President said he agreed with critics who claim the policy doesn’t put a large enough dent in our debt, saying that the absence of a complete fix was not an excuse for inaction, and that it would be “something that will get us moving in the right direction.” Obama also took aim at Republican opposition, saying, “If Republicans in Congress were truly concerned with deficits and debt, then I’m assuming they wouldn’t have just proposed to spend an additional $4.6 trillion on lower tax rates….for every millionaire in America.”source (viafollow)
15:51 // 2 years ago
March 29, 2012
Report: South Carolina Governor to be indicted on tax fraud charges
Well, this is out of left field: According to the Palmetto Public Record, the Governor of South Carolina will soon be indicted by the Department of Justice for tax fraud. While Haley generally keeps a low profile, she’s without question one of the GOP’s rising stars, and has been mentioned both by Republican strategists and Mitt Romney himself as a possible running mate. Details of the tax fraud allegations are still being put together, but they supposedly involve a Sikh temple run by Haley’s father, unpaid contractors hired to build said temple, and the possibility that the unpaid money made its way into Haley’s campaign coffers. But all that’s unconfirmed at this point. Stay tuned on this one.  source
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Well, this is out of left field: According to the Palmetto Public Record, the Governor of South Carolina will soon be indicted by the Department of Justice for tax fraud. While Haley generally keeps a low profile, she’s without question one of the GOP’s rising stars, and has been mentioned both by Republican strategists and Mitt Romney himself as a possible running mate. Details of the tax fraud allegations are still being put together, but they supposedly involve a Sikh temple run by Haley’s father, unpaid contractors hired to build said temple, and the possibility that the unpaid money made its way into Haley’s campaign coffers. But all that’s unconfirmed at this point. Stay tuned on this one.  source

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21:10 // 2 years ago
February 13, 2012

GOP caves on payroll tax cut; 10-month extension set to pass

  • 10 month extension of the payroll tax cut is likely to pass source

» Good news for Democrats:  GOP leadership has indicated that they’ll pass a 10-month extension of the payroll tax without any offsets in spending. Democrats had wanted to balance the tax cut, in part, with higher taxes on the rich; Republicans wanted to do so, in part, with cuts to unemployment benefits. Ultimately, they couldn’t agree, and so it will be passed with no offsets at all. Why is this good news for Democrats? Well, the GOP took a hard-line against the payroll tax cut—which largely benefits the middle-class—last December, making the once-benign policy a partisan issue. Democrats, by and large, were okay passing it sans offsets—the suggestion to pay for it via tax cuts on the rich was more a general effort to increase taxes on the rich—and so the fact that the extension is going to pass is a political and legislative win for Democrats. But the extension expires in ten months—right around the presidential election—so this fight is only over in the short-term.

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16:47 // 2 years ago
Obama vs. Romney on tax rates: As you can see, rates are largely the same—except for the nation’s richest and poorest. The poor would pay almost twice as much in taxes under Romney’s plan; meanwhile, the very richest in the country would be forced to cough up about 10% more of their income under Obama. The net effect? In short, Romney’s plan would reduce federal revenues to about 17% of GDP—down .9% from where they are now. Obama’s budget would raise revenues 19.2%, with most of that money coming from those making over $250,000 a year (Graphic and data courtesy of The Washington Post / Tax Policy Center).

Obama vs. Romney on tax rates: As you can see, rates are largely the same—except for the nation’s richest and poorest. The poor would pay almost twice as much in taxes under Romney’s plan; meanwhile, the very richest in the country would be forced to cough up about 10% more of their income under Obama. The net effect? In short, Romney’s plan would reduce federal revenues to about 17% of GDP—down .9% from where they are now. Obama’s budget would raise revenues 19.2%, with most of that money coming from those making over $250,000 a year (Graphic and data courtesy of The Washington Post / Tax Policy Center).

16:15 // 2 years ago
January 24, 2012

Mitt Romey’s tax forms finally released: Here are the highlights

  • 14% the effective tax rate for
    Mitt Romney in 2010
  • $21M the amount he made in 2010 — a tally which mostly came from investments
  • $3M the amount Romney paid in federal taxes that year, according to forms he just released
  • $3M the amount in charitable deductions he paid — and got deductions for — that same year source

» The “duh” sentence in this story: ”His tax bill is significantly higher than the amount paid by most Americans.” What tipped you off, Wall Street Journal, the fact that there’s “million” in the amount?

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1:11 // 2 years ago
January 22, 2012
Speaker Gingrich had a good week. It was not a great week for me. We spent a lot of time talking about tax returns and the changing result in Iowa.
Mitt Romney • Discussing his loss in South Carolina and revealing that he would finally release his tax forms after much goading. His dad, George, famously released his own tax returns when he ran for president in 1968. “I’m not going back to my dad’s year,” Mitt said, but he would (on Tuesday) release his 2010 return and an estimate of his 2011 taxes. We will not be happy until he tells us where his money pit issource (viafollow)
12:05 // 2 years ago
January 19, 2012
Mitt Romney has been given a second chance to address his failure to release his tax returns, and he’s done a bit better than last time, though the core of his argument is still an uncomfortable admission. He insisted he’d release them in April, and explained when pressed that he was reluctant to release the information for fear the Democrats would try to produce campaign issues around it. Which isn’t exactly what one would consider a slick political evasion; he all but admitted this is a purely political calculation, purely to protect his own interests.
More debate coverage: ShortFormBlog | DC Decoder

Mitt Romney has been given a second chance to address his failure to release his tax returns, and he’s done a bit better than last time, though the core of his argument is still an uncomfortable admission. He insisted he’d release them in April, and explained when pressed that he was reluctant to release the information for fear the Democrats would try to produce campaign issues around it. Which isn’t exactly what one would consider a slick political evasion; he all but admitted this is a purely political calculation, purely to protect his own interests.

More debate coverage: ShortFormBlog | DC Decoder

21:04 // 2 years ago
December 20, 2011
manicchill:

Payroll Tax Cut Impact: What If It’s Not Extended? | CNN Money

House Republicans on Tuesday rejected the the two-month payroll tax extension passed by the Senate. But they did so indirectly.
Rather than bring the bill to the floor for a direct vote — and risking the measure actually passing — they voted to instruct House negotiators to push for a year-long extension in a conference with the Senate.
The problem is that Senate Majority Leader Harry Reid has said there would be no further negotiations until the House passes the temporary two-month extension to insure the tax cut doesn’t lapse after Dec. 31.
Welcome to the latest, completely willful congressional standoff.

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$1,000 is a big chunk for people who make $50,000 a year.

manicchill:

Payroll Tax Cut Impact: What If It’s Not Extended? | CNN Money

House Republicans on Tuesday rejected the the two-month payroll tax extension passed by the Senate. But they did so indirectly.

Rather than bring the bill to the floor for a direct vote — and risking the measure actually passing — they voted to instruct House negotiators to push for a year-long extension in a conference with the Senate.

The problem is that Senate Majority Leader Harry Reid has said there would be no further negotiations until the House passes the temporary two-month extension to insure the tax cut doesn’t lapse after Dec. 31.

Welcome to the latest, completely willful congressional standoff.

Read More

$1,000 is a big chunk for people who make $50,000 a year.

(via manicchill)

16:14 // 2 years ago