As the improving economy has robbed conservatives of their chief talking point against President Obama, they ve turned to rising gas prices as the next problem to pin on the president.
Citizens for Tax Justice has analyzed corporate tax rates from 2008 to 2010. The report [PDF] examines over half of the Fortune 500 companies. Perhaps it s no surprise that the richest industries get the biggest subsidies, starting with finance and Big Energy. That s how the 1% operate.
A record 15.4 million suburban residents lived below the poverty line last year, up 11.5% from the year before, according to a Brookings Institution analysis of Census data released Thursday. That's one-third of the nation's poor.
On Monday, the administration released its deficit reduction blueprint. One part of the administration s proposal, which has received enormous attention, was that the Joint Select Committee on Deficit Reduction observe the Buffett Rule if it attempts tax reform. The furor over this proposal is surprising and the debate about it seems to have largely missed the point.
Deep poverty - that is, the share of the population with incomes below half the poverty line - rose by a statistically significant amount in 40 states (including the District of Columbia) from 2007 to 2010 and fell in none, Census Bureau data released today show.
Here in the egalitarian paradise of the United States, there is apparently nothing worse than "class warfare" - which is why Republicans are trying to affix this damning label to President Obama s new plan to raise taxes on the rich. One hitch, though, is that the billionaire Warren Buffett is not alone in his willingness to pay higher taxes. Many other wealthy Americans are also ready to see their taxes go up.
From the president's hometown comes an example of what he is actually supporting. The Chicago Tribune reports that an investigation it conducted with WGN-TV found "23 retired union officials from Chicago stand to collect about $56 million from two ailing city pension funds."
The Census Bureau reported today that the nation s poverty rate grew to 15.1% in 2010, an increase for the third year in a row, and that median household income declined in 2010. Pew Research Center reports have documented the impact of the Great Recession and shaky recovery on Americans wealth, work lives, personal finances and emotional well-being finding, for example, that more than half of working Americans report a job-related hardship.
The net change in jobs in America last month was a big fat zero. Cuts in government jobs wiped out private sector growth that would have been moderate even if the Verizon strike had not temporarily reduced employment.
Upper-income Americans, who have accumulated a large percentage of the wealth in the country, as well as outsize political influence, are viewed as the engineers of the economy. Middle-class Americans, once the beneficiary of all kinds of government programs and support, now must fight just to keep the ones they have.
This state-within-a-state has been built almost exclusively with money from public contracts, including the training of its staff (overwhelmingly former civil servants, politicians and soldiers). Yet it is all privately owned; taxpayers have absolutely no control over it or claim to it. So far, that reality hasn't sunk in because while these companies are getting their bills paid by government contracts, the Disaster Capitalism Complex provides its services to the public free of charge.
Because while President Barack Obama and most experts are pushing for a greater federal investment in roads and infrastructure to create jobs and strengthen our economy, a growing minority in Washington wants to end the federal gas tax and phase out funding for new construction under the federal roads program.
The inequalities of British cities, where incredibly the rich live side-by-side with the profoundly dispossessed, are the visual marker of a deeper trend: the pushing out from urban environments of anyone without money, anyone who cannot afford to own property, who cannot find a job, or can find only badly paid menial work. When millionaire politicians -- many of whom have themselves been found guilty of stealing taxpayers' money to pay for second homes and expensive consumer goods -- attack people for theft and criminality, they make it clear once again that there is one rule for the rich and powerful and another for the poor.
Discrimination against people who are out of work is a phenomenon that's been in the news since last year, and lately it has been getting a lot more attention. Democrats in both chambers of Congress now want to make it a federal crime.
Presidential candidate and ultra-conservative congresswoman Michele Bachmann prays every day for guidance. "The American people are looking for someone who will say, 'No'," she said last week. "I will be that person I won't raise taxes. I will reduce spending. I won't vote to raise the debt ceiling. And I have the titanium spine to see it through."
Barack Obama has not slept in the last week, worried about the impending debt crisis deadline, according to a White House aide. He will not be getting much sleep over the next 48 hours either, as the standoff between the Republicans and Democrats the biggest ideological collision between the parties for decades enters its final phase.
The rich are getting richer. Their effective tax rate, in recent years, has been reduced to the lowest in modern history. Nurses, teachers and firemen actually pay a higher tax rate than some billionaires. It's no wonder the American people are angry.
Before we make political partisanship a felony, punishable by endless lectures from weather-vane senators and allegedly wise commentators, let s remember that some choices are real, consequential and mutually exclusive.
Understanding the debate about raising the debt ceiling, and imagining the economic crisis that will follow if Congress fails to do so, is really very simple. Tea Party Republicans - a national political minority, and a minority even within their own party - are the problem. They not only refuse to compromise, they passed a radical right-wing plan innocuously called "cut, cap, and balance." This plan would turn back the political clock by at least 150 years, and cripple the federal government's ability to function.
Ever since President Obama was on the campaign trail, he has been derided by Republicans for vowing to allow the Bush tax cuts for the richest two percent of Americans to expire. And that s because, to Republicans, there are few things more important than the top marginal tax rate. And to hear Republicans tell it, marginal tax rates are the be-all and end-all of economic growth
A business group that has taken some positions popular among liberals has come out against a corporate tax holiday for offshore profits, saying U.S. multinationals already have too much incentive to ship jobs abroad.
Republican Gov. Sam Brownback took the major step of privatizing the arts in Kansas, turning back the clock to a pre-1960s era. The governor erased state funding for arts programs, leaving the Kansas Arts Commission with no budget, no staff and no offices. The commission was founded in 1966, a year after Congress established the National Endowment for the Arts.
The ceiling was first imposed in 1917 as part of a deal that passed the Liberty Bond Act that funded America's entry into the First World War. To make it easy for the Treasury to sell those bonds, Congress also amended the Federal Reserve Act to allow the Fed to hold government bonds as collateral. But given the potential for unchecked Federal deficits, Congress sought to limit taxpayer exposure to $11.5 billion.
After yesterday s failed Rally Against Debt attracting around 500 attendees, despite the benefit of a Times opinion collumn and coverage across the newspapers - we thought it was time to turn the tables on the Tories by using the No2AV posters they funded to campaign against the Coalition s cuts.
Like other Seminole County schools, Lake Howell still prides itself on solid academics. But the state budget cuts that began four years ago have taken their toll, and the fallout will escalate with the bare-bones funding the Florida Legislature approved this month, said Principal Shaune Storch.
By more than 3-to-1, those surveyed say the deficit stems from too much spending, rather than too little tax revenue. When it comes to solving the deficit problem, about half of Americans, 48%, want to do it entirely or mostly with spending cuts. Some 37% support an equal mix of spending cuts and tax increases; 11% prefer mostly tax hikes
If you hate taxes but dutifully cheer for wars, it's lucky you also oppose school funding sufficient to produce historical literacy. Taxes are a byproduct of wars. Were it not for wars and war propaganda, this country would have never begun paying taxes. If we were to end wars, and only if we were to end wars, we could consider ending taxes too.
Hey, rich folks! The American people are putting you on notice. They want you to pay higher taxes. Two new polls suggest there is broad support for raising taxes on households making more than $250,000 a year, and all in the name of deficit reduction.
Last night President Obama and congressional negotiators cut a deal to keep the government running, cutting "$38.5 billion under current funding levels, per Republican demands," and $78 billion below what Obama called for in his initial 2011 budget.
Despite causing an historic oil spill in the Gulf of Mexico last year, BP plans to reduce its tax bill by almost $13 billion by writing off its losses. The move is legal and above board. But with millions of Americans having just settled up with the IRS for 2010, it's causing consternation among activists who say BP shouldn't be offsetting its losses with federal money -- especially when Washington is in a budget crunch.
MATT MILLER had a modest meltdown in the Washington Post on Wednesday over the fact that Republicans are refusing to raise the national debt ceiling even though their own budget raises the national debt by $6 trillion over the next decade, and no one in the national press corps seems to be pointing out the contradiction.
One year ago, on April 20, 2010, BP's oil began to pour into the Gulf of Mexico. It did not stop for 87 days. Today, economic and environmental devastation remain. Thousands of Gulf Coast residents cope with massive health problems from oil and toxic dispersants. BP, on the other hand, just scored a nearly $10 billion dollar credit on their 2010 federal tax return, by writing off their "losses" incurred from the tragedy.2
A group of admirable Americans has formed an organization called United for a Fair Economy that hopes to change federal tax laws to increase taxes on the wealthiest Americans. The leaders of this organization are indeed 'admirable' because they are willing to walk the talk. They are in the upper echelons of wage earners and are helping to serve as lead advocates to make people like themselves pay more in taxes.
When it comes to taxes, not all income is created - or taxed - equal. Despite the time-honored value of rewarding hard work, our tax code gives preferential treatment to income derived from pre-existing wealth instead of income earned from work.
Credit rating agency Standard & Poor s (S&P) lowered its outlook on long-term U.S. debt to 'negative' from 'stable' today, warning that more than two years after the beginning of the financial crisis, the government has yet to agree on how to address soaring debt and deficit levels. Importantly, the company maintained its AAA rating on the U.S., keeping the U.S. among the 19 countries of the world deemed worthy of the top rating.
Republicans maneuvered their controversial budget proposal through the House by a vote of 235-193 on Friday, firing the first salvo in what's likely to be a long battle over how to reduce the federal deficit. It now goes to the Senate, where it's viewed as a nonstarter.
The Chairman of the House Budget Committee, Congressman Paul Ryan of Wisconsin, will be unveiling his FY2012 budget tomorrow. Not all the details are public information, but what we do know is very encouraging. Ryan’s plan is a broad reform package, including limits on so-called discretionary spending, limits on excessive pay for federal bureaucrats, and steep [...]
Yes, tax the Super Rich. Tax them now. Before the other 99% rise up, trigger a new American Revolution, a meltdown and the Great Depression 2. Revolutions build over long periods - to critical mass, a flash point. Then they ignite suddenly, unpredictably. Like Egypt, started on a young Google executive's Facebook page. Then it goes viral, raging uncontrollably. Can't be stopped. Here in America the set-up is our nation s pervasive "Super-Rich Delusion."
The narrative on tax cuts goes something like this: "You don't want to raise taxes on the job creators during a recession." This is a powerful argument. Unfortunately, it is a dishonest argument. It is just as disingenuous as its corollary, "I've never seen a poor person hire anyone."
The Congressional Budget Office on Friday released its analysis of President Obama s 2012 budget proposal and found it does less to rein in deficits and the debt than the administration had estimated.
In April, House Republicans plan to lay out the broad outlines of their budget to fund the federal government for 2012, but this week the chairman of the House Small Business Committee revealed his spending priorities for the Small Business Administration. While President Obama proposed to save $28 million in his budget by cutting or eliminating a handful of programs, Representative Sam Graves, Republican of Missouri, declared that the president s cuts did not go far enough. He recommended cutting an additional $100 million.