Archive for ‘Taxes’

March 15, 2013

What’s truly wrong with the Ryan Budget

Paul RyanBy , The Washington Post

The tax plan embedded in the House Republican budget would cut taxes by $5.7 trillion over the next decade, with the benefits flowing disproportionately to very wealthy households, according to a new analysis by the nonpartisan Tax Policy Center.

Taxpayers earning more than $1 million a year would benefit the most from the GOP tax plan, the analysis shows, reaping an average $400,000 tax break that would send their after-tax income soaring by nearly 20 percent.

Meanwhile, taxpayers earning between $40,000 and $50,000 a year —

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February 12, 2013

Weak Demand to Blame for Unemployment, Not Taxes or Regulations

unemployment line_depressionThe core of the ideological economics debate the country has beared witness to over the last few years centers on essentially 2 elements;

1) Taxes and regulations are slowing the recovery and restraining growth and hiring

and…

2)  Demand is the primary mover of job creation, especially during an economic recovery

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February 1, 2013

TAXES! How does the U.S. measure up?

Tax returnsTaxes are always a political hot potato but over the last few years they have been the searing topic of choice as the Bush Tax Cuts’ expiration was debated by many a political pundit, each and every one of them apparent “experts”. Screams and wails about how much individual or “job creator” taxes will rise or fall should one or the other candidate wins. Constant complaints emanate from the Republican Party and the likes of Grover Norquist that taxes are too high, how any increase will destroy the economy and only lower taxes will save us all despite the large temporary cuts which have been in effect for more than a decade.

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December 19, 2012

Daily Scoop: Why the Bush tax cuts were enacted

Washington Post Factchecker:

GW Bush_cropWe’ve noted this history before, but many people have forgotten it. Given that the dispute over whether to extend all of the Bush tax cuts has now led the nation to the edge of the “fiscal cliff,” let’s take a trip back in time to recall why the Bush tax cuts were enacted in the first place. (The Fact Checker covered passage of the Bush tax cuts as an economic policy reporter for The Washington Post.)

Oddly, a key reason the tax cut became reality was because of a fear the United States soon would have zero debt.

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October 17, 2012

Armchair Debating Mitt Romney

The 2nd presidential debate last night was nothing if not exciting and tension filled. The Obama we knew from 2008 was back with fervor while Romney fought back hard to maintain his momentum and success from the first debate. There were several moments of clear disagreement or misunderstanding of the facts between the two candidates. Romney pressed the president on oil and gas permitting, the actual events surrounding the attack in Benghazi, budget deficits and immigration. The President, while much improved this time around, was unable to fully push back. So to play a bit of armchair debating and employ a healthy dose of 20/20 hindsight let’s revisit a few of these issues from last night.

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August 1, 2012

The Daily Scoop: Studies reveal Romney-GOP plans place burdens on poor & Seniors

Romney tax plan would shift burden to poor

NEW YORK (CNNMoney) — Mitt Romney’s tax plan would provide large tax cuts to the very wealthy, while increasing the tax burden on the lower and middle classes, according to a study released Wednesday.

The report — produced by researchers at the Urban-Brookings Tax Policy Center — illustrates just how difficult it would be to recoup government revenue lost under Romney’s plan.

The presumptive Republican presidential nominee’s tax plan calls for 20% cuts to today’s Bush-era income tax rates. He would also eliminate the Alternative Minimum Tax.

Those tax cuts would lead to a sharp decline in government revenue. Yet Romney insists he will make up the difference in-part by limiting deductions, exemptions and credits currently available to top-level income earners.

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July 12, 2012

The Daily Scoop: ACA “Largest Tax Increase in History”

A new ad attacks Sen. Bill Nelson, D-Fla., on the health care law and claims to have “the facts.” But then it trots out a series of well-worn distortions.

The ad is from an outside spending group called American Commitment, which said on its website that it supports “free markets, economic growth, constitutionally limited government, property rights, and individual freedom.” It’s a 501(c)4, so it doesn’t have to disclose its donors. (For more details about American Commitment’s connections and spending, check out this report from the Washington Post.)

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July 2, 2012

The Daily Scoop: Should Small Businesses Really Fear Obamacare?

One of the Affordable Care Acts’ opponents ‘most repeated claims is its “job killing” nature. According to the law’s critics, it has caused widespread uncertainty for the business community throughout the US keeping them from effectively budgeting for premium costs which results in companies putting off hiring. Other claims call the law’s coverage requirements prohibitive which will cause small businesses to choose between retaining costly employee health insurance plans & eliminating coverage and just pay the cheaper penalty. Opponent are positive the burdens of the health care reform will eventually drive people out of business and kill the entrepreneurial spirit in the US.

But is any of this true?

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June 26, 2012

Daily Scoop Xtra: States Lacking Income Tax Get No Boost in Growth

In the wake of the Norquist “No Tax” Pledge, the gridlock caused in Congress over raising taxes in any form and attempts by many Republican-controlled state legislatures to further reduce state taxes to spur growth, a new study finds how misguided supply-side economics is during times of economic recovery.

BLOOMBERG- Governors seeking to expand their economies by eliminating income taxes find little support for the idea in the record of U.S. states that lack such a levy.

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June 24, 2012

The Daily Scoop: Norquist delivers GOP’s marching orders

With all the Right’s hoopla over the President’s “czars” it’s curious how the current Republican Party has opted for their own unelected leader, Grover Norquist.

By Dana Milbank | The Washington Post

All hail Grover Norquist!Bow down, Lindsey Graham. The Republican senator from South Carolina dared to say he might consider supporting a tax increase — but then Norquist paid him a visit on Wednesday. “Every once in a while you have somebody with an impure thought like Lindsey Graham,” Norquist told me. But after their talk, Norquist could report that “Graham will never vote for a tax increase.”

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