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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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Super Committee Democrats Offer To Scrap Bush Tax Cut Debate In Exchange For $650 Billion In Revenues

Fri, 11 Nov 2011 00:00:00 -0800

Huffington Post - By Sam Stein - Nov. 11 (News Report) - Under their latest proposal to the deficit reduction super committee, Democrats would agree to undertake comprehensive tax reform that included a pledge to avoid letting Bush-era tax cuts for the wealthy expire.

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Boehner’s Big Stretch on Small Business

Fri, 11 Nov 2011 00:00:00 -0800

FactCheck - By Robert Farley - Nov. 11 (Fact Check) - House Speaker John Boehner claimed that “small-business people” make up more than half of those who would be hit by a tax increase on “millionaires.” Not really. Only 13 percent of those making over $1 million get even as much as one-fourth of that income from small business, according to … More >>

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Herman Cain’s 9-9-9 Plan

Tue, 18 Oct 2011 00:00:00 -0700

Citizens for Tax Justice - Oct. 18 (Investigative Report) - If presidential candidate Herman Cain’s proposed “9-9-9 tax plan” was in effect today, then the richest one percent of taxpayers would each pay $210,000 less in annual taxes on average, while the poorest 60 percent of taxpayers would each pay about $2,000 more in annual taxes on average, than they do now. Moreover, under the 9-9-9 plan, the United States government would collect about $340 billion less in revenue in 2011 alone.

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Taxation in the United States

Fri, 30 Sep 2011 00:00:00 -0700

Wikipedia - Sep. 30 (Special Report) - The United States is a federal republic with autonomous state and local governments. Taxes are imposed in the United States at each of these levels. These include taxes on income, property, sales, imports, payroll, estates and gifts, as well as various fees. Taxes are imposed on net income of individuals and corporations by the federal, most state, and some local governments. Residents are taxed on worldwide income and allowed a credit for foreign taxes. Income subject to tax is determined under tax rules, not accounting principles, and includes almost all income from whatever source. Most business expenses reduce taxable income, though limits apply to a few expenses. Individuals are permitted to reduce taxable income by personal allowances and certain nonbusiness expenses, including home mortgage interest, state and local taxes, charitable contributions, and medical and certain other expenses incurred above certain percentages of income. State rules for determining taxable income often differ from federal rules. Federal tax rates vary from 15% to 35% of taxable income. State and local tax rates vary by jurisdiction, and many are graduated. State taxes are generally treated as a deductible expense for federal tax computation. Certain alternative taxes may apply. Payroll taxes are imposed by the federal and all state governments. These include Social Security and Medicare taxes imposed on both employers and employees, at a combined rate of 15.3% (13.3% for 2011). Social Security tax applies only to the first $106,800 of wages in 2009 through 2011. Employers also must withhold income taxes on wages. An unemployment tax and certain other levies apply.

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Tax Facts

Fri, 30 Sep 2011 00:00:00 -0700

Tax Policy Center - Sep. 30 (Research) - Overview of federal tax receipts: the composition of federal tax revenues, the income distribution of tax shares and liability, and the changes in total tax burden and as a percentage of GDP over time.

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Obama’s Teacher Tax Whopper

Thu, 29 Sep 2011 00:00:00 -0700

FactCheck - By Brooks Jackson - Sep. 29 (Fact Check) - President Obama’s claim that he pays a lower tax rate than a teacher making $50,000 a year isn’t true. A single taxpayer with $50,000 of income would have paid 11.9 percent in federal income taxes for 2010, while the Obamas paid more than twice that rate — 25.3 percent (and higher rates than that in 2009 and 2008). And if the $50,000-a-year teacher were in Obama’s tax situation — supporting a spouse and two children — he or she would have paid no federal income taxes at all.

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Super Committee Holding Super Secret Meetings

Wed, 28 Sep 2011 00:00:00 -0700

Huffington Post - Sep. 28 (News Report) - Throughout the day on Tuesday, a smattering of political reporters leaned up against walls in the basement of the Capitol Visitors Center. Inside room HVC200, the 12-member supercommittee, tasked with reshaping the nation's tax code, social safety net and approach to war, was meeting in secret. "I don’t want to discuss what we discussed," Sen. John Kerry (D-Mass.) told the gathered reporters, as recorded by Politico. “I think you all know the rules,” Sen. Jon Kyl (R-Ariz.) told the group, according to Roll Call. “If you want to talk to somebody, talk to our two co-chairmen."

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Barack Obama says construction workers pay higher tax rate than someone earning $50 million a year

Tue, 27 Sep 2011 00:00:00 -0700

PolitiFact - By Louis Jacobson - Sep. 27 (Fact Check) - The Truth-o-Meter says: Half-True | Barack Obama says construction workers pay higher tax rate than someone earning $50 million a year In several appearances recently, President Barack Obama has emphasized tax fairness across the income spectrum. In remarks in Cincinnati, Ohio, on Sept. 22, 2011, Obama sought to promote his American Jobs Act by visiting a "functionally obsolete" bridge spanning the Ohio River. The bill, he said, "would put people back to work rebuilding America -- repairing our roads, repairing our bridges, repairing our schools." During the speech, Obama said that "a construction worker who’s making $50 or $60 grand a year shouldn’t be paying higher tax rates than the guy who’s making ... >> More

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Progressivity in United States income tax

Sun, 25 Sep 2011 00:00:00 -0700

Wikipedia - Sep. 25 (Special Report) - The United States federal income tax is considered to be progressive because rates of tax increase as taxable income increases. In general, the U.S. income tax is progressive, at least with respect to individuals that earn wage income. The lowest earning workers, especially those with dependents, pay no income taxes as a group and actually get a small subsidy from the federal government because of child credits and the Earned Income Tax Credit.[citation needed] "Progressivity" as it pertains to tax is usually defined as meaning that the higher a person's level of income, the higher a tax rate that person pays. In the mid-twentieth century, marginal tax rates (the rate applied to the last bit of income) in the United States and United Kingdom exceeded 90%. As recently as the late 1970s, the top marginal tax rate in the U.S. was 70%. In the words of Piketty and Saez, "... the progressivity of the U.S. federal tax system at the top of the income distribution has declined dramatically since the 1960s".[1] They continue, "... the most dramatic changes in federal tax system progressivity almost always take place within the top 1 percent of income earners, with relatively small changes occurring below the top percentile." Progressivity, then, is a complex topic which does not lend itself to simple analyses. Given the "flattening" of tax burden that occurred in the early 1980s, many commentators note that the general structure of the U.S. tax system has begun to resemble a partial consumption tax regime.[2]

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Policy Options to Raise Revenue by Eliminating or Reducing Tax Subsidies for Wealthy Individuals and Profitable Businesses

Fri, 23 Sep 2011 00:00:00 -0700

Citizens for Tax Justice - Sep. 23 (Special Report) - Congress has several options for raising revenue by reducing or eliminating regressive tax subsidies that benefit profitable businesses and wealthy investors. This report describes several of these options, and includes revenue estimates from the non-partisan Joint Committee on Taxation (JCT) and Congressional Budget Office (CBO). These estimates were produced to project the revenue effects of actual legislative changes and therefore accurately describe the revenue that can be saved from reducing or eliminating tax subsidies.

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9 Policies Conservatives Were For Long Before They Were Against Them

Thu, 22 Sep 2011 00:00:00 -0700

AlterNet - By Joshua Holland - Sep. 22 (News Analysis) - Journalist Steve Benen noted that while "the record here may be inconvenient for the right ... it's also unambiguous: the mandate Republicans currently hate was their idea." It was championed by the Heritage Foundation ... Nixon embraced it in the 1970s, and George H.W. Bush kept it going in the 1980s. For years, it was touted by the likes of John McCain, Mitt Romney, Scott Brown, Chuck Grassley, Bob Bennett, Tommy Thompson, Lamar Alexander, Lindsey Graham, John Thune, Judd Gregg, and many other ... notable GOP officials.

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Does a secretary pay higher taxes than a millionaire?

Wed, 21 Sep 2011 00:00:00 -0700

PolitiFact - By Angie Drobnic Holan - Sep. 21 (Fact Check) - Not all millionaires are equal. There are millionaires who earn their income like most of us -- in salaries. And then there are the millionaires Warren Buffett wrote about in his famous op-ed column for the New York Times asking the federal government to "Stop Coddling the Super-Rich." They earn their living as hedge fund managers or through investments and enjoy a lower tax rate. President Barack Obama blurred the distinction in his recent speech on the economy, calling out things that he said "shouldn't happen." Middle-class families shouldn’t pay higher taxes than millionaires and billionaires. That’s pretty straightforward. It’s ... >>More

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Barbara Boxer says 400 richest taxpayers saw incomes grow by 400 percent, tax rates fall by 40 percent

Wed, 21 Sep 2011 00:00:00 -0700

PolitiFact - By Louis Jacobson - Sep. 21 (Fact Check) - During a Sept. 20, 2011, interview with Al Sharpton on MSNBC, Sen. Barbara Boxer, D-Calif., sought to highlight how America’s richest taxpayers have benefited economically in recent years. "The top 400 earners in this country are worth more … than half of the American people," Boxer said. "And since 1995, the top 400 wealthiest families have seen their incomes go up 400 percent and their tax rates go down 40 percent." We checked the first part -- that the top 400 tax payers saw their incomes grow by 400 percent -- in March 2010, giving it a rating of True. ...

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