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One Percent, Many Variations

Sun, 15 Jan 2012 00:00:00 -0800

New York Times - By Shaila Dewan, Robert Gebeloff - Jan. 15 (Special Report) - Adam Katz is happy to talk to reporters when he is promoting his business, a charter flight company based on Long Island called Talon Air. But when the subject was his position as one of America’s top earners, he balked. Seated at a desk fashioned from a jet fuel cell, wearing a button-down shirt with the company logo, he considered the public relations benefits and found them lacking: “It’s not very popular to be in the 1 percent these days, is it?”

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Warren Buffett Ready to Take Republicans' Tax Challenge

Wed, 11 Jan 2012 00:00:00 -0800

Time - By Rana Foroohar - Jan. 11 (News) - Buffett has pledged to match 1 for 1 all such voluntary contributions made by Republican members of Congress. “And I’ll even go 3 for 1 for McConnell,” he says. That could be quite a bill if McConnell takes the challenge; after all, the Senator is worth at least $10 million. As Buffett put it to me, “I’m not worried.”

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The Pledge: Grover Norquist's hold on the GOP

Tue, 22 Nov 2011 00:00:00 -0800

60 Minutes - By Steve Kroft - Nov. 22 (Special Report) - As head of Americans for Tax Reform since 1986, Grover Norquist has transformed a single issue - preventing tax hikes - into one of the key platforms of the Republican Party. As Steve Kroft reports, his biggest coup was getting more than 270 members of Congress, and nearly all of the 2012 Republican presidential primary candidates, to sign a pledge promising never to vote to raise taxes. But some opponents say the pledge may be hindering a solution to America's debt crisis.

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Panel Fails to Reach Deal on Plan for Deficit Reduction

Tue, 22 Nov 2011 00:00:00 -0800

New York Times - By Jennifer Steinhauer, Robert Pear, Helene Cooper - Nov. 22 (News Report) - After one last bout of fitful but futile talks, Congressional negotiators conceded the obvious: that the joint Congressional committee charged with drafting a deficit reduction package would miss its deadline this week. But they did not quite give up the ghost of a chance that a solution might be found later.

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Lawyers: Court order will allow Occupy Wall St. protesters to return with tents to NYC park

Tue, 15 Nov 2011 00:00:00 -0800

Washington Post - By Associated Press - Nov. 15 (News Report) - Hundreds of police officers in riot gear raided Zuccotti Park early Tuesday, evicting dozens of Occupy Wall Street protesters from what has become the epicenter of the worldwide movement protesting corporate greed and economic inequality.

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What is a Tobin Tax?

Tue, 08 Nov 2011 00:00:00 -0800

BBC News - By Andrew Walker - Nov. 08 (News) - In a BBC interview, he acknowledged that there are counter-arguments, but said "where you have a scheme backed by a lot of very serious economists, by people who can't just be written off as knee-jerk anti-capitalists, the likes of George Soros and Bill Gates, there has to be be something to be said for it."

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Poll: People Who'd Pay Higher Taxes Under 9-9-9 Think They'd Pay Lower Taxes

Fri, 04 Nov 2011 00:00:00 -0700

Slate - Nov. 04 (News) -

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What Percent Are You?

Tue, 25 Oct 2011 00:00:00 -0700

Wall Street Journal - By Phil Izzo - Oct. 25 (Special Report) - The Occupy Wall Street movement seeks to speak for the bottom 99% of the population by income, which includes pretty much everyone who makes less than $500,000 a year. According to the protesters’ unofficial website, “Occupy Wall Street” is a leaderless movement of people from many different backgrounds. “The one thing we all have in common is that we are the 99% that will no longer tolerate the greed and corruption of the 1%,” the website says. A related site called We Are the 99% records stories from people around the country. The calculator above shows where your income stands on the wide range of the 99%. An annual salary above $506,000 puts you in the top 1%, while you need to make less than $2,500 a year to be in the bottom 1%. Where do you stand?

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Cain's tax cut would give thousands back to the rich

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

McClatchy - By Steven Thomma - Oct. 18 (News) - Herman Cain’s 9-9-9 tax plan would give every American making more than $1 million an average tax cut of $455,000, according to a new independent analysis. All Americans with incomes above $200,000 would get tax cuts under the Republican presidential candidate’s dramatic proposal, according to the analysis by the Tax Policy Center, a joint effort of the Urban Institute and Brookings Institution, both respected center-left policy-research centers. At the same time, those with incomes below $200,000 _ 84 percent of taxpayers _ would see their taxes increase under the Cain plan, according to the analysis, which is the first to look at precisely what would happen to different incomes under the proposal.

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Wall St. trading could generate taxes

Wed, 05 Oct 2011 00:00:00 -0700

The Politico - By Josh Boak - Oct. 05 (News Report) - “The existence of the tax has not prevented the U.K. from having a vibrant financial market,” he wrote. “Apparently investors view the benefits of trading on the London exchange as being valuable enough to outweigh the cost of the tax. Presumably, this would be even more true in the case of the United States.”

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Democrats Propose 5% Job Killing Surtax on Millionaires

Wed, 05 Oct 2011 12:00:51 -0700

Wall Street Journal - Oct. 05 (News) - Senate Democrats proposed a 5% job killing surtax on people earning more than $1 million a year to pay for the $447 billion cost of Obama's 'so-called' job-creation bill, in a move designed to shore up Democratic support for the measure.

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Buffett's words twisted on taxes

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

CNN - By Charles Riley - Sep. 29 (News Report) - Warren Buffett's words were used Friday by lawmakers to score petty political points -- exactly the kind of rhetoric he is asking Congress to put aside. At issue: Whether or not Buffett likes a White House tax proposal that the billionaire investor himself came up with and lent his name to.

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Obama, taxes and the ‘Buffett Rule’

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

Washington Post - By Glenn Kessler - Sep. 21 (Fact Check) - We have to admit we had overlooked this part of President Obama’s Rose Garden speech until we read David Brooks’s column in The New York Times Tuesday accusing the president of being misleading on the issue of taxes. “He repeated the old half-truth about millionaires not paying as much in taxes as their secretaries,” Brooks wrote. We’re not going to get into an argument between Brooks and Obama. We understood Obama’s comments to be specific to the situation that investor Warren Buffett outlined in his famous opinion article in The New York Times, in which he noted that he paid a lower tax rate than other people in his office. But, looking at Obama’s words again, we can see why Brooks thought Obama was saying that in general middle-class families were paying more in taxes than millionaires. (For the record, the White House says that was not Obama’s intent.)

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Obama Calls for New Taxes on Wealthy

Tue, 20 Sep 2011 00:00:00 -0700

Wall Street Journal - By John D. McKinnon, Jared Favole, Damian Paletta - Sep. 20 (News Report) - Obama called for $1.5 trillion in new taxes to help lower the nation's deficit, saying tax cuts for millionaires and billionaires in the last decade helped add to the country's massive debts.

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Obama turns fire on Republicans

Mon, 19 Sep 2011 00:00:00 -0700

Washington Post - By Dan Balz - Sep. 19 (News Report) - The deficit-reduction speech President Obama delivered from the Rose Garden on Monday underscores the sharp strategic pivot he and his administration have made in the wake of the debt ceiling negotiations. Call it lessons learned the hard way, or the necessary readjustment by a politician, but the Obama who spoke on Monday was in a far different place politically and stylistically from the president who tried to pull off a grand bargain with House Speaker John Boehner (R-Ohio) in July and August.

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Fact Check: Did Rick Perry Double Texans' Taxes?

Wed, 14 Sep 2011 00:00:00 -0700

ABC News - By Amy Bingham - Sep. 14 (Fact Check) - The Republican presidential debate started to look more like a Texas showdown Monday night when Rep. Ron Paul, R-Texas, accused his governor and fellow GOP candidate Rick Perry of doubling his taxes. “I’m a taxpayer there. My taxes have gone up. Our taxes have doubled since he’s been in office,” Paul said in response to the question about whether Perry should get credit for Texas’ job growth. ”So I would put a little damper on this but I don’t want to offend the governor because he might raise my taxes or something. ” But while Paul’s taxes have gone up in the decade Perry has been governor, the increase seems to have resulted more from the rising value of his house than policies handed down from the State House.

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As debt-ceiling crisis grows, McConnell warns default could 'destroy' GOP

Thu, 14 Jul 2011 00:00:00 -0700

Los Angeles Times - By James Oliphant - Jul. 14 (News Report) - Mitch McConnell, the Senate minority leader who has proposed a fallback plan that would likely ensure the $14.3-trillion debt limit would be raised, said in a radio interview that a default by the United States could critically damage his party heading into the 2012 elections.

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For Boehner, Lofty Budget Goals Checked by Reality

Mon, 11 Jul 2011 00:00:00 -0700

New York Times - By Carl Hulse - Jul. 11 (News Report) - At a private meeting about deficit reduction at the White House last week, Speaker John A. Boehner told his fellow Congressional leaders and President Obama that he did not spend 20 years working his way up to the top job on Capitol Hill just for the cachet of the title — he wanted to accomplish something big.

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Deficit hopes scaled back as Boehner pulls support

Sun, 10 Jul 2011 00:00:00 -0700

Los Angeles Times - By Lisa Mascaro, Christi Parsons, Peter Nicholas - Jul. 10 (News Report) - The Republican House speaker bows to party pressure and says he'll seek a smaller agreement. President Obama has not abandoned the idea of a bargain that would reduce deficits by $4 trillion over 10 years.

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No big budget deal? Blame Obama, not Boehner

Sun, 10 Jul 2011 00:00:00 -0700

Reuters - By James Pethokoukis - Jul. 10 (News Analysis) - President Barack Obama could have done two things that might have saved his Mother of All Budget Deals. First, he could have embraced market-centered, consumer -focused reforms to Medicare. That was about as likely as him accepting an Obamacare rollback. Second, he could have agreed — as House Speaker John Boehner and Republicans suggested — to sharply reduce tax rates in return for fewer special tax deductions/breaks/loopholes/subsidies. Recall that is what his own debt commission recommended.

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Like Reagan at Reykjavik, Boehner passes on a bad deal

Sun, 10 Jul 2011 00:00:00 -0700

Reuters - By James Pethokoukis - Jul. 10 (News Analysis) - Indeed, as negotiations wore on, Obama got tougher on taxes (pushed hard by the hard left), and the deal he was cooking up almost certainly wouldn’t have been revenue neutral as he tweaked rates and reduced tax deductions. Not even close. Nor did it help that Obama reportedly balked at a spending-cut trigger if certainly tax reforms were not completed.

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Deficit battle shaping up as GOP victory

Sat, 02 Jul 2011 00:00:00 -0700

Los Angeles Times - By Lisa Mascaro, Christi Parsons - Jul. 02 (News Report) - Even as the political battle mounts over federal spending, the end result for federal policy is already visible — and clearly favors Republican goals of deep spending cuts and drastically fewer government services. President Obama entered the fray last week to insist that federal deficits can't be reduced through spending reductions alone. Federal tax revenue also must rise as part of whatever deficit reduction package Congress approves this summer, he said. Obama has been pushing to end a series of what he calls tax loopholes and tax breaks for the rich.

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Fact checking a claim on tax breaks

Fri, 01 Jul 2011 00:00:00 -0700

The Politico - By Abby Phillip - Jul. 01 (Research) - President Obama used oil barons and corporate jet owners to anchor his opposition to Republicans' demands on taxes in his press conference on Wednesday. His indictment against corporate jet owners in particular was repeated so often, six times, that it certainly rankled Republicans who saw it as a clear case of class warfare.

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In Deficit Plan, Taxes Must Rise, President Warns

Thu, 30 Jun 2011 00:00:00 -0700

New York Times - By Mark Landler - Jun. 30 (News) - President Obama pressured Republicans on Wednesday to accept higher taxes as part of any plan to pare down the federal deficit, bluntly telling lawmakers that they “need to do their job” and strike a deal before the United States risks defaulting on its debt.

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High noon for ethanol

Tue, 14 Jun 2011 00:00:00 -0700

The Hill - By Andrew Restuccia, Ben Geman - Jun. 14 (News) - he Senate is slated to vote on Sen. Tom Coburn’s (R-Okla.) plan to eliminate a major ethanol industry tax break and the ethanol import tariff. Ethanol backers are battling the amendment and seeking to pull support from Coburn.

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