Tag Archives: taxes

$230,000 For a Guard Dog: Why the Wealthy Are Afraid Of Violence From Below

Well, at least the Rich have a realization that a little resentment may be building among the rest of the country.

Of course, they don’t seem to be channeling this in a positive direction by giving back to society.  No, they are looking to live in armed camps and hang on to every penny.

I guess maybe they do realize that eventually people may be fed up with them rigging the system in their favor and forcing the little guys and gals to pay for it by giving up luxuries like food, Social Security, Medicare and housing so they can keep their jets and yachts.

Those fools in the Tea Party just may turn nasty once they realize they’ve been used….

From Alternet.com:

 

In addition to security systems, dogs and armed yachts, the security-conscious oligarch can hire a private spy company—Jellyfish, a spinoff of the notorious private security company Blackwater. Or what about their own personal drone? “Smaller, private versions of the infamous Predator” may be coming to well-heeled private citizens near you, according to the UK’s Daily Mail. So far the private drones appear to only be for spying, but former Navy fighter pilot Missy Cummings told the Daily Mail, “It doesn’t take a rocket scientist from MIT to tell you if we can do it for a soldier in the field, we can do it for anybody.”

So why are the rich getting paranoid? After all, here in the U.S. it looks like they don’t even have to worry about their taxes returning to Clinton-era levels, let alone cope with a truly significant change to their lifestyles. Still, as the rich get richer, it seems, they get more and more worried about the rest of us coming for their wealth—and they’re out to protect it by any means necessary.

David Sirota has noted that “we’re fast becoming a ‘let them eat cake’ economy,” where ostentatious displays of wealth and arrogance seem to be an everyday occurrence as the rest of the country suffers. A private jet traffic jam was big news in the New York Times last week, because the children of the uber-rich have to get to a Maine summer camp, and driving just won’t do. Maine’s Tea Party governor, Paul LePage, took some time off from limiting access to the vote and picking fights with organized labor to gloat over the jet traffic:

“Love it, love it, love it,” Mr. LePage said of the private-plane traffic generated by summer camps. “I wish they’d stay a week while they’re here. This is a big business.”

While the private jet crowd is “big business,” the rest of Maine—and the country—is still suffering. And maybe that’s where the fear comes in.

We’ve seen revolution in Tunisia and Egypt, attempts in Libya, Syria, Yemen, unrest in Greece and Spain, student protests in England, and here at home the occupation of the capitol in Madison, Wisconsin. While nothing yet in the U.S. has approached the level of organized attacks on the wealthy by the have-nots, since the financial crash even the hint that perhaps private jet owners could pay a few more dollars in taxes has been decried as class war. A few protests that actually dare approach the doorsteps of the bankers appear to be all it takes to stoke paranoia among the super-rich.

via $230,000 For a Guard Dog: Why the Wealthy Are Afraid Of Violence From Below | | AlterNet.

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Going Populist? Dems Put GOP On Spot Over Tax Benefits For The Super-Rich | TPMDC

It’s really unbelievable the GOP wants to cut Medicaid, kill Medicare and cut Social Security, but they won’t agree to any tax increases for Millionaires and Billionaires.

Even on yachts or private planes.

I don’t see how anyone who isn’t a millionaire can continue to be fooled into voting Republican.

You really ought to click the link and read this article from Talking Points Memo….

 

The Democrats’ response, from the rank and file up to President Obama, has been a political twofer. If Republicans are taking all taxes off the table, then they’re playing reverse Robin Hood — demanding trillions in cuts to social programs while refusing to budge on preferences to unfathomably wealthy special interests. It’s class war, but in tactical sense. If they can make the GOP feel so uncomfortable that they agree to end special tax favors for the ultra-wealthy — even if those favors don’t ultimately cost that much money — then maybe they can break the anti-tax firewall and encroach on $400 billion.

Here’s what they’re focusing on.

via Going Populist? Dems Put GOP On Spot Over Tax Benefits For The Super-Rich | TPMDC.

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Democrats Emerge From White House Meeting Determined Not To Cave On Medicare, Taxes

They are definitely, finally on the right track- where they should have been two years ago.

Now, if only they will stand by their words….

From TalkingPointsMemo:

 

House Democrats emerged from a White House meeting with President Obama confident that the GOP Medicare plan has Republicans on the ropes and more determined than ever to ensure that tax increases on the wealthiest Americans are included in any long-term debt-reduction package.

Minority Leader Nancy Pelosi (D-CA) said the meeting was “very productive” and a “great exchange of ideas.”

In negotiations with Republicans to raise the debt-ceiling and reduce the ballooning debt, Pelosi said Democrats and the President are committed to strengthening the middle class and reducing the debt with “balance” and “fairness.”

She also said that the primary focus of the meetings was on greater job creation.

House Minority Whip Steny Hoyer (D-MD) said Democrats and Obama have clear objectives in the negotiations: “We need to bring the deficits down and make sure Medicare is strengthened and preserved.”

“The President said failure is not an option” when it comes to raising the debt-ceiling, added Rep. Xavier Becerra (D-CA). “…We will make sure the middle class and seniors will not be stiff armed in these budget negotiations.”

House Republicans and Democrats are under increasing pressure to stop the bickering, especially when it comes to raising the debt ceiling.

via Democrats Emerge From White House Meeting Determined Not To Cave On Medicare, Taxes | TPMDC.

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GOP Can’t Handle The Truth: Taxes Are Lower Under Obama Than Reagan

Republicans don’t handle truth or facts well…

One of the things they did learn from Reagan was how to use smoke and mirrors and a little Hollywood magic to conceal the truth…

From ThinkProgress.org:

That House Republicans find this preposterous is symptomatic of the hold Reagan mythology has over them. After all, for seven of Reagan’s eight years in office, the top tax rate was higher than the current 35 percent. In six of those years, it was 50 percent or more. And every year that Regan was in office, the bottom tax bracket was higher than the current ten percent.

For a family of four, the “average income tax rate under Reagan in 1983 was 11.06 percent. Under Clinton in 1992, it was 9.18 percent. And under Obama in 2010, it was 4.68 percent.” During Reagan’s time, income tax revenue ranged from 7.8 to 9.4 percent of GDP. Last year, it was 6.2 percent and is not projected to climb back to 9 percent until 2016. In fact, in 2009, Americans paid their lowest taxes in 60 years.

Republicans are very fond of saying that the U.S. has “a spending problem, not a revenue problem.” But the truth is that revenue has plunged due to the recession and to continued misguided tax cuts, and revenue needs to be raised to eventually bring the budget into balance. And Reagan knew that taxes were an important part of the budget equation. After all, he “raised taxes in seven of his eight years in office,” including four times in just two years.

via GOP Can’t Handle The Truth: Taxes Are Lower Under Obama Than Reagan | ThinkProgress.

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FLASHBACK: Ronald Reagan Raised Corporate Taxes To Force Tax Dodgers To ‘Pay Their Fair Share’

As Tax Day draws to a close, I would like to leave us with this one last item…

It will be interesting to see how the GOP explains away these actions by their patron saint, St Ronnie of Beverly Hills…

From ThinkProgress.org…

Click the link and you can see the video- if you can stomach watching Ronnie in action….

This isn’t the first time Americans have had to deal with a tax code that lets the nation’s richest firms get away with shirking their tax responsibilities. In the middle of his presidency, then-president Ronald Reagan learned that a number of big corporations, including his former employer, General Electric, were completely escaping paying federal corporate income taxes. “I didn’t realize things had gotten that far out of line,” Reagan told his Treasury secretary, Donald T. Regan, according to his 1988 memoir.

So Reagan undertook a comprehensive tax reform effort that actually raised the corporate taxes and closed numerous loopholes that allowed big firms to dodge their tax responsibilities. As part of these reforms, Reagan passed the 1986 Tax Reform Act. This law “raised corporate taxes by $120 billion over five years and closed corporate tax loopholes worth about $300 billion over that same period.”

During the signing ceremony for the speech, Reagan explained that his goal in pursuing these reforms was to make sure “that everybody and every corporation pay their fair share”:

REAGAN: We’re going to make it economical to raise children again. Flatter rates will mean more reward for that extra effort, and vanishing loopholes and a minimum tax will mean that everybody and every corporation pay their fair share.

via ThinkProgress » FLASHBACK: Ronald Reagan Raised Corporate Taxes To Force Tax Dodgers To ‘Pay Their Fair Share’.

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My Thoughts: On Tax Day and the Social Contract

Today is Tax Day, the deadline for filing one’s income taxes in the USA.  Even though I filed mine a while back, I still always stop and ponder our tax situation on the deadline day.

First of all, I pay a lot of taxes and I really don’t mind it.  I’m  lucky enough to have a good job, at least for now, so I don’t mind contributing to the good of the country.

I don’t mind paying Medicare and Social Security withholding taxes as they are a part of the social contract we have with the government to support today’s seniors now and ensure we aren’t destitute and without medical care when we get old.  I’ve kept my part of this bargain by paying into the system since I was 16 years old and I expect the government to live up to their end of the deal and not change things this late in the game.

I don’t mind paying taxes even though I’m a Gay man who can’t file a joint return with his partner.  I don’t mind paying taxes to support education even though we will never have children.  I don’t mind paying taxes to build high-speed rail and save our crumbling infrastructure.  I don’t mind paying taxes to prevent those people and their children not as lucky as me from starving or doing without medical care. I don’t mind paying taxes to build give poor children a head start or to create jobs by exploring clean energy and energy efficient cars.  I don’t mind paying taxes that support internet improvements and expansion so we can link the country to the world.  I don’t mind paying taxes to provide benefits to our Veterans who have served our country.  I don’t mind paying taxes to enrich our country’s cultural and artistic life.

I do mind that my taxes support unnecessary wars in Afghanistan and Iraq.  I do mind that I pay more taxes than Exxon Mobile, GE and Bank of America, who don’t pay any.  I do mind that my tax rate ended up being higher than the 17% tax rate that most of the wealthiest 1% of Americans paid- if they paid at all.  I do mind that so many Corporations don’t pay any taxes and spend billions lobbying Congress to keep it that way.

I guess my thought has always been that we have an obligation to give back.  It’s part of the social contract.

None of us will ever be completely happy with how our tax dollars are spent.  But we do need to realize the obligation we have to society to pay these taxes.  We also need to do our best to elect Representatives that will make everyone pay their fair share and use these  tax funds to the benefit of the nation as a whole-not just the lucky few.  That is becoming harder and harder to do as the Rich and the Corporations buy the Government piece by piece.

We have an obligation to learn the true positions of the people we elect to manage the nation’s finances.  We are not doing our duty as Americans if we fall for public relations campaigns and smoke and mirrors that hide a Candidate’s true agenda.  That certainly happened in last year’s Congressional Elections….

So on tax day, don’t resent having to pay.  Remember, death and taxes are the only two inevitabilities in life.

Just think about how you can best work to be sure everyone pays their fair share and our nations funds are used wisely.

And I know, that alone, is asking a hell of a lot…..

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Will Anyone Even Insure Seniors if Paul Ryan’s Medicare Plan Passes? | TPMDC

I thought of this right away….

There’s not money to be made insuring Senior Citizens, so why would private insurance companies cover them?

This is another reason Paul Ryan’s Republican proposal to kill Medicare just won’t work….

It’s not realistic.

But then, that never mattered to the GOP….

At first glance, Paul Ryan’s plan to send millions of seniors into the free market with dwindling vouchers in hand might seem a boon to the private insurance industry. But would companies even want to participate?

Unlike the Affordable Care Act, which mandated that millions of young and healthy Americans purchase insurance with government subsidies, the Paul Ryan plan would instead bring the oldest, sickest, and least profitable demographic to the table. And with the CBO projecting that the average senior would be on the hook for over two-thirds of their health care costs within just 10 years of the plan’s adoption — a proportion that is projected to worsen in the long run — the government subsidies backing them up may not bring in enough profitable customers to make things worthwhile.

“If reimbursement rates are too low to provide basic benefits, they’ll tell the government, ‘You do it,'” one insurance lobbyist told TPM. “I don’t think they can require they lose money, they’d just pull out.”

via Will Anyone Even Insure Seniors if Paul Ryan’s Medicare Plan Passes? | TPMDC.

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Half of households pay no income taxes, super rich see taxes fall | The Raw Story

More interesting information for Tax Day:

The Internal Revenue Service and the Tax Policy Center in Washington have some statistics that will likely make last-minute filers extra-irate today: The super-rich are paying less in income tax than they used to, and nearly half of all U.S. households don’t pay any income taxes at all.

The IRS tracks the 400 highest adjusted gross incomes, and how much they pay in income taxes, each year, reports the Associated Press. In 2007, the last available year for IRS data, the average income in that set was around $345 million, and they paid about 17 percent in federal income taxes. In 1992, the average income tax rate for the same set was 26 percent.

Think tank Tax Policy Center also has data that show that about 45 percent of households receive so many tax breaks that they won’t pay federal income tax at all for 2010. The tax code contains $1.1 trillion in credits, deductions and exemptions, around $8,000 per taxpayer.

“It’s the fact that we are using the tax code both to collect revenue, which is its primary purpose, and to deliver these spending benefits that we run into the situation where so many people are paying no taxes,” Roberton Williams, a senior fellow at the Tax Policy Center, told the AP.

via Half of households pay no income taxes, super rich see taxes fall | The Raw Story.

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Simpson Says Tax Increases are Necessary

And a little more on taxes…

At a panel discussion in Denver on reducing the nation’s debt, former Sen. Alan Simpson (R-WY) said tax increases were needed to help balance the budget, according to the Colorado Statesman.

Said Simpson: “We’ve never had a war with no tax to support it, including the Revolution. People are told in Congress if they raise taxes by a nickel, they’ll be strung up by their heels in the town square.”

Simpson also recounted how he confronted anti-tax crusader Grover Norquist and they exchanged words over the legacy of Ronald Reagan, claimed by both as their personal hero. When Reagan was president, he raised taxes 11 times, Simpson said, a bit of history that made Norquist squirm.

via Simpson Says Tax Increases are Necessary.

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Taxes reach historic low

Something to ponder at Tax Time….

From the Orange County Register:

For the past two years, a family of four earning the median income has paid less in federal income taxes than at any time since at least 1955, according to the Tax Policy Center. All federal, state and local taxes combined are a lower percentage of per-capita income than at any time since the 1960s, according to the Tax Foundation. The highest income-tax bracket is its lowest since 1992. At 35 percent, it’s well below the 50 percent mark of much of the 1980s and the 70 percent bracket of the 1970

via Taxes reach historic low – News – The Orange County Register.

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