Tag Archives: taxes

Happy 100th Birthday, Income Tax!

You know, I really wouldn’t mind paying taxes if they were used for education, infrastructure build, increased social programs and hiring more government works to do things like process VA claims applications….

I think it’s my civic duty.  It’s a close to tithing as I get….

I just hate that my tax dollars go to ridiculous and/or immoral things like unnecessary wars, oil company subsidies and Mitch McConnell’s salary….

From Daily Finance:

 

On Sunday, the Sixteenth Amendment, the one that laid the groundwork for a permanent federal income tax, celebrated its 100th birthday. Needless to say, not everybody was lining up to celebrate. In Forbes, wealth manager David Marotta used the anniversary as an opportunity to exhort readers to “Let the Income Tax Die at 100.” Meanwhile, over at The Global Dispatch, Robert Harriman paired anti-tax quotes from a trio of Founding Fathers with a pro-tax quote from Karl Marx.

Even the biggest fans of the income tax system are generally quick to admit that they don’t really like paying taxes, and some of its most furious foes have gone so far as to claim that the Sixteenth Amendment was never actually ratified. But whether you think federal income taxes are an unconstitutional power grab or, as Ray Raphael argued in Article 3, a natural progression from the property-based tax system that existed almost since the country’s founding, one thing is certain: If it weren’t for the federal tax system, America would never have been able to reach its current position in the world.

The interstate highway system that was key to America’s postwar dominance? Fully 90 percent of it was funded by federal income taxes. The space exploration program that put the American flag on the moon? That money came from income taxes, too. The same goes for the standing army, the EPA, the Food and Drug Administration, and hundreds of other programs, large and small, that help keep Americans healthy, educated, and protected. And, as we’ve seen recently, reduced tax revenue makes it much harder to keep those programs operating.

As for all those entitlement programs that have gotten so much criticism in recent years, they’re paid for through taxes as well. And, lest we wonder how Medicare and unemployment, WIC and student loan programs help keep America strong and safe, it’s worth remembering that a healthy, well-educated work force is the key to keeping — and, hopefully, strengthening — America’s place in the world.

via Happy 100th Birthday, Income Tax! – DailyFinance.

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Why Republicans Can’t Propose Spending Cuts

This article, in New York Magazine, is the best explanation I’ve seen yet for why the Republican’s can’t really offer serious ideas for spending cuts:  There really aren’t many options.

As usual, the GOP has based their case on illusions, untruths and sound bite cliches….

I’m a firm believer that the government actually needs to spend more on infrastructure and social programs.  The cuts should come from closing down George Bush’s wars of choice, unnecessary defense spending- that even the Pentagon says is unnecessary- and better management.

And, yes, raise the taxes on the rich and close loop holes that the rich and corporations use to avoid paying their fair share.  End subsidies to big oil and  corporate agribusiness.

The big opportunities are on the revenue side and with ending corporate welfare…..

From NY Magazine:

Republicans think government spending is huge, but they can’t really identify ways they want to solve that problem, because government spending is not really huge. That is to say, on top of an ideological gulf between the two parties, we have an epistemological gulf. The Republican understanding of government spending is based on hazy, abstract notions that don’t match reality and can’t be translated into a workable program.

Let’s unpack this a bit. We all know Republicans want to spend less money. So the  construction of the debate appears, on the surface, to be a pretty simple continuum based on policy preferences. Republicans like Mitch McConnell say government spending is “out of control” and would, at least ideally, like to bring it into line with revenue entirely through spending cuts. Democrats like Obama endorse a “balanced” solution with revenue and taxes. Right-thinking centrists, like the CEO community and their publicists like Mike Allen and Jim VandeHei, think we should cut deeply into entitlement spending while also raising tax revenue. (VandeHei, in a video accompanying his execrable story, asserts, “There’s money to be cut everywhere.”)

There really isn’t money to be cut everywhere. The United States spends way less money on social services than do other advanced countries, and even that low figure is inflated by our sky-high health-care prices. The retirement benefits to programs like Social Security are quite meager. Public infrastructure is grossly underfunded.

via Why Republicans Can’t Propose Spending Cuts — Daily Intelligencer.

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Buffett On Why Romney Should Pay Higher Taxes: He’s Just ‘Shoving Around Money,’ Not ‘Straining His Back’

I’ll keep saying it over and over:  There is no reason to vote for a Republican unless you are a millionaire only interested in trying to protect your own interests.

Here, American’s favorite Billionaire, calls Romney out on that point:

From ThinkProgress.org:

Last week, Mitt Romney finally admitted that he pays a tax rate of 15 percent, lower than that of many middle-class families. Romney is taxed at such a low rate because, as he freely admits, all of his income comes from investments, and is thus subject to the top capital gains tax rate of 15 percent, rather than the top income tax rate of 35 percent.

However, Romney has refused to sign on to the Obama administration’s “Buffett rule,” which aims to ensure that millionaires can’t dodge taxes to the extent that they’re paying less than teachers. Today, billionaire investor Warren Buffett himself was asked about Romney’s tax rate, replying that letting millionaire investors like Romney pay such low taxes is “the wrong policy” because he makes his income by just “shoving around money”:

He makes his money the same way I make my money. He makes money by moving around big bucks, not by straining his back and going to work cleaning the toilets or whatever it may be. He makes it shoving around money. I make it shoving around money. If you look at the 400 highest incomes in the United States, they average $220 million. Something like 90 of them are effectively unemployed. They have no earned income, and that number has gone up over the years. […]

It’s the wrong policy to have. Nothing wrong about [Romney] doing that. He will not pay more than the law requires. I don’t fault him for that in the least, but I do fault the law that allows him and me, earning enormous sums to pay over all federal taxes at a rate that is about half what the average person in my office pays.

via Buffett On Why Romney Should Pay Higher Taxes: He’s Just ‘Shoving Around Money,’ Not ‘Straining His Back’ | ThinkProgress.

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Wall Street Transaction Tax Would Raise $350 Billion

This makes way too much sense to ever become law….

This is not aimed at true investors, but rather at the Market manipulators who treat Wall Street much the way other gamblers treat Las Vegas…

Unfortunately, these same people, who would pay this miniscule tax, now own most of our Senators and Congressmen.  Therefore, they will say it’s better to cut Medicaid, Medicare and Social Security than to implement this transaction tax….

 

A minuscule tax on financial transactions proposed by congressional Democrats would raise more than $350 billion over the next nine years, according to an analysis by the Joint Tax Committee, a nonpartisan congressional scorekeeping panel.

The analysis was sent Monday to the offices of Sen. Tom Harkin (D-Iowa) and Rep. Peter DeFazio (D-Ore.), the lawmakers who proposed the tax, and provided to The Huffington Post.

The Wall Street Trading and Speculators Tax Act would impose a tax of 0.03 percent on financial transactions, meaning that longterm investors would barely notice it, but traders who move rapidly in and out of positions would feel its sting and, the authors hope, reduce the volume of their speculation in response.

via Wall Street Transaction Tax Would Raise $350 Billion.

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Rick Perry On Increasing Income Inequality: ‘I Don’t Care About That’

Well, this shouldn’t be news to anyone….

Because:

a)  We all knew Governor GoodHair was an Airheaded Ex-Cheerleader just like George W Bush- but with worse grades at a worse school and an even meaner disposition.

b) Everyone should know by now the entire GOP- and some of the Dems- are bought and paid for by the Corporations and the Rich.  They are just starting to be honest about it….

c)  “I Don’t Care” should be the Republican Party’s  Campaign Slogan for 2012.  The Rickster is just ahead of the curve on messaging.

 

From The Huffington Post:

 

Republican presidential candidate Rick Perry says he wants a huge tax break for the rich, and he doesn’t care what it means for income inequality.

Rick Perry announced on Tuesday that if elected president he would slash the corporate tax rate to 20 percent from 35 and give everyone the option of paying a flat income tax rate of 20 percent.

He also would try to encourage U.S. companies who have stored $1.4 trillion overseas to move their profits back to the United States by allowing them to pay 5.25 percent in taxes at first, according to Reuters.

The plan, if enacted, would dramatically reduce the tax burdens of the wealthiest people in the United States, saving millions of dollars for some, while raising taxes for poor and middle-class people who opt into the plan.

“I don’t care about that,” Perry said of the increased economic inequality that would result from the tax plan in an interview with The New York Times. “If that’s what comes, I’ll take that criticism.”

via Rick Perry On Increasing Income Inequality: ‘I Don’t Care About That’.

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Bill O’Reilly Threatens To Quit His Show If Obama Raises His Taxes

Another big reason to support President Obama’s economic and tax proposals…

From HuffingtonPost.com:

Bill O’Reilly threatened to quit his show if President Obama raised his taxes.

Speaking on his Monday show, O’Reilly delivered a stinging rebuttal to Obama’s speech from earlier in the day. In that speech, Obama introduced his so-called “Buffett Rule” and said that the rich should pay more in taxes. This did not sit well with O’Reilly, who accused Obama of using misleading statistics and of endangering the business climate.

He used himself as an example, saying that he could not ensure his continued tenure on Fox News if his taxes were raised to 50 percent.

“My corporations employ scores of people,” he said. “They depend on me to do what I do so they can make a nice salary. If Barack Obama begins taxing me more than 50 percent, which is very possible, I don’t know how much longer I’m going to do this. I like my job, but there comes a point when taxation becomes oppressive. Is the country really entitled to half a person’s income?”

Of course, if O’Reilly were to leave his show, he might cease to become someone with, in his words, “more power than anybody other than the president.”

WATCH:

via Bill O’Reilly Threatens To Quit His Show If Obama Raises His Taxes (VIDEO).

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John Fleming, GOP Congressman, Blasts Obama Over Buffett Rule: I Can’t Afford A Tax Hike

Poor baby….

Just scraping by on $400k a year….

After deductions, I’m sure….

 

Rep. John Fleming (R-La.) appeared on MSNBC Monday morning to express opposition to President Barack Obama’s deficit reduction plan, which includes a proposal to raise taxes on the wealthy.

Fleming charged that the plan is a terrible idea which kills jobs provided by wealthy “job creators” who pay personal income taxes. When asked about his business ventures — including his role in a number of Subway restaurants and UPS stores — from which he earned $6.3 million last year, Fleming told MSNBC host Chris Jansing that his business expenses left him with little to tax “by the time I feed my family.”

Fleming told Jansing that the $6.3 million is “before you pay 500 employees, you pay rent, you pay equipment and food.”

“The actual net income of that was a mere fraction of that amount.”

“By the time I feed my family, I have maybe $400,000 left over,” Fleming said.

via John Fleming, GOP Congressman, Blasts Obama Over Buffett Rule: I Can’t Afford A Tax Hike.

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