03
Oct
11

taxing issues

ThinkProgress

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Michael Scherer (Time): When Barack Obama talks about taxes these days, he likes to talk about Omaha billionaire Warren Buffett’s secretary …. but if Mitt Romney is able to clinch the Republican nomination for President next spring, Obama will have a better example to talk about.

That’s because Romney, a wealthy man whose income mostly comes from long-term investments, is exactly the sort of “millionaire and billionaire” that Obama likes to hold up for scrutiny, since the source of Romney’s income allows him to pay a lower percentage of his money to the federal government each year than many middle-class wage earners.

…. People who earn as much money as Romney typically make most of it in capital gains and often deduct more than they earn in royalties, salary and interest. In other words, they never pay the 35% rate that their income would be subject to if they just got a paycheck like most Americans.

…. Should Romney win the Republican nomination, he will face substantial pressure to release his own tax returns. Usually such disclosures are little more than formality, but in Romney’s case, it would land him in the middle of one of the biggest policy debates of this election season.

…. any tax reform plan put forward by Obama would likely have a significant impact on Romney’s returns. And perhaps more importantly, if Romney wins the nomination, Obama will have a great line to use in debates and on the stump. He wouldn’t just be running against Romney, he’d be running against the large tax advantage that a millionaire investor’s income provides.

Full article here

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Greg Sargent (Wasington Post): Fact check of the day: CNN takes apart the ubiquitous GOP claim that tax hikes on the rich would be damaging to small businesses and the nation’s “job creators”:

In sharp contrast to the rhetoric, current data suggests small businesses don’t create an outsized number of jobs, very few small business owners fall into the top two tax brackets, and tax cuts for small businesses are ineffective stimulus measures.

    Relatively few small businesses would be affected: Extending the tax cuts for top earners for another decade would come at a significant cost – nearly $1 trillion in added debt over a decade. But small businesses wouldn’t see much of that cash. Only 2.5% to 3.5% of small businesses would be affected by an increase in those two rates.

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13 Responses to “taxing issues”


  1. 1 Ladyhawke
    October 3, 2011 at 9:56 am

    This is a brilliant ad. It is absolutely devastating to the Republican Party phony arguments about the rich and taxes. How will they deal with President Obama and and their hero President Ronald Reagan making the exact same point? I hope this little gem gets sprinkled around the internet like confetti.

  2. October 3, 2011 at 10:00 am

    This is an excellent ad. Republicans have put Reagan on a pedastal and tout his policies as gospel. How can they argue this now?

    • 3 anniebella
      October 3, 2011 at 10:12 am

      Good question Jackie. If the so call journalists like Jake Tapper, Mark Knoller, Ed Henry, were any good they would ask these Repblicans about this.

    • 4 Mel
      October 3, 2011 at 10:39 am

      Let’s send this vidio viral specially to the teaparty gangasters. the need to be remaind them even St reagan
      wanted the very rich to pay their fair share, and what’s so wrong with that?.

  3. 5 a4alice
    October 3, 2011 at 10:00 am

    good stuff chips. off to tweet

  4. 6 halo
    October 3, 2011 at 10:02 am

    Just goes to show that the GOP are a bunch of liars.

  5. 7 a4alice
    October 3, 2011 at 10:02 am

    Here is another excellent tweet I just saw from JBNAZ:

    @JBNARIZONA
    Jackie B
    Boehner’s District Suffers From E. Coli Outbreak As House Republicans Try To Gut Food Safety thkpr.gs/nN8H8J via @thinkprogress

  6. 8 anniebella
    October 3, 2011 at 10:08 am

    The Republicans have sold their soul to the no raise tax devil , so they couldn’t change their mind even if they had a mind or if they wanted too.

  7. October 3, 2011 at 10:13 am

    Hi Guys, according to my sources (I do have some very powerful sources: The Internet!!!!! :):):)), at 2:35PM ET, PBO will be interviewed by George Stephanopoulos. The entire interview will stream live on Yahoo.com and ABCNews.com.

    Time for more RW talking points from George, I guess.

  8. 11 Don
    October 3, 2011 at 10:42 am

    Chipsticks, first of all let me apologize for going off on a tangent. I know this thread is about taxes, but I just can’t hold it in any longer. Since when did Chris Mathews become a fucking campaign guru? Is he really going to have Michael Moore and the Clinton’s bag-man Mark Penn on his show tonight discussing how President Obama should run his reelection campaign? Last time I checked Michael Moore was in love with John Huntsman, and Penn was still trying to figure out how President Obama handed the Clinton machine their asses to them. Now these two jack-asses are going around pretending to be campaign managers. Oh by the way, Rick Perry’s family owned a hunting camp that went by the name……..wait for it…..wait for it…….Niggerhead!……..yep…….Niggerhead!. The next possible leader of the free world family owned a hunting camp that went by the name Niggerhead. Where the fuck is the outrage? Why isn’t any progressive website running this story as the lead in 1000 font? But no, the big story is President Obama isn’t down on Wall Street with the protesters getting pepper sprayed. I am now convinced that the only way President Obama will win reelection is with the voters, he has no help, no surrogates that are willing to help carry his message. The President is up against it, and we must stand with him.

  9. 12 Ladyhawke
    October 3, 2011 at 12:39 pm

    OF THE 1%, BY THE 1%, FOR THE 1%

    By Joseph Stiglitz

    Americans have been watching protests against oppressive regimes that concentrate massive wealth in the hands of an elite few. Yet in our own democracy, 1 percent of the people take nearly a quarter of the nation’s income—an inequality even the wealthy will come to regret.

    http://www.vanityfair.com/society/features/2011/05/top-one-percent-201105

    ==================================================

    (VIDEO) Joseph Stiglitz on “Of the 1%, by the 1%, for the 1%” (Vanity Fair) & Analysis of GOP Budget.

  10. 13 utaustinliberal
    October 3, 2011 at 4:03 pm

    Brilliant Ad. Off to tweet.


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