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Keyword: taxes

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  • Obama’s Second-Term Taxes

    04/15/2012 3:21:47 PM PDT · by Hojczyk · 6 replies
    Dick Morris.Com ^ | April 10,2012 | Dick Morris
    How will he tax us? Let us count the ways: • Most basic, of course, will be an increase in tax rates. Those paying 33 percent will now pay 36 percent. People paying 35 percent will now pay 40 percent. Most people accept and expect that Obama will raise these brackets if he is reelected. But they don’t realize what else he will do. • As he advocated in the 2008 campaign, he will eliminate the ceiling on wages that must be taxed for Social Security. Currently, wages are taxed at 6.2 percent (now, temporarily, at 4.2 percent) up to...
  • With lax oversight, mismanaged Oregon towns veer toward insolvency

    04/15/2012 3:56:27 PM PDT · by redreno · 54 replies
    Oregonlive.com ^ | 04/15/2012 | By Rachel Stark
    When Tiffany Couch's phone rings, it often means trouble for another Oregon city. Last year she was called to Oakridge, a Lane County timber town of about 3,700 people that in two years ran through $1 million in reserves. She scoured the city's books and interviewed staff in search of fraud or some explanation for the town's financial mess. Couch issued a report of her findings - error-racked budgets, sloppy bookkeeping, overspending - along with her best advice. Then she was off. Her next client was waiting 130 miles north. Molalla. The two small towns, Couch learned, share remarkable similarities....
  • President and Billionaire Agree on Taxes

    04/15/2012 3:49:38 PM PDT · by John Semmens · 8 replies
    Semi-News/Semi-Satire ^ | 14 April 2012 | John Semmens
    Both President Barack Obama and billionaire investor Warren Buffett agree that they both ought to be taxed more. Both currently have the option of paying more than they owe. However, both decline to do so. “While it’s true that I, or any other taxpayer, for that matter, could voluntarily contribute more of his or her income to the government, that’s not the point,” the President insisted. “Voluntary contributions leave the discretion up to the individual. Whether a person paid more would be a matter of personal choice.” “What I am trying to establish is the principle under law that certain...
  • Portland Police Bureau budget heading into the red, so cuts are coming; but where?

    04/15/2012 3:41:53 PM PDT · by redreno · 9 replies
    Oregonlive.com ^ | 04/13/2012 | By Maxine Bernstein,
    The Portland Police Bureau is expected to end the fiscal year in the red, overspending its $169 million budget by $3.42 million. The largest drivers are nearly $2 million in Occupy Portland policing costs; more retirements (26 so far this fiscal year), bringing larger sick leave and vacation payouts; and cash payouts to officers for earned holiday compensatory time. As a result, the bureau this spring has asked for additional one-time funds to plug the budget hole.
  • Winning the War Against Women The marriage tax and other obstacles to economic progress.

    04/15/2012 3:18:25 PM PDT · by redreno · 3 replies
    Wall Street Journal ^ | 04/13/2012 | unknown
    The Democrats have found their kind of war. It's the "war against women" they have conjured for the Obama Presidential campaign run. Should be fun, but don't look for any of the combatants to speak for the realities of today's women. Still, there's an opportunity here for Mitt Romney, if he'll seize it. The White House has wasted little time capitalizing on Mr. Romney's perceived weakness among women. Polls show the President with a 20-point advantage over the Republican with women voters. Team Obama is hoping to use the recent fight over mandated insurance coverage for contraception to broaden the...
  • ‘Don’t Let It Fester’: Romney’s Tax Return Delay Could Bode Badly [six-month extension]

    04/15/2012 1:42:50 PM PDT · by Cincinatus' Wife · 37 replies
    WTMA The Big Talker ^ | April 15, 2012
    NEW YORK) -- After President Obama released his 2011 tax returns Friday, the pressure has been mounting for his Republican rival Mitt Romney to do the same. The day after the president put out his tax information, Romney filed for a six-month extension on his own taxes, a move that Wall Street Journal editorial page editor Paul Gigot warned against Sunday during the “This Week” roundtable. Gigot cautioned Romney not to “let it fester.” “I would have gotten the tax returns out three or four months ago or six months ago or a year ago,” Gigot said. “I don’t think...
  • What effect would proposed tax increases really have?

    04/15/2012 7:35:01 AM PDT · by SmithL · 8 replies
    Sacramento Bee ^ | 4/15/12 | Dan Walters
    Over the coming months of gestation about taxation, California voters will be inundated with claims, counterclaims and other forms of propaganda. We still don't know how many major tax proposals will be on the November ballot. It'll be at least one, but whether it's the one that Jerry Brown, other Democratic politicians and labor unions want, or the one that civil rights attorney Molly Munger and the PTA want, is still unknown. Most likely, it'll be both. Brown, having merged his original tax proposal with one pushed by a left-wing coalition, now wants to hike sales taxes by a quarter-cent...
  • Lionel Richie, Pamela Anderson among tax scofflaws

    04/15/2012 7:04:48 AM PDT · by South40 · 26 replies
    AP (Yahoo News) ^ | 4/14/2012
    LOS ANGELES (AP) — Pamela Anderson and Lionel Richie owe the government money. California tax authorities said Anderson owes $524,241 in personal income taxes. The Franchise Tax Board included the "Baywatch" star on a list of the state's 500 biggest income-tax delinquents posted Friday.
  • Obama Is The Best Friend Of The 1%

    04/15/2012 7:30:15 AM PDT · by Texas Eagle · 4 replies
    Chriss Street and Co. ^ | 4/12/12 | Chriss W. Street
    President Obama doesn’t need to campaign for financial support from the highest 1% of income earners, his economic policies have already won their financial backing! During the Great Recession the top 1% sufferred a lower percentage decline in income than during the Bush Recession of 2000 to 2002. Then during the 2009 to 2010 economic expansion the top 1% captured a staggering 93% of all income gains.
  • Jesus Talks Taxes - Vanity

    04/15/2012 6:12:14 AM PDT · by TruthBeforeAll · 5 replies
    The Bible | 80–90 AD | Matthew
    When they had come to Capernaum, those who received the temple tax came to Peter and said, “Does your Teacher not pay the temple tax?” He said, “Yes.” And when he had come into the house, Jesus anticipated him, saying, “What do you think, Simon? From whom do the kings of the earth take customs or taxes, from their sons or from strangers?” Peter said to Him, “From strangers.” Jesus said to him, “Then the sons are free. Nevertheless, lest we offend them, go to the sea, cast in a hook, and take the fish that comes up first. And...
  • The Taxman Cometh...Extension information

    04/15/2012 5:35:27 AM PDT · by nuconvert · 1 replies
    me
    Just thought I'd pass along some information I heard about just recently. For anyone who owes money to the IRS for 2011, & has been unemployed for at least 30days in 2011 or in these past few months of 2012, there is a special Extension form that will allow you to postpone paying for 6 months. It's form #1127-A, and it's called "Application for Extension of Time for Payment of Income Tax for 2011 Due to Undue Hardship". This is different from a normal extension, in that you don't have to pay anything up front. The late payment fee is...
  • Federal employees owe $1.03 billion in unpaid taxes

    04/14/2012 4:30:07 PM PDT · by Lorianne · 23 replies
    Washington Post ^ | 23 January 2012 | Ed O'Keefe
    Congressional staffers owed about $10.6 million in unpaid taxes in 2010, a slight increase from the previous year and a growing slice of the roughly $1 billion owed by federal and postal workers nationwide. The figures come as Republican efforts to pass legislation allowing federal agencies to fire tax delinquent federal employees have slowed and as the White House continues to crack down on improper payments made by agencies to delinquent government contractors and federal beneficiaries. About 98,000 federal, postal and congressional employees owed $1.03 billion in unpaid taxes at the end of fiscal 2010, according to records provided by...
  • Obama says US can't afford tax cuts for richest

    04/14/2012 9:23:03 AM PDT · by Free ThinkerNY · 23 replies
    Associated Press ^ | April 14, 2012
    WASHINGTON—President Barack Obama says the nation can't afford to keep giving tax cuts to the wealthiest, "who don't need them and didn't even ask for them." Obama is using his weekly radio and Internet address to urge Americans to ask their member of Congress to support the "Buffett Rule," which is named after billionaire investor Warren Buffett, who says he pays a lower tax rate than his secretary.
  • Played for sucker: Biden's empty rhetoric

    04/14/2012 5:14:47 AM PDT · by billorites · 9 replies
    Manchester Union Leader ^ | April 14, 2012 | Editorial
    Vice President Joe Biden, bless his heart, tried hard to explain the White House's position on “fairness” during a stop in Exeter on Thursday. He blew so much hot air, the U.S.S. Constitution could have set sail. “We're not supposed to have a system with one set of rules for the wealthy and one set of rules for everyone else,” he said. Yet the Buffet Rule Biden was in town to promote creates a separate tax for millionaires that no one else has to pay. It is the definition of creating one set of rules for the wealthy and another...
  • Obama: Buffett Rule Will Boost ‘Growth’(!!??)(A D*mn*ble Lie)

    04/14/2012 7:03:59 AM PDT · by lbryce · 15 replies
    The Hill ^ | April 14, 2012 | Meghashyam Mali
    President Obama used his weekly address to continue pressuring lawmakers to pass his "Buffett Rule” proposal, saying the measure would make the tax code more fair and help fund needed investments to grow the economy. "As many Americans rush to file their taxes this weekend, it’s worth pointing out that we’ve got a tax system that doesn’t always uphold the principle of everyone doing their part," Obama said in the address posted online Saturday. "This is not just about fairness, this is also about growth,” he added. “It’s about being able to make the investments we need to strengthen...
  • Budget compromise near, Md. legislators say

    04/14/2012 1:13:28 AM PDT · by Tolerance Sucks Rocks · 3 replies
    The Washington Times ^ | April 12, 2012 | David Hill
    Maryland Gov. Martin O'Malley said Thursday he wants to call a special session for lawmakers to raise taxes and reverse $500 million in planned budget cuts but is waiting on House and Senate leaders to meet beforehand and work out a unified plan. During a day in which he conducted several radio and television interviews, the Democratic governor said he would call legislators back to Annapolis “a half-hour from now” but needs assurances that a special session will not include the bickering and gamesmanship that caused a revenue package to fall through Monday on the General Assembly’s last day, triggering...
  • Obama Family Tax Shelter First family transfers wealth, avoids taxes

    04/13/2012 10:14:00 PM PDT · by NoLibZone · 19 replies
    freebeacon.com ^ | April 13 2012
    President Obama and his wife, Michele, gave a total of $48,000 in tax-free gifts to their daughters, according to tax records made public on Friday. The president and his wife separately gave each daughter a $12,000 gift under a section of the federal tax code that exempts such donations from federal taxes. There is nothing illegal about the president’s taking advantage of this tax shelter, but it does raise eyebrows given that he has lamented the myriad tax exemptions used by the wealthy—“millionaires and billionaires” like himself—to pay less in taxes. He has yet to propose a comprehensive plan to...
  • French 75 pct tax rate would last years -Hollande aide

    04/13/2012 5:47:17 PM PDT · by TigerLikesRooster · 20 replies
    Reuters ^ | 04/10/12
    French 75 pct tax rate would last years -Hollande aide PARIS, April 10 | Tue Apr 10, 2012 11:26am EDT (Reuters) - The 75 percent tax rate that French presidential frontrunner Francois Hollande wants to slap on income over 1 million euros will be kept in place for many years, in line with the broader debt reduction effort, a top adviser to the Socialist candidate said on Tuesday. In an interview with Reuters, Hollande adviser Michel Sapin said the 75 percent rate was more a symbolic measure than a big moneyspinner for the state but should stay in place for...
  • Fair Shot, Fair Share and a Glass of Algae

    04/13/2012 6:43:57 PM PDT · by NaturalBornConservative · 3 replies
    Natural Born Conservative ^ | April 12, 2012 | Larry Walker, Jr.
    * By: Larry Walker, Jr. *“Lake Erie is facing its worst toxic algae bloom since the 60's and somehow it is going unnoticed...” ~ JoeOH111 *According to Mr. Obama, you don’t have a fair shot right now, and it’s all because millionaires aren’t paying enough income tax. If millionaires would just give the federal government its fair share, then you, I, and everyone else would have a fair shot…, and a glass of algae.What, pray tell, is a fair shot? The best definition I can surmise is “a lawful chance at odds.” But don’t we all have this already?...
  • Obama's Secretarial Tax Fallacy

    04/13/2012 5:29:46 PM PDT · by NaturalBornConservative · 30 replies
    Natural Born Conservative ^ | April 13, 2012 | Larry Walker, Jr.
    By: Larry Walker, Jr.There's no way Obama's secretary paid a higher effective tax rate than the Obamas. You don't believe it? Are income taxes such a mystery that we can't find out? Well, let's run the numbers and see. According to Jake Tapper of ABC News, Mr. Obama released his 2011 federal income tax today, with he and his wife reporting an adjusted gross income of $789,674. The Obamas paid $162,074 in total tax – an effective federal income tax rate of 20.5%.The White House also reported that President Obama’s secretary, Anita Decker Breckenridge, makes $95,000 a year. White House...
  • MARK LEVIN ON OBAMA'S PERVERSION OF REAGAN'S TAX POLICIES

    04/13/2012 5:21:17 PM PDT · by SaveOurRepublicFromTyranny · 2 replies
    THE FREEDOM POST ^ | April 13, 2012 | Matthew Burke
    Levin asked, “How stupid does the president think we are?” He said that the idea that the most left-wing president, who wants to fundamentally change America, invokes Ronald Reagan amazes him. “I have news for him, we’re not that stupid.”
  • iPhone app projects user household tax payments for federal deficit

    04/13/2012 4:31:30 PM PDT · by Eyes Unclouded · 7 replies
    Daily Caller ^ | 04/12/2012 | Staff
    U.S. taxpayers can now use their iPhone to compare how much different plans to tackle the federal deficit would cost them in their yearly income taxes. Debt Bomb — based on the U.S. tax code and publicly available data from the Congressional Budget Office and other government sources — allows users to project how a raise in taxes would cost in their personal income taxes over the years. In order to make a projection, users input basic income tax data — modeled after what a household pays in taxes — into the app. “Debt is going to be one of...
  • EDITORIAL: Obama’s tax hike patriotism

    04/13/2012 3:53:31 PM PDT · by jazusamo · 6 replies
    Washington Times ^ | April 12, 2012 | Editorial
    Wrapping the flag around big-government excess isn’t going to workVice President Joe Biden says paying higher taxes is patriotic. He must have forgotten that America was founded on a tax revolt. While pitching the Obama administration’s plan on Thursday to boost the burden on upper-income groups, Mr. Biden said, “Wealthy people are just as patriotic as middle-class people, as poor people, and they know they should be doing more.” This skewed take on patriotism was quickly retweeted by the White House. The message fits with the shameful class-warfare appeals that claim tax hikes are needed to keep firefighters on the...
  • Buffett Rule Doesn't Apply to Obama

    04/13/2012 1:14:25 PM PDT · by Kaslin · 6 replies
    Townhall.com ^ | April 13, 2012 | Kate Hicks
    No wonder President Obama is so keen on passing the Buffett Rule -- it wouldn't have affected his tax rate this year! Yes, that's right: the Obamas raked in less than $1 million this year. Therefore, in a "Buffett Rule" world, they wouldn't have to pay their "fair share." President Obama earned $789,674 in 2011, the White House announced on Friday. However, with this income, he does not even qualify for the so-called Buffett Rule that he has promoted relentlessly and the Senate will take up on Monday. The Buffett Rule calls for those making over $1 million a year...
  • President Obama’s Secretary Paid Higher Tax Rate Than He Did

    04/13/2012 12:44:36 PM PDT · by Sub-Driver · 16 replies
    President Obama’s Secretary Paid Higher Tax Rate Than He Did President Obama today released his 2011 federal income tax, with he and his wife reporting an adjusted gross income of $789,674. The Obamas paid $162,074 in total tax – an effective federal income tax rate of 20.5%. The Obamas also reported donating approximately 22% of their income to charity — $172,130. President Obama has been making a big political push for the “Buffett Rule,” which would require millionaires to pay a minimum of 30% of their income in taxes. To illustrate the point, the president has pointed out that billionaire...
  • Some tax facts as that taxing time approaches…

    04/13/2012 1:52:28 PM PDT · by Mark Landsbaum · 3 replies
    Never on Sunday, apparently. So this year your income tax is due next Tuesday, April 17. Even if you pay none. And in fact, 41 percent of those filing last year, 2010, didn’t pay a dime in tax. But the government sent a good number of them checks for $105 billion...
  • Obama likely paid higher tax rate than Romney in 2011

    04/13/2012 11:15:03 AM PDT · by Oldeconomybuyer · 39 replies
    Reuters ^ | April 13, 2012 | By Andy Sullivan
    President Barack Obama released tax forms on Friday that reveal he will probably pay a higher tax rate on lower income than likely Republican opponent Mitt Romney in 2011, adding fuel to a Democratic election-year effort to raise taxes on the wealthy. Obama paid an effective tax rate of 20.5 percent on income of $789,674 last year, the White House said. Romney has estimated he will pay a 15.4 percent tax rate on income of $20.9 million, though he has not filed his return yet. Obama and his fellow Democrats have spent much of the week touting the "Buffett Rule,"...
  • WH: Don't ask Obama to write a check to the IRS

    04/13/2012 11:54:08 AM PDT · by tellw · 20 replies
    Washington Examiner ^ | 4/13/12 | Joel Gehrke Commentary Staff Writer
    President Obama believes that his effective federal tax rate requires him to pay less than his fair share -- but the White House also believes it is inappropriate to ask the president to write a check making up the difference voluntarily. "People like the President should not be able to -- the tax code should not written in a way that allows for -- for the wealthiest Americans to pay taxes at a lower rate than middle-class Americans," White House Press Secretary Jay Carney told reporters today. Earlier this week, Carney impugned the "classiness" of people who propose that wealthy...
  • (Hypocrite) Obamas Paid 20.5% in Income Taxes, 2011 Returns Show

    04/13/2012 9:48:51 AM PDT · by tobyhill · 43 replies
    NY Times ^ | 4/13/2012 | MARK LANDLER
    President Obama and his wife, Michelle, reported adjusted gross income of $789,674 in 2011 and paid just over 20 percent of it to the federal government in taxes. Their income declined nearly $1 million from the previous year, when the president was reaping larger amounts from sales of his bestselling books. The numbers were disclosed in the Obamas’ federal income tax return and gift-tax return, released Friday by the White House, along with those of Vice President Joseph R. Biden Jr. Mr. and Mrs. Obama paid $162,074 in income taxes, an effective tax rate of 20.5 percent. In a statement,...
  • President Obama tax return shows 2011 earnings of $789,674

    04/13/2012 9:26:13 AM PDT · by Free ThinkerNY · 12 replies
    Associated Press ^ | April 13, 2012
    WASHINGTON (AP) -- President Barack Obama and his family paid more than $160,000 in federal taxes last year on earnings of $789,674, the White House said Friday. The president's 2011 federal income tax return shows that about half of the first family's income is the president's salary. The rest comes from sales of Obama's books.
  • Bidens Donate 1.5 Percent of Income to Charity in 2011

    04/13/2012 12:41:38 PM PDT · by Beave Meister · 15 replies
    The Weekly Standard ^ | 4/13/2012 | DANIEL HALPER
    President Obama and Vice President Biden released their tax returns today, ahead of Tax Day, which is on April 16 this year (since April 15 falls on a Sunday). According to the White House, "Together, [the Bidens] reported adjusted gross income of $379,035. The Bidens paid $87,900 in total federal tax for 2011. They paid $13,843 in Delaware income tax and $3,614 in Virginia income tax. The Bidens contributed $5,540 to charity in 2011." In other words, the Bidens donated less than 1.5 percent of their adjusted gross income to charity. The president and his family were more charitable, giving...
  • Half Pay No Taxes & A Third Don’t Work – Dick Morris TV: Lunch Alert! (video)

    04/13/2012 10:02:34 AM PDT · by Signalman · 7 replies
    Dick Morris ^ | 4/13/2012 | Dick Morris
    Dear Friend, In this video commentary, I discuss how we are becoming a country of people who pay no taxes and don’t work. Welcome to Obama’s new America. Tune in!
  • You know government has lost its mind when…

    04/13/2012 9:32:30 AM PDT · by Mark Landsbaum · 33 replies
    So, is there anyone left who still doesn’t recognize the absurd upside-down priorities of government driven by political correctness and environmental extremism? If so, get a gander at this news out of San Franciso (where else?): (CNSNews.com) – The government spent at least $205,075 in 2010 to ‘translocate’ a single bush in San Francisco that stood in the path of a$1.045-billion highway-renovation project that was partially funded by the economic stimulus legislation President Barack Obama signed in 2009. Yeah, a couple hundred grand of your tax money to move a bush. “Why?” you might ask. . .
  • Morning Bell: The Internet Taxes that Could Be Coming

    04/13/2012 8:05:58 AM PDT · by SumProVita · 23 replies
    The Foundry ^ | April 12, 2012 | Mike Brownfield
    If you’ve ever bought anything on the Internet, over the phone, or from a catalog, you might have noticed that when you buy from some stores, you don’t pay any state sales tax, but if you buy from other stores, you do. That’s because a Supreme Court decision protected out-of-state businesses from revenue-hungry states. But a new bill working its way through Congress would change all that, turning every online retailer into a sales tax collector. And that’s legislation Congress should reject.
  • Herman Cain filling in for Boortz today!!!

    04/13/2012 7:14:02 AM PDT · by redinIllinois · 6 replies
    Yippee!!!
  • What's your Buffett number?

    04/13/2012 4:44:55 AM PDT · by MsLady · 19 replies
    White House email ^ | April 13, 2012 | White House
    Has anyone else gotten this email from the WH. My gf sent this to me. I copied the link off the email. Looks like it'll track you if you click on the link.
  • Billionaire Buffett, get out your checkbook

    04/12/2012 12:15:28 PM PDT · by Mark Landsbaum · 12 replies
    We agree with President Barack Obama. If any millionaires or billionaires don’t feel they are paying enough in federal taxes, they should pay more. We don’t wish to see really rich people wallowing in guilt. Warren Buffett and friends, get out your checkbooks. Nothing’s stopping you. In what had all the trappings of a reelection stunt, the president this week lined up four “patriotic” millionaires and four of their less-wealthy assistants, who we are told pay a higher tax rate than do their rich bosses. These millionaires are “patriotic,” we were told, because they feel they should pay more in...
  • Obama: Thank You For Not Asking About My Tax Hikes on Families Making Less Than $250,000

    04/12/2012 9:09:15 AM PDT · by 92nina · 4 replies
    ATR ^ | 2012-04-10 | John Kartch
    Stumping for his “Buffett Rule” tax increase in Florida today, President Barack Obama said the following: “For those people who make under $250,000 a year – like 98 percent of American families do – then your taxes don’t go up.” – Barack Obama, April 10, 2012 But since taking office, President Obama has signed into law at least seven new or higher taxes on families making less than $250,000 per year. President Barack Obama’s central campaign promise – a “firm pledge” against “any form of tax increase” on families making less than $250,000 per year – was shattered when he...
  • Warren Buffett Sued by Obama’s IRS

    04/11/2012 2:52:14 PM PDT · by Whenifhow · 8 replies
    Obama and his rich pals think you are just another useful idiot like the Occupy (OWS) crowd. While Obama seeks to enact the “Buffett Rule” to place a higher tax burden on families/small businesses that make $250K per year or more, his Internal Revenue Service (IRS) is suing Warren Buffett. Obama’s pal just doesn’t want to pay his taxes… but he has no problem stumping for Obama and calling for a higher tax burden on families and small businesses. “Get this: Uncle Sam is suing Warren Buffett’s company over taxes. Yes, taxes. The US government, in a little-followed case in...
  • Obama on Reagan: a ‘wild-Eyed, Socialist, Tax-Hiking Class Warrior'

    04/11/2012 2:25:32 PM PDT · by nickcarraway · 41 replies
    ABC News ^ | April 11, 2012 | Olivier Knox
    Today's Republicans might view Ronald Reagan as a "wild-eyed, socialist, tax-hiking class warrior," and the late conservative icon's views on taxes might have disqualified him from the party's nomination in 2012, President Barack Obama said Wednesday. Obama, defending his "Buffett Rule" call for higher taxes on the very rich, said in a speech that he was "not the first president to call for this idea that everybody has got to do their fair share." He went on to say: Some years ago, one of my predecessors traveled across the country pushing for the same concept. He gave a speech where...
  • Maryland faces special session or ‘doomsday’

    04/11/2012 12:03:10 PM PDT · by Tolerance Sucks Rocks · 6 replies
    The Washington Times ^ | April 10, 2012 | David Hill
    ANNAPOLIS — Maryland Gov. Martin O'Malley said Tuesday that the General Assembly’s failure to pass a set of tax increases and revenue enhancements considered a cornerstone of this year’s budget marked “the low point” of his five years in office. Lawmakers ran out of time on the measures when the session expired at midnight Monday, causing a so-called “doomsday budget” to go into effect. The state is facing some $512 million in cuts starting July 1 unless the governor calls a special session before then to generate more revenue and reverse budget cuts, which he seems likely to do. But...
  • Tax Code Is Already Steeply Progressive

    04/11/2012 10:59:06 AM PDT · by 92nina · 10 replies
    ATR ^ | 2012-04-10 | Ryan Ellis
    What percent of all tax revenues do high-income households pay?   Income Tax All Federal Taxes Top 1% ($344,000 +) 39.5% 28.1% Top 5% ($155,000 +) 61% 44.3% Top 10% ($112,000 +) 72.7% 55% Lower Half ($32,000 -) 2.4% 2.6% Middle Quintile ($65,000) 4.6% 9.2% All Households 100% 100% What is the average tax rate paid by high-income households?   Income Tax All Federal Taxes Top 1% ($344,000 +) 19% 29.5% Top 5% ($155,000 +) 17.6% 27.9% Top 10% ($112,000 +) 16.2% 26.7% Lower Half ($32,000 -) 1.9% 9.6% Middle Quintile ($65,000) 3.3% 14.3% All Households 9.3% 20.4% IRS Statistics...
  • Should Taxes Be Raised on the Rich to help the economy? Help Freep this Poll!

    04/11/2012 9:39:35 AM PDT · by Howard Morrison · 44 replies
    Yahoo ^ | 4/11/12 | Howard
    Should Taxes Be Raised on the Rich to help the economy. Freep this poll (needs it badly). 64% say yes! Middle right of the page.
  • Obama Goes on Offensive Over Taxes on Wealthy Obama Makes Case for the Buffet Rule

    04/11/2012 3:32:43 AM PDT · by lbryce · 25 replies
    New York Times ^ | April 11, 2012 | Jackie Calmes
    All but certain now that his Republican opponent will be Mitt Romney, President Obama has made his proposed “Buffett Rule” minimum tax for the wealthiest Americans like Mr. Romney a centerpiece of his re-election campaign, defying the political risk of being seen as a tax-and-spender by wary voters. With a rousing speech on Tuesday to a receptive university audience of about 5,000 in this battleground state, Mr. Obama defined the coming contest as a clash of philosophies: His argument that tax fairness and the common good demand the richest Americans pay at least as much as middle-income taxpayers do, contrasted...
  • Maryland House, Senate adjourn without revenue plan

    04/10/2012 9:02:06 PM PDT · by Tolerance Sucks Rocks · 8 replies
    The Washington Times ^ | April 9, 2012 | David Hill
    ANNAPOLIS — The General Assembly adjourned Monday night after a chaotic closing session in which members failed to pass a set of proposed tax increases or a bill to expand gambling in the state. Lawmakers passed a balanced budget and hoped to pass accompanying bills raising income taxes and shifting teacher-pension costs onto counties, but they ran out of time before the assembly’s required midnight adjournment. The House attempted to extend the session by passing a resolution shortly before midnight, but the Senate did not address the measure in time. Senate President Thomas V. Mike Miller Jr. said he was...
  • (Vanity) Buffet Rule: House GOP Should Pass Retroactive, Temporary, 2012 Only Buffet Rule

    04/10/2012 12:20:51 PM PDT · by indianrightwinger · 7 replies
    Self
    We should call the "Bluff" and simply pass a temporary one-year Buffet Rule tax, retroactive to January 2012. Make the case that we should give it a try, and that all taxes can be considered in 2013 after the election is over. Give Obama his biggest political victory going into 2012 election. We all know what will happen if this dumbass tax is passed. Let it happen under his watch in this year. Not in 2013 or beyond.
  • A Tale Of Two Presidential Egos

    04/10/2012 11:32:33 AM PDT · by CaroleL · 1 replies
    TalkingSides.com ^ | 04/10/12 | CaroleL
    At a pro-growth tax policy conference today, former President George W. Bush offered some brief remarks on the changes to the US tax code made during his presidency. Those changes, widely known as the Bush tax cuts, were so important to the health of the US economy that President Barack Obama signed a two year extension of them in 2010. Despite the seemingly constant barrage of blame the current president has fired at his predecessor, when it came to actual tax policy he followed Mr. Bush's lead. Before signing the bill that extended the cuts, Mr. Obama described it as...
  • Why is the IRS Diverting $500 Million to Enforce Obamacare?

    04/10/2012 10:40:04 AM PDT · by 92nina · 18 replies
    ATR ^ | 2012-04-09 | John Kartch
    Millions of Americans are struggling to meet the April 17 IRS tax filing deadline. [Yester]day, The Hill newspaper report[ed] that the IRS is receiving an emergency infusion of $500 million from the Obama administration – not to enforce the existing convoluted tax code – but to impose the 2,700-page Obamacare law on an unwilling country. Why would the IRS need hundreds of millions of dollars to implement a healthcare law? Because Obamacare is one of the largest tax hikes in history, saddling American families and small employers with 20 new or higher taxes. Click below to see the full list...
  • Jarvis group launches 'Don't Sign the Petition' anti-tax campaign

    04/09/2012 9:08:55 PM PDT · by SmithL · 6 replies
    SacBee: Capitol Alert ^ | 4/9/12 | David Siders
    Less than a week after Gov. Jerry Brown started using robotic telephone calls and mailers to gather signatures for his ballot initiative to raise taxes, the Howard Jarvis Taxpayers Association plans to launch its anti-tax campaign today on the conservative "John and Ken" talk radio show. The taxpayers group this morning posted a red banner on its website inviting viewers to join a "Don't Sign the Petition" campaign. The banner links to a campaign website opposing Brown's effort to raise the state sales tax and income taxes on California's highest earners.
  • Obama team slams Romney for not paying "fair share" of taxes

    04/10/2012 8:20:34 AM PDT · by Oldeconomybuyer · 42 replies
    CNBC ^ | April 10, 2012
    WASHINGTON - President Barack Obama's campaign team attacked his likely Republican opponent, Mitt Romney, on Tuesday for not paying his "fair share" of taxes ahead of a speech by the president on why millionaires should bear a larger tax burden. Obama's populist message is a clear swipe at Romney, the wealthy Republican front-runner likely to face him in the November 6 election, as the Democratic president seeks to appeal to blue-collar voters he will need to win a second term. One of the richest men ever to seek the White House, Romney paid an effective tax rate of 13.9 percent...