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Keyword: taxes

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  • Fox News poll: 79 percent say all Americans should pay income taxes

    09/27/2012 4:45:47 PM PDT · by Jean S · 24 replies
    FoxNews ^ | 9/27/12 | Dana Blanton
    A large majority of likely voters believes all Americans should pay some federal income tax -- even if it is as little as one percent of what they make.     Seventy-nine percent say everyone should pay something, according to a Fox News poll released Thursday.  That includes 85 percent of Republicans, 83 percent of independents and 71 percent of Democrats. According to the IRS, last year approximately 41 percent of tax filers did not pay federal income tax.  The Tax Policy Center estimates that will increase to 46 percent this year.   Most voters (73 percent) are at least somewhat...
  • Tax Policy Center's Analysis of Romney's Tax Plan Inaccurate

    09/27/2012 11:58:43 AM PDT · by 92nina · 1 replies
    ATR ^ | 2012-09-26 | Rhett Brooks
    The Tax Policy Center (TPC) released a report in March of 2012 detailing the effects of the Romney tax reform plan on taxpayers. The conclusion reached by the Tax Policy Center stated that the Romney tax reform plan would cut taxes for high-income taxpayers and raise them for middle and lower-income earners. Since the report was released, President Obama and his team have ran with it and used it to undermine the credibility of Romney’s plan. Senior Analyst in Tax Policy at the Heritage Foundation, Curtis Dubay, released his rebuttal of the TPC report yesterday which revealed many of the...
  • Fact Check: Is Romney's tax rate really lower than yours?

    09/26/2012 8:10:50 PM PDT · by Brown Deer · 10 replies
    Fox News ^ | September 26, 2012 | Judson Berger
    President Obama's campaign, with a good dose of help from the media, is pushing a claim that millionaire Mitt Romney is taxed at a "lower rate" than someone making $50,000 a year. IRS data, though, shows that Romney's effective income tax rate -- that's what he pays as a percentage of his income once deductions and other benefits are factored in -- is actually far higher than what most Americans pay. Romney's rate in 2010 -- which was also about 14 percent -- was higher than what 97 percent of Americans pay.
  • Hey, Media, a $75K Mechanic Pays a Lower Tax Rate Than Romney

    09/27/2012 4:01:43 AM PDT · by Kaslin · 47 replies
    Townhall.com ^ | September 27, 2012 | Larry Elder
    If "journalism malpractice" were a crime, Nancy Grace would not be able to keep track of all the trials. ABC news reporter Jonathan Karl recently said: "Mitt Romney ... made $13.7 million last year and paid nearly $2 million in taxes. His effective tax rate -- 14.1 percent. That's a lower rate than an auto mechanic who made $75,000 in pay." Not again. Back in January, anchor Diane Sawyer teased "Mitt's millions" on ABC's "World News": "What Mitt Romney's taxes really show about wealth, taxes and fairness." Then correspondent David Muir informed viewers: "(Romney's) tax rate? In 2010, about 13.9...
  • Fewer US CEOs planning to expand, hire (It's the "fiscal cliff" stopping them)

    09/26/2012 11:13:17 PM PDT · by 2ndDivisionVet · 6 replies
    The Bradenton Herald / The Associated Press ^ | September 27, 2012 | Christopher S. Rugaber
    A survey of U.S. chief executives shows a sharp drop in the number of large companies that plan to add jobs or hire more workers. The Business Roundtable said Wednesday that only 29 percent of its member CEOs plan to increase hiring over the next six months. That's down from 36 percent in June, when the group last released its quarterly survey. It's also much lower than the 52 percent of CEOs in early 2011 who said they planned to boost hiring, the highest percentage since the survey began in 2002....
  • Minnesota taxes 13th highest in US

    09/26/2012 7:09:32 PM PDT · by TurboZamboni · 6 replies
    pioneer press ^ | 9--26-12 | bill salisbury
    Minnesota state and local taxes were 13th highest in the nation per capita in 2010, while the state ranked 15th highest in spending per person. Those were among the findings in a new Minnesota Taxpayers Association annual report on state and local taxes and spending that was released Wednesday, Sept. 26. It was based on recently released U.S. Census Bureau data for 2010. “The findings suggest that Minnesota’s moderate increases in tax collections were largely similar to the experiences of other states,” the report said. Minnesota’s state and local taxes per $1,000 of income increased 2.5 percent from 2009 to...
  • Dear Mr. Romney, Everyone Pays Federal Taxes

    09/26/2012 6:43:04 PM PDT · by kathsua · 40 replies
    Townhall ^ | September 25, 2012 | reasonmclucus
    How can a Republican ignore the fact that there are many more federal taxes than just the federal income tax? Republicans have long reminded people that businesses don't pay taxes, their customers do. Normally, I would expect Democrats to try to con lower income groups into believing that the fact they don't pay the federal income tax means they are not being forced to pay for extravagant federal programs. Workers making the minimum wage pay the Social Security and Medicare taxes based on their income. Winos pay federal liquor taxes on their cheap booze. The whiskey tax was one of...
  • County Governments Revolt Against Gov. Martin O'Malley

    09/26/2012 11:44:57 AM PDT · by 92nina · 8 replies
    ATR ^ | 2012-09-25 | Matt Blumenfeld
    Throughout Maryland, county governments have begun to push back against the reckless fiscal policies of Governor Martin O’Malley. During Maryland’s first special session, this past summer, Marylanders saw their taxes once again increased and witnessed the state government passing the buck on teacher pension liabilities to the county governments. In addition, Gov. O’Malley has put into action a whole slew of new regulations on vehicles, rainwater run-off, and septic systems. With continuously diminishing authority over local government specific issues and even higher taxes, county officials are hoping to posture themselves in order to curb not only the authority of the...
  • The Fiscal Costs of Nonpayers

    09/26/2012 8:08:34 AM PDT · by reaganaut1 · 9 replies
    Tax Foundation ^ | September 19, 2012 | Will Freeland, William McBride, and Ed Gerrish
    ... Our analysis finds that in the post-WWII era, there is a very strong connection between nonpayers and federal government transfer payments. Transfer payments are programs that give direct assistance to people such as unemployment insurance, Social Security, Medicare, Medicaid, and food stamps. In fact, our model suggests that a 1 percentage point increase in the share of tax filers who are nonpayers (from 40 percent to 41 percent, for example) is associated with a $10.6 billion per year increase in transfer payments. Since the number of nonpayers has increased by 20 percentage points over the last two decades, our...
  • Romney: Obama 'Did Not' Raise Taxes (who nominated this idiot?)

    09/26/2012 3:30:44 AM PDT · by markomalley · 141 replies
    ABC ^ | 9/25/2012 | Gregory J. Krieg
    Paul Ryan stood by helplessly, and in apparent pain, as Mitt Romney strayed from campaign talking points on President Obama's tax record during a joint "reset" rally today in Ohio. In the midst of remarks ridiculing the president's handling of the economy, Romney said: "I admit this, he has one thing he did not do in his first four years - he's said he's going to do in the next four years, which is to raise taxes." During the primaries, Romney spokeswoman Andrea Saul offered a very different view of the presidents record, when she told the L.A. Times: "President...
  • U.S. carbon tax could halve deficit in 10 years: report

    09/26/2012 3:38:58 AM PDT · by Sub-Driver · 46 replies
    U.S. carbon tax could halve deficit in 10 years: report Reuters – 2 hrs 10 mins ago WAHSINGTON, Sept 26 (Reuters Point Carbon) - Imposing a $20 per metric ton carbon tax in the U.S. could reduce the country's budget deficit by 50 percent over the next 10 years, a report by the Congressional Research Service said on Tuesday. Such a tax would generate approximately $88 billion in 2012, rising to $144 billion by 2020, the report said, slashing U.S. debt by between 12 and 50 percent within a decade, depending on how high the deficit climbs The U.S. budget...
  • If you want the rich to pay more tax, let them grow even richer

    09/26/2012 6:02:59 AM PDT · by SeekAndFind · 2 replies
    The Telegraph ^ | 09/26/2012 | Allister Heath
    One of the most pernicious myths in the current political debate is that the rich don’t pay much tax. This is nonsense, as even a cursory analysis of the official statistics reveals. The top 1pc, who earn £156,000 or above, will pay a whopping 24.2pc of all income tax this year, a much higher contribution than their 10.8pc share of all income. The top 10pc of earners – those on at least £50,500 – will pay 55.3pc of all income tax, also far more than their income share. The most astonishing figure of all is that for the very wealthy:...
  • Supremes docket income tax challenge

    09/26/2012 4:42:57 AM PDT · by wesagain · 158 replies
    WorldNetDaily ^ | Sept 26, 2012 | Bob Unruh
    "Colorado man's challenge to IRS says wages don't count"The government calls those who argue the income tax has no legal foundation “tax protesters” and labels their arguments “frivolous.” And usually judges toss their arguments out of court, assess them court costs on top of taxes, interest and penalties, and sometimes even threaten them if they file further cases. But now the U.S. Supreme Court – the nine judges who sit on the bench in Washington by virtue of their selection by presidents and confirmation by the U.S. Senate – has docketed exactly that type of case. The results? Who knows,...
  • Romney, In Shift, Says Obama Has Not Raised Taxes [Romney Acting Like McCain?]

    09/25/2012 10:40:00 PM PDT · by Steelfish · 55 replies
    LA Times ^ | September 25, 2012 | Seema Mehta
    Romney, In Shift, Says Obama Has Not Raised Taxes By Seema Mehta September 25 VANDALIA, Ohio — Mitt Romney said Tuesday that President Obama did not raise taxes during his first term, contradicting a constant attack he has leveled on Obama — that his healthcare plan was a tax increase. “I admit this, he has one thing he did not do in his first four years — he’s said he’s going to do in the next four years — which is to raise taxes. And is there anyone who thinks raising taxes will help grow the economy? No!” Romney told...
  • Peter Schiff: Affordable Care Act Will Backfire

    09/25/2012 7:24:18 PM PDT · by 2ndDivisionVet · 41 replies
    Capitalism Magazine ^ | September 11, 2012 | Peter Schiff
    Now that the Supreme Court has given its narrow blessing to the Affordable Care Act, the big question is whether it will deliver the benefits that its proponents promise. Unfortunately, as it is now constructed, the plan will backfire causing fewer healthy people to buy insurance, raise premiums for those who do, destroy employment opportunities, cripple the health insurance industry, and weaken the economy. In order to guarantee insurance to all, regardless of age, health or pre-existing conditions, the framers of the plan concede that it is essential that the young and healthy (who are less likely to be heavy...
  • Hillary Clinton stumps for global tax on rich

    09/25/2012 2:34:20 PM PDT · by markomalley · 32 replies
    The Daily Caller ^ | 9/25/2012 | Jessica Stanton
    Secretary of State Hillary Clinton used her Monday evening keynote speech at a Clinton Global Initiative event to push for a new global initiative: a tax on the world’s rich. “One of the issues that I have been preaching about around the world is collecting taxes in an equitable manner, especially from the elites in every country,” Clinton said at the annual meeting of her husband’s global public policy organization. “It is a fact that around the world the elites of every country are making money,” Clinton continued. “There are rich people everywhere. And yet they do not contribute to...
  • Economists Opposed to Taxmageddon

    09/25/2012 10:45:43 AM PDT · by 92nina · 1 replies
    ATR ^ | 2012-09-25 | Rhett Brooks
    The National Association for Business Economics (NABE) recently surveyed 236 business economists on fiscal policy issues, including the looming Taxmageddon and Obamacare. The results of the survey reflect a clear divide on taxes between economists and Democrats in Congress. According to the survey, a majority of respondents support the extension of “payroll tax cuts, current marginal income tax rates, and current tax rates for dividends and capital gains for most or all taxpayers through 2013.” Furthermore, between 35 and 45 percent favor the permanent extension of income, dividends, and capital gains at their current rate. On the issue of tax...
  • 5 Myths About America's Tax System That You Probably Believe

    09/25/2012 10:44:57 AM PDT · by bthockey · 15 replies
    The Band Of Patriots ^ | 9/25/12 | Bryan Thomas
    Most mainstream media outlets aide in the proliferation of myths about our tax system and our economy. Here are 5 myths about the US tax system that you probably thought were true. 1. Once A Millionaire, Always A Millionaire As you can see by the graph below, this shows how many consecutive years millionaires file their taxes as millionaires. Half of the people who become millionaires are only at that status for one year.​ 2. Tax Credits Only Help The Rich This graph shows the effective tax rates since 1980. As you can see, because of tax credits and deductions,...
  • How Liberals Screw the 47 Percent

    09/25/2012 5:13:15 AM PDT · by SeekAndFind · 26 replies
    American Thinker ^ | 98/25/2012 | Christopher Chantrill
    Everyone's getting their knickers in a twist about the 47 percent that Mitt Romney figures are going to vote for Barack Obama, no matter what. But do you know why they will vote for Barack? Wyatt Emmerich did the math back in 2010 for The Clevelend Current in Mississippi. It's been written up at ZeroHedge and by Kathy Shaidle. The message is simple. Earn $3,600 per year as head of a family of three, and your net earnings (after taxes and government benefits) will amount to $31,630. But if you earn $60,000 a year, your net earnings will be $34,366....
  • Demagogues, Debt, and Atlas Shrugging

    09/25/2012 5:37:05 AM PDT · by Alex Baker · 1 replies
    RealityBatsLast ^ | September 23, 2012 | Bryce Buchanan
    Obama’s pre-election story is that taxing the rich is the key to funding the government and reducing the debt. Even his greatly expanded government will be financed by the rich paying their fair share. This story is for people who do not understand anything at all about current government spending and the staggering size of our debt. Obama’s story is for uninformed voters. The question is, do the uninformed represent a majority yet? Read more here: http://www.realitybatslast.com/2012/09/23/demagogues-debt-and-atlas-shrugging/
  • U.S. should ax destructive corporate tax

    09/25/2012 5:02:58 AM PDT · by SeekAndFind · 5 replies
    Washington Times ^ | 09/25/2012 | Richard Rahn
    It’s difficult to say definitively which tax is the most destructive. The corporate income tax is a leading candidate for causing higher prices to consumers, lower wages to workers and lower returns to investors. It misallocates capital, resulting in higher levels of unemployment and lower levels of economic growth and opportunity, and it taxes income that has already been taxed as least once before. The 2012 annual rankings of “Corporate Tax Competitiveness” was published in Canada by University of Calgary and in the United States by Cato Institute. In the study, authors Duanjie Chen and Jack Mintz of the school...
  • 70% Poor Tax Increase

    09/25/2012 4:49:35 AM PDT · by sr4402 · 26 replies
    Self | Sept. 25 2012 | Self
    A whopping tax increase is scheduled for 2013 on the working poor. Those making $36,200 will see their Federal taxes increase from 10 percent to 15. That's a whooping 50 percent tax increase on the working poor. Under Obama, the US Senate adjourned, leaving this increased tax on the working poor. Nevermind, they failed to make their required budget (X times in a row), but they left an immoral tax increase on the working poor. Beyond that, the Democratic Senate left in place a 2% Social Security tax increase upon them as well. Obama promised their would not be a...
  • Direct Middle Class Federal Tax Increase

    09/25/2012 3:13:02 AM PDT · by sr4402 · 18 replies
    Self | Sept. 25 2012 | Self
    Think because your a middle class worker your Federal taxes won't increase next year - think again. That 70% increase on taxes for the working poor hits you, just not as hard. Yes, you still stay at 15% but the poor tax hits you for $870 or about $72 dollars a month. Not only this, but the Social Security tax reduction expires this year as well. So you will get socked with an additional 2% as well. That's a minimum of $348 or $29 more dollars a month. That's $101 dollars a month less for you or your family. Put...
  • Libs and Taxes

    09/24/2012 5:38:45 PM PDT · by Starman417 · 1 replies
    Flopping Aces ^ | 09-24-12 | CJ
    Before I get into all the gobbledy-gook of this post, I need to first say that I don't think Romney (or Obama) should have to release even ONE year of tax returns. It's not a requirement to hold the nation's highest elected office and, therefore, shouldn't even be a debate. With that said... Libs are finding themselves in a precarious situation - how to attack Romney for being part of "the 1%"d while donating to programs that help "the 99%." On Friday, Romney released his taxes from last year just as he had promised. The Obama campaign - and...
  • The Media’s Wrong: Romney Really Paid 50% In Taxes

    09/24/2012 4:07:57 PM PDT · by justlittleoleme · 21 replies
    Capitalism Institute ^ | Sep 21st, 2012 | Shaun Connell
    Today has been incredibly disturbing for anyone who understands on a basic level how taxes work. The NY Post, Marketwatch, The NY Times, and even the Wall-Street Journal have posted news stories about how Romney the evil robber baron has only paid “14%” in taxes. This is leading to outrage in the middle class, as people realize that’s a “lower number” than what they pay. It’s also misleading. Romney’s overall tax rate is over 50%. The lower-sounding number is being used because it makes a great story — even if it only tells part of it. It’s surreal. Fine. If...
  • German bishops get tough on Catholics who opt out of church tax

    09/24/2012 1:17:52 PM PDT · by Dr. Thorne · 132 replies
    Reuters ^ | 9/21/2012 | Tom Heneghan
    PARIS (Reuters)- Germany's Roman Catholic bishops have decreed that people who opt out of a "church tax" should not be given sacraments and religious burials, getting tougher on worshippers who choose not to pay. Alarmed by a wave of dissenting Catholics quitting the faith, the bishops issued a decree on Thursday declaring such defection "a serious lapse" and listed a wide range of church activities from which they must be excluded.
  • Tom on the California 2012 Propositions (McClintock recommendations)

    09/24/2012 12:28:54 PM PDT · by CounterCounterCulture · 49 replies
    tommcclintock.com ^ | 20 September 2012 | Tom McClintock
    Prop 30: Your Wallet or Your Kids. NO Either approve $36 billion in higher sales and income taxes or else Gov. Brown threatens to shoot the schools. Don't worry, the income taxes are only on the "very wealthy," but it turns out the "very wealthy" include many small businesses filing under sub-chapter S, meaning lower wages, higher prices and fewer jobs. California already has one of the highest overall tax burdens in the country and yet has just approved a budget to spend $8 billion dollars more than it's taking in. Moral of the story: it's the spending stupid. Prop...
  • Economists: Deficit reduction requires both spending cuts and more taxes

    09/24/2012 10:31:04 AM PDT · by TurboZamboni · 23 replies
    ap ^ | 9-24-12 | AP
    National Association for Business Economics recently surveyed say the country needs more fiscal stimulus through 2013, but by 2014 it should be time to throttle back. The reason for the delay: the sluggish nature of the country's economic recovery. A majority of the economists favor extending payroll tax cuts, current marginal income tax rates and current tax rates for dividends and capital gains for most or all taxpayers through 2013. Deep tax cuts that were passed under President George W. Bush expire at the end of December unless Congress takes action. At the center of debate: extending the cuts for...
  • [Hillary] Clinton: Wealthy worldwide should pay more taxes

    09/24/2012 10:27:27 AM PDT · by Hunton Peck · 27 replies
    Associated Press ^ | Sep 24, 2012, 11:27 AM EDT | unattributed
    ...Hillary Rodham Clinton says she wants foreign countries to make elite citizens pay their fair share of taxes. ...Clinton on Monday addressed participants in her husband's Clinton Global Initiative. *** Clinton says the U.S. will help struggling nations become self-sufficient rather than offering traditional aid.... ...says she's now out of politics....
  • Housing and the Three Waves of the Tax Tsunami – The Biggest Increase in Taxes in American History

    09/23/2012 3:42:22 PM PDT · by whitedog57 · 5 replies
    Confounded Interest ^ | 09/23/2012 | Confounded Interest
    There has been numerous headwinds to a housing (and commercial real estate) recovery. One is doggedly slow economic growth. Another is doggedly high unemployment rates. But there is another headwind that is not talked about for housing and real estate in general: taxmageddon or the upcoming single largest tax increase in American history. Simply put, housing consumption will be reduced in Federal taxes increase. But this is occurring just as housing is beginning to stabilize in many parts of the country. Americans for Tax Reform provide a nice summary of the tax tsunami that is about to hit (unless Congress...
  • States see pension crisis looming despite cuts

    09/23/2012 3:13:20 PM PDT · by redreno · 9 replies
    foxnews ^ | 09/23/2012 | unknown
    Almost every state in the U.S. has made cuts to its public-employee pensions, seeking to dig out from the economic downturn, but so far the measures have fallen well short of bridging a nearly $1 trillion funding gap. Since 2009, 45 states have rolled back pension benefits for teachers, police, firefighters and other public workers, including cuts by Michigan and California this month. Next week, Republican Ohio Gov. John Kasich is expected to sign legislation requiring, for example, that certain teachers work longer and pay more toward their pensions.
  • David Axelrod: Romney Manipulated Tax Return to Look Good to Voters

    09/23/2012 1:28:50 PM PDT · by SeekAndFind · 26 replies
    Newsmax ^ | 09/23/2012 | Amy Woods
    Senior Obama campaign adviser David Axelrod slammed Mitt Romney over the GOP challenger’s recently released 2011 tax return. Axelrod charged Sunday on ABC’s “This Week” that the return was manipulated to give a false impression of the Romney family’s finances and “boost” the amount Romney paid to the federal government. “Two months ago, on your own air, he said that anybody who didn’t take the deductions they were owed wasn’t qualified to be president,” Axelrod told host George Stephanopoulos. “Well, I guess he’s not qualified, because that’s exactly what he did last week to try and get his number up...
  • Obama: “Mitt Romney sure can afford to pay a little more”

    09/23/2012 1:25:44 PM PDT · by SeekAndFind · 36 replies
    Hotair ^ | 09/22/2012 | ERIKA JOHNSEN
    The release of over two decades of Mitt Romney's tax information on Friday must have been so anticlimactic for Team Obama --- not only does it turn out that Romney contributed a boatload of money towards the federal coffers, but he's also an almost wildly generous and charitable individual to boot. After the monumentally huge deal Team O made out of the tax returns, with dodgy "secrecy" ads and unsubtle fat-cat jabs out the wazoo, they don't seem to be seizing on the information with quite the fervor you would've expected.Yes, Romney is hugely wealthy, and hey, maybe some of...
  • Prepare for your Tax Increase

    09/23/2012 10:23:25 AM PDT · by sr4402 · 19 replies
    Self | 9/23/2012 | Self
    Every working American needs to prepare for a tax increase this January. From the working poor who will receive an increase of 70% to only 13 percent for the highest bracket, the Democratic United State Senate has left in place a tax increase for all of us. They left in a hurry leaving the tax increases in place Before the Election. They left without doing their duty to pass a budget, and they left the Social Security Tax increase of 2%, adding insult to injury. One can only surmise they left these as the only tax increase they could get...
  • Marshals at courthouse continue to press county to enter into collective bargaining

    09/23/2012 9:13:10 AM PDT · by redreno
    Las Vegas Sun ^ | Sunday, Sept. 23, 2012 | 2 a.m. | By Joe Schoenmann (contact)
    Discussion between court administrators and Clark County commissioners regarding court marshals — formerly known as bailiffs — served as a reminder Tuesday of a union issue simmering for months that is now part of a federal lawsuit.
  • Obama's Assaulting – Not Protecting – the Middle Class

    09/23/2012 8:05:44 AM PDT · by Kaslin · 15 replies
    Townhall.com ^ | September 23, 212 | Bob Beauprez
    "And I can make a firm pledge; under my plan no family making less than $250,000 a year will see any form of tax increase."     –Barack Obama, Sept. 12, 2008, Dover, New Hampshire Barack Obama isn't the first politician to break a promise, torture the truth or outright lie to the American people. But, he certainly is among the most accomplished at it.Obama made his no-new-taxes pledge over and over again four years ago as he campaigned.  Not only has he repeatedly and blatantly violated it, but his policies have relentlessly assaulted poor and middle-income family budgets.   During his weekly...
  • The Right Way to Analyze Tax Data - Income Retained % vs. Income Given (Taxes + Charity) %

    09/22/2012 7:00:42 PM PDT · by zencycler · 7 replies
    Self | self | self
    I think our side needs something like this: I made this graph using data from www.taxhistory.org The comparison I'm providing to Romney's 2011 figure is based on the charity he actual donated, which was more than he choose to deduct. Of particular note is the blue line showing the low percentages Obama historically gave to charity until he started running for high office!
  • Democrats accuse Romney of applying a political strategy in filing his 2011 tax returns

    09/22/2012 3:41:14 AM PDT · by tobyhill · 163 replies
    washington Post ^ | 9/22/2012 | ap
    Democrats say Mitt Romney manipulated his deductions to keep his overall 2011 federal income tax rate below a certain level for political purposes. The Republican presidential nominee is certain to face new questions about his finances. Romney and his wife, Ann, donated roughly $4 million to charities last year, but they only claimed a deduction of $2.25 million on their tax return, filed with the Internal Revenue Service on Friday. Romney made $13.7 million last year and paid $1.94 million in federal income taxes, giving him an effective tax rate of 14.1 percent. That was a bit above the 13.9...
  • Do you pay your "fair share" of taxes?

    09/22/2012 3:31:32 PM PDT · by Libloather · 16 replies
    Money Web ^ | 9/15/12 | Jasson Urbach
    Do you pay your "fair share" of taxes?Author: Jasson Urbach, Free Market Foundation 15 September 2012 23:29 Nobel Prize winning economist, Joseph Stiglitz, remarked that American Presidential candidate, Mitt Romney, ought to pay his ‘fair share of taxes’. However, Mitt Romney, like most other high income earners across the globe, acts rationally – just as most of us do – in the sense that they try to reduce their total tax burden by avoiding whatever taxes they can; behaviour that is well within the laws created by government and perfectly legal. Any insinuation that high income earners do not pay...
  • Howard Dean: Yeah, Harry Reid has some credibility issues now, huh?

    09/22/2012 1:40:01 PM PDT · by 2ndDivisionVet · 11 replies
    Hot Air ^ | September 22, 2012 | Ed Morrissey
    The admission only comes after about a full minute of teeth-pulling from CNBC’s Joe Kernen, and only after Howard Dean tries to keep impugning Mitt Romney’s integrity, but even the former DNC chair has to grudgingly acknowledge that the game is all but up for Harry Reid and his baseless, reckless charges of tax fraud. Dean halfheartedly trots out the complaint that Romney lied by overpaying his taxes, but Kernen laughs him into a rather lengthy silence (transcript by The Daily Caller): (VIDEO AT LINK) KERNEN: Governor, my first question is you’ve seen these now — my very first question,...
  • Deputy RI House speaker to admit tax fraud guilt (RAT John McCauley Jr.)

    09/22/2012 1:03:35 PM PDT · by Libloather · 3 replies
    Boston.com ^ | 9/14/12 | DAVID KLEPPER
    Deputy RI House speaker to admit tax fraud guiltBy DAVID KLEPPER Associated Press / September 14, 2012 PROVIDENCE, R.I. (AP) — The outgoing deputy speaker of the Rhode Island House and a business partner have agreed to plead guilty to conspiracy and tax fraud for cheating the federal government out of more than $500,000 in tax payments, federal prosecutors said Friday. Rep. John McCauley Jr., a Democrat who represents Providence, was charged Friday in federal court along with William L'Europa, his partner in their insurance adjuster business. Both indicated in court filings that they plan to plead guilty. The men...
  • Pay raise dispute between Washoe County and Sheriff's Deputies resolved

    09/22/2012 9:52:07 AM PDT · by redreno · 1 replies
    KRNV ^ | 09/21/2012 | KRNV
    RENO, Nev. (KRNV & MyNews4.com) -- A pay raise dispute between the Washoe County and its Sheriff's Deputies has come to a close. Sheriff Deputies had requested an increase in pay after the county cut benefits and 51 paid positions last year. Arbitrators Thursday advised in favor of the deputies, saying that their pay was behind national standards. The County was advised to give a three percent pay increase.
  • Sweet Home Chicago loses its appeal to the tax-weary

    09/22/2012 7:46:16 AM PDT · by SeekAndFind · 28 replies
    Chicago Tribune ^ | 09/21/2012 | Amity Shlaes
    Why don't more people live here? That's what I always think when I come to Chicago, as this week when I come for a conference. The water is bright, and the air is clear. The room where we are lucky enough to hold the conference, the Stock Exchange Trading Room at the Art Institute, is one of the most beautiful in America. Yet for some reason people aren't choosing to live here. Indeed, every 10 minutes the state of Illinois loses a resident to another state. New York, where I do live, hardly differs, losing earners by the hundreds of...
  • Forty Four Companies That Could Get Crushed If The Government Cuts Spending

    09/22/2012 7:09:34 AM PDT · by blam · 47 replies
    TBI ^ | 9-22-2012 | Rob Wile
    44 Companies That Could Get Crushed If The Government Cuts Spending Rob WileSep. 21, 2012, 4:16 PM The threat of the "fiscal cliff" remains one of the most important events weighing on U.S. markets To recap, if Congress does nothing before the end of the year, a series of tax cuts and spending programs will expire and combine to shrink GDP by up to 4 percent, according to Goldman Sachs analysts. While we'd all suffer, some companies would get hit more than others. The last time we had a major debate on government spending levels — the debt ceiling talks...
  • Democrats Hit Poor with Huge Tax Increase

    09/22/2012 5:48:13 AM PDT · by sr4402 · 15 replies
    Self | Sept. 22, 2012 | Self
    In their rush to increase taxes on the wealthy, the Democrat U.S. Senate left a tax increase of 50% on the poor. Nevermind, the Senate left a scheduled tax increase on Every American next year (before adjourning to campaign - a thing we can thank every Democrat through our votes). But we can take into account what they have done to the poor. Those Americans who are the working poor are scheduled for a tax increase of 50%. That's right, a whopping 50%. College graduates, many getting their first low wage part time job will find it much harder to...
  • Democrats: Political Slant Marks Romney Tax Return [BO LIED: Mitt rate HIGHER than middle class!]

    09/22/2012 5:17:15 AM PDT · by SoFloFreeper · 17 replies
    ABC ^ | 9/22/12 | Tom Raum
    Democrats say Mitt Romney manipulated his deductions to keep his overall 2011 federal income tax rate below a certain level for political purposes.... ... the Romney campaign released a letter from his accountants saying that in the 20 years prior to 2010 the Romneys paid an average annual effective rate of 20.2 percent, never lower than 13.66 percent. On average, middle-income families — those making from $50,000 to $75,000 a year — pay 12.8 percent of their income in federal taxes, according to Congress' Joint Committee on Taxation.
  • Your Fair Share

    09/22/2012 4:14:03 AM PDT · by Kaslin · 15 replies
    Townhall.com ^ | September 22, 2012 | John C. Goodman
    Barack Obama doesn't think the rich are paying their fair share of income taxes. So what is their fair share? I posed this question to Fox News commentator Juan Williams in Dallas the other day. "The top 10 percent of income earners are paying 71 percent of all income taxes," I said. "Isn't that enough?" Although Juan was trying to defend the Obama position, he didn't have an answer. Then I turned the question around. "The bottom one-half of the population is paying zero, or close to zero, income taxes. What's their fair share?" He didn't have an answer to...
  • Mitt Romney Paid More Taxes Than Required, Raising Rate to 14.1 Percent

    09/21/2012 9:57:50 PM PDT · by 2ndDivisionVet · 60 replies
    ABC News ^ | September 21, 2012 | Emily Friedman
    After being criticized for months over a lack of transparency when it came to his taxes, Mitt Romney has revealed his 2011 returns, which show the candidate paid $1.9 million in taxes on $13.7 million in income, an effective rate of 14.1 percent. That figure falls in line with Romney's estimate in August that he paid "13.6 [percent] or something like that." But Romney only reached the 14.1 percent mark by limiting deductions taken from his considerable charitable giving. Had the Romneys taken all of the deductions made available by their $4.02 million in 2011 donations, his effective tax rate...
  • Reid To Romney On Tax Returns: Not Good Enough

    09/21/2012 4:38:30 PM PDT · by SeekAndFind · 73 replies
    TPM ^ | 09/21/2012 | Brian Beutler
    Senate Majority Leader Harry Reid is no longer insinuating that Mitt Romney paid no federal taxes over the last 10 years. But he’s showing no contrition and continues to maul Romney for withholding tax returns from voters. “The information released today reveals that Mitt Romney manipulated one of the only two years of tax returns he’s seen fit to show the American people - and then only to ‘conform’ with his public statements,” Reid said in an official response to the release of Romney’s 2011 return, and a brief summary of his tax payments over the last 20 years. That...
  • A Breakdown Of Mitt Romney's 2011 Tax Returns

    09/21/2012 4:19:25 PM PDT · by The Looking Spoon · 1 replies
    The Looking Spoon ^ | 9-21-12 | The Looking Spoon
    This is how I imagine Team Obama would view it...