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Mitt Romney's flip-flops

Fri, 18 May 2012 00:00:00 -0700

PolitiFact - By Bill Adair , Louis Jacobson - May. 18 (Fact Check) - For the 2012 presidential campaign, we're using the Flip O-Meter to assess the statements of President Barack Obama and Mitt Romney. This article includes links to the Flip-O-Meter items we've published on Romney. We'll update it as we publish more in the future.

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Mitt Romney Debt Speech Ignores Key Facts

Wed, 16 May 2012 00:00:00 -0700

Huffington Post - By Tom Raum - May. 16 (News Analysis) - When Republican presidential hopeful Mitt Romney decried the "prairie fire" of U.S. debt Tuesday, he ignored some of the sparks that set...

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Obama says Romney would cut his own taxes while raising others’

Sun, 13 May 2012 00:00:00 -0700

PolitiFact - By Molly Moorhead - May. 13 (Fact Check) - President Barack Obama says Mitt Romney is the anti-Robin Hood. In a campaign speech in Columbus, Ohio, on May 5, 2012, Obama said the Romney's economic plan would raise taxes for millions of low-income Americans while cutting them for the wealthy.

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The Greenlining Institute : Greenlining Report > Tech Untaxed Report

Fri, 27 Apr 2012 00:00:00 -0700

greenlingin.org - Apr. 27 (Investigative Report) - Tax avoidance by wealthy high-tech firms is on the rise, a new report from The Greenlining Institute finds. Cash held overseas by tech firms rose 21 percent from 2010 to 2011. Apple’s 2011 tax rate of 9.8 percent was lower than that of American households making an average of $42,500 per year.

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Who Pays Taxes in America?

Thu, 19 Apr 2012 00:00:00 -0700

Citizens for Tax Justice - Apr. 19 (Special Report) - It’s often claimed that the richest Americans pay a disproportionate share of taxes while those in the bottom half pay nothing. These claims ignore the many taxes that most Americans are subject to — federal payroll taxes, federal excise taxes, state and local taxes — and focus instead on just one tax, the federal personal income tax. The other taxes are mostly regressive, meaning they take a larger share of income from a poor or middle-income family than they take from a rich family

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The 10 States Taxing The Poor Most: 24/7 Wall St.

Sun, 15 Apr 2012 00:00:00 -0700

Huffington Post - Apr. 15 (Special Report) - the effort to reduce taxes on the poor has stalled, according to the CBPP. In 2011, no new states exempted working-poor families of four — the benchmark family unit used in the study — from income taxes. Worst still, in almost all 15 states, these taxes have increased.

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Arthur Laffer's Rich States, Poor States Is More Wish List Than Analysis

Fri, 13 Apr 2012 00:00:00 -0700

ctj.org - Apr. 13 (Special Report) - few people would argue that good schools or basic infrastructure (power, transit, roads) are unimportant to states’ economic performance. But the ALEC-Laffer rankings give states no credit for either of these outcomes. On the contrary, adequately funding any public service actually reduces states’ rankings since Laffer assumes that tax revenue is detrimental to economic growth (all research from ITEP and academic economists to the contrary).

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Tax Tips with Mitt

Fri, 13 Apr 2012 00:00:00 -0700

ctj.org - Apr. 13 (Special Report) - Millions of Americans will spend part of this upcoming weekend trying to navigate tax preparation software or filling out the actual paper forms to file their income tax returns before the Tuesday deadline. For those wishing they could pay less tax, outlined below are some tax planning ideas taken from a review of presidential candidate Mitt Romney’s tax returns.

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Progressive Caucus Budget: The Fairest and Most Responsible Budget Proposal in Congress

Wed, 28 Mar 2012 00:00:00 -0700

ctj.org - Mar. 28 (News Report) - The CPC budget plan, which Citizens for Tax Justice and other organizations helped prepare, would also — end the tax preference for capital gains and stock dividends, — enact the higher income tax rates for millionaires that were proposed by Congresswoman Jan Schakowsky, — enact the President’s proposal to limit the value of tax deductions and exclusions to 28 cents for each dollar deducted or excluded, — end the rule allowing corporations to “defer” U.S. taxes on their offshore profits, — close tax loopholes for oil and gas companies, — enact a financial crisis responsibility fee (a bank tax).

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Ryan Budget Plan Would Cut Income Taxes for Millionaires by at Least $187,000 Annually and Facilitate Corporate Tax Avoidance

Thu, 22 Mar 2012 00:00:00 -0700

ctj.org - Mar. 22 (News Analysis) - House Budget Committee Chairman Paul Ryan has introduced a budget plan that, if implemented, would reduce revenues so significantly that they would be inadequate to pay for the federal spending under the Reagan administration, let alone the spending required in the years ahead. The Ryan budget would provide income tax cuts for millionaires averaging at least $187,000 in 2014. The plan would also reduce corporate income taxes and would increase the (already considerable) incentives for corporations to shift profits and jobs overseas.

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iTax Dodger

Thu, 22 Mar 2012 00:00:00 -0700

ctj.org - Mar. 22 (Special Report) - CTJ has estimated that Apple has paid a tax rate of just over three percent on this stash of “foreign” earnings, a clear indicator that much of this cash is likely parked in offshore tax havens and has never been taxed by any government. If Apple brought this cash back to the U.S., they’d likely pay something close to the 35 percent corporate tax rate that the law prescribes. The resulting $17 billion tax payment would be more than double the $8.3 billion in federal taxes that Apple has paid on its $83 billion in worldwide profits – over the last 11 years.

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NAACP Head Benjamin Jealous in Geneva Seeking United Nations Help To Protect Voting Rights in U.S.

Tue, 13 Mar 2012 00:00:00 -0700

Democracy Now - By Amy Goodman - Mar. 13 (News Report) - Since last year, 15 states have passed new voting laws that critics say suppress the votes of the poor, students and people of color. This is the topic of a major speech set for today by NAACP head Benjamin Jealous before the United Nations Human Rights Council in Geneva. The NAACP wants a U.N. delegation of experts to monitor the impact of voter identification laws, as well new restrictions on same-day registration, early voting, Sunday voting, and making it harder to run a voting registration drive. Its outreach to the United Nations has been compared to the group’s efforts in the 1940s and 1950s when it sought international support in its fight for civil rights and against lynching.

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Warren Buffett: It's A 'Myth' That Taxes Are 'Strangling American Competitiveness'

Mon, 27 Feb 2012 00:00:00 -0800

Huffington Post - By Bonnie Kavoussi - Feb. 27 (News Report) - Buffett, for one, says it's time to take notice. "It's a myth that American corporations are paying 35 percent or anything like it," Buffett said, referring to the top marginal corporate tax rate. "Corporate taxes are not strangling American competitiveness."

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Mind-Blowing Charts From the Senate's Income Inequality Hearing

Fri, 10 Feb 2012 00:00:00 -0800

Mother Jones - By Josh Harkinson - Feb. 10 (News Report) - In another sign that Democrats have embraced income inequality as a cause célèbre, the Senate Budget Committee held a hearing on the subject today. The committee's ranking Republican, Jeff Sessions of Alabama, managed to look concerned during two hours of testimony about the kneecapping of the Middle Class—not that it should have been all that difficult. Here are some of the hearing's most striking charts ...

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6 Shocking Ways Capitalism Is Failing Working America

Wed, 01 Feb 2012 00:00:00 -0800

AlterNet - By Les Leopold - Feb. 01 (News Analysis) - Capitalism is coming apart at the seams and the middle-class is paying the price.

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Ford may post best year since 1998

Thu, 26 Jan 2012 00:00:00 -0800

Louisville Courier-Journal - By Bloomberg News - Jan. 26 (News Report) - Ford Motor Co., boosted by a one-time tax gain, may report its most profitable year since 1998, while weakness in Europe and Asia cut fourth-quarter earnings.

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Fmr. Obama Adviser: Focus on U.S. Inequality in Election-Year SOTU Has Occupy Wall Street's Imprint

Wed, 25 Jan 2012 00:00:00 -0800

Democracy Now - By Amy Goodman - Jan. 25 (News Analysis) - In his last State of the Union speech before the November election, President Obama defended his record addressing the financial crisis and called for greater economic fairness. He warned that Wall Street would no longer be allowed to play by its own set of rules. But the bulk of the speech dealt with the economy. We get reaction from Jared Bernstein, former chief economist and economic adviser to Vice President Joe Biden and past member of President Obama’s economic team.

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On day of Mitt Romney's tax release, poll finds widespread support for raising taxes on the 1%

Tue, 24 Jan 2012 00:00:00 -0800

Daily Kos - By Laura Clawson - Jan. 24 (News Analysis) - The Times highlights the partisan divide, but when you have nearly 7 in 10 Democrats, nearly 6 in 10 independents, and about 4 in 10 Republicans agreeing on something, I'd call it a position with significant bipartisan support. Additionally, about half the people surveyed thought that capital gains and dividends should be taxed the same as work, instead of at the much lower rate that allows non-working people like Mitt Romney to pay such low tax rates. Romney, meanwhile, is running for president so he can lower his own taxes while raising taxes on everyone making less than $40,000 a year and increasing the deficit. He sure does have his finger on the pulse of working America, doesn't he?

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The Whoppers of 2011

Wed, 21 Dec 2011 00:00:00 -0800

FactCheck - By Brooks Jackson - Dec. 21 (Fact Check) - Despite what you may have heard in 2011: The new health care law won’t cost many jobs (and they’ll be poorly paying jobs at that). Republicans aren’t proposing to “end” Medicare (and Democratic Sen. Ron Wyden has signed onto a modified version of the GOP plan). Most of the “millionaires” who would pay higher tax rates under a Democratic proposal aren’t job-creating small-business owners. President Obama’s mother didn’t really fight to get health insurance coverage as she was dying. And there was plenty more spin and deception in 2011. Obama claimed he pays a lower tax rate than a teacher. Michele Bachmann endorsed a claim that HPV vaccine causes mental retardation. Joe Biden claimed rapes quadrupled in Flint, Mich., after police layoffs. And that’s just some of the nonsense we debunked.

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For Hire: Lobbyists or the 99%?

Fri, 16 Dec 2011 00:00:00 -0800

publicampaign.org - Dec. 16 (Special Report) - This report builds on a recent report on corporate tax dodging by Citizens for Tax Justice by examining lobbying expenditure data provided by the Center for Responsive Politics. We also look at publicly available data on job creation, federal campaign contributions, and executive compensation, to understand how these corporations have been spending their cash.

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Suspect Claims from Obama’s ’60 Minutes’ Interview

Tue, 13 Dec 2011 00:00:00 -0800

FactCheck - By D'Angelo Gore - Dec. 13 (Fact Check) - President Barack Obama made a couple of questionable claims during a recent interview with Steve Kroft of CBS’ “60 Minutes.” Obama said that “John McCain’s former economist” said that the stimulus “created or saved 3 millions jobs.” Mark Zandi did say that the stimulus created about that many jobs, but … More >>

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Bachmann’s Bad Economics

Wed, 07 Dec 2011 00:00:00 -0800

FactCheck - By Eugene Kiely, Dave Bloom - Dec. 07 (Fact Check) - Michele Bachmann wrongly claims there is “not one shred of evidence that lowering the payroll tax rate created jobs.” Actually, the economy has gained more than 1.4 million jobs in the 11 months since the payroll tax holiday began. That’s 84 percent more jobs than were added in the same … More >>

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Fact-checking the Chamber of Commerce

Wed, 07 Dec 2011 00:00:00 -0800

PolitiFact - By Bill Adair - Dec. 07 (Fact Check) - The U.S. Chamber of Commerce has begun its "voter education" drive, running ads that attack Democrats and boost Republicans. The blitz is beginning in Iowa, Montana, Nevada, Ohio, Pennsylvania, and Washington, including this ad against U.S. Sen. Sherrod Brown of Ohio. PolitiFact Ohio checked the ad's claim that Brown "voted to block American energy production and increase energy taxes" and rated it Mostly False.

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Florida Democrats say Mitt Romney dismissed middle-class tax cuts as 'little Band-Aids'

Wed, 07 Dec 2011 00:00:00 -0800

PolitiFact - By Becky Bowers - Dec. 07 (Fact Check) - As the president pressured Congress to extend his payroll tax cut, Florida Democrats issued a statement calling Republican opposition "shameful." "With Republicans like Mitt Romney belittling middle class tax cuts as nothing more than 'little Band-Aids,' the Republican Party is sending a clear signal to the American people: they are willing to raise taxes on middle-class Americans just to pay for more tax breaks for millionaires and billionaires and big oil," says a quote from Florida Democratic Party executive director Scott Arceneaux.

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Theft in progress: Big Ag raids the treasury—with help from Congress

Thu, 17 Nov 2011 00:00:00 -0800

Grist - By Tom Laskawy. - Nov. 17 (News Analysis) - by Tom Laskawy. If the straight-up taxpayer swindle taking place in the supercommittee isn’t making you angry, you’re probably not paying attention. I’m talking about the attempt by agribusiness and a group of willing farm-state representatives to put billions of taxpayer dollars into the pockets of industrial farmers during the ongoing super committee Farm Bill negotiations. According to The Hill , the moment of truth is upon us: The supercommittee is indeed poised to rewrite the Farm Bill behind closed doors and with no input from reform-minded congresspeople, let alone the public. Many of us have knew this was going on, but the Environmental Working Group (EWG) found some new developments that are nothing short of shocking. EWG reports that the new “shallow loss” subsidy which would protect commodity growers from small price drops via a “taxpayer-paid guarantee of getting no less than 90%[!!] of their income.” This new subsidy is now considered ...

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