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Keyword: taxes

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  • How lawmakers clip taxpayers

    02/19/2012 5:31:47 PM PST · by Graybeard58 · 9 replies · 1+ views
    Waterbury Republican-American ^ | February 19, 2012 | Editorial
    "When the laws undertake to add ... artificial distinctions, to grant titles, gratuities, and exclusive privileges, to make the rich richer and the potent more powerful, the humble members of society — the farmers, mechanics, and laborers — who have neither the time nor the means of securing like favors to themselves, have a right to complain of the injustice." — President Andrew Jackson, 1832 Unless the injustice of those titles, gratuities and exclusive privileges are granted to rich and powerful members of Congress such as Sens. Joseph Lieberman and Richard Blumenthal; in such cases, the humble and impotent are...
  • Proposal for cap on Connecticut gas tax hits speed bump

    02/19/2012 3:47:16 PM PST · by matt04 · 5 replies
    Efforts by state Sen. Len Suzio to get a cap placed on the state’s gross receipts tax for gasoline is being met with strong opposition from the chairman of the legislature’s General Law Committee. State Sen. Paul Doyle, D-Wethersfield, said he doesn’t believe the legislation that Suzio is proposing will result in lower gas prices for motorists. “As co-chairman of the committee that fights to protect consumers, I do not believe the proposal would ease the burden of exorbitant gas prices,” Doyle said. “Let’s not mislead people into thinking this plan is going to bring relief at the pump. History...
  • Tax Foundation Rips Santorum Tax Plan (Grade: D+)

    02/18/2012 11:26:25 PM PST · by JediJones · 195 replies · 1+ views
    The Wall Street Journal ^ | 1/6/2012 | Kristina Peterson
    An antitax advocacy group zinged Republican presidential candidate Rick Santorum’s tax plan, giving him a grade of “D+” grade and the dubious honor of proposing what “may be the worst idea of any of the Republican candidates.” ”The good news is Santorum has gotten more specific about his tax plan since last month when we gave him a D+,” economist William McBride wrote on Thursday. “The bad news is… he’s gotten more specific.” Mr. McBride said the biggest problem with Mr. Santorum’s proposal is the sharply different corporate tax rates he would establish. Mr. Santorum would halve the corporate tax...
  • The History of American Debt:1775-2011

    02/18/2012 1:31:18 PM PST · by orthodoxyordeath · 3 replies
    The Band Of Patriots ^ | August 8, 2011 | Matthew Monos
    Standard and Poor downgraded the credit rating of the USA from AAA to AA+. Add in the fact that they downgraded the credit of institutions such as Freddie Mac and Fannie Mae for being too reliant on government (shocker!), are mulling downgrades of Britain and France, and said they might downgrade the USA again in a few months if the situation doesn't improve, and we're looking at financial free-falls worldwide. This of course has prompted a renewed interest in American debt, since the S&P said that was the main factor in this downgrade. In fact this morning John Chambers, Managing...
  • Congress Releases Details on Payroll Tax Cut and Unemployment Extension

    02/16/2012 11:34:52 PM PST · by 2ndDivisionVet · 5 replies
    Accounting Today ^ | February 16, 2012 | Michael Cohn
    House and Senate negotiators have released a conference committee report spelling out several of the provisions of the payroll tax cut extension legislation, which also extends unemployment benefits and the “doc fix” for Medicare reimbursements for physicians. The bill would extend the 2 percentage point cut in Social Security and Medicare withholding taxes to 4.2 percent through the end of the year. The payroll tax cut provision would put a full $1,000 in the pockets of the typical American family over the course of 2012, according to the office of Senate Finance Committee Chairman Max Baucus, D-Mont. Under current law,...
  • Sen. Sherrod Brown was delinquent on taxes for his D.C. condo

    02/16/2012 8:57:16 PM PST · by rfp1234 · 13 replies
    WASHINGTON — Ohio Democratic U.S. Sen. Sherrod Brown was more than four months delinquent in paying taxes on his Washington, D.C., apartment and had to pay a penalty and interest last week. This was not the first time, records show. Brown also was delinquent in 2006 and 2007 and paid penalties and interest, according to tax records from the District of Columbia. "I was late," he said on a conference call with reporters when asked about the recent delinquency. "I misplaced the bill and I paid it as soon as I found out. I paid a penalty for being late,...
  • Great news: Deal struck on extending temporary tax cut that hasn’t boosted the economy at all

    02/16/2012 9:55:43 AM PST · by SeekAndFind · 12 replies
    Hotair ^ | 02/16/2012 | Ed Morrissey
    Yeah, I know I'm supposed to feel all warm and fuzzy about the fact that Democrats and Republicans didn't play this out to the 11th hour, like they do with every other dispute these days. We're supposed to cheer because the system worked and it produced a bipartisan result in a year that will see precious few of them. Too bad that it sucks money out of an already-ailing trust fund while delivering none of the economic impact promised when we tried it last year:CLICK ABOVE LINK FOR THE VIDEO Congressional negotiators resolved all differences on an agreement to extend...
  • Rick Santorum paid DOUBLE Mitt Romney's tax rate in 2010

    02/16/2012 6:20:22 AM PST · by C19fan · 14 replies
    UK Daily Mail ^ | February 16, 2012 | Staff
    Republican presidential candidate Rick Santorum released four years of federal income tax returns on Wednesday night, showing a sharp rise in his personal wealth spurred by his growing work as Washington-based corporate consultant and media commentator. Santorum's returns show that his federal income taxes rose from 2007, when he paid $167,000, to $310,000 in 2009, then dropped to $263,000 in 2010. During that same period, his annual income surged from nearly $660,000 in 2007 to $1.1 million in 2009 before slipping to $923,000 in 2010. That amounts to an effective tax rate of about 28.5 per cent for the latter...
  • Congressional negotiators reach deal on $150 billion economic plan

    02/16/2012 1:27:19 AM PST · by 2ndDivisionVet · 31 replies
    The Washington Post ^ | February 16, 2012 | Paul Kane
    In a pact early Thursday morning, congressional negotiators gave final approval to an economic plan worth more than $150 billion that would extend a payroll tax holiday and unemployment benefits. A key roadblock was overcome when the lawmakers agreed to require new federal workers to contribute more to their pension plans, clearing the way around 12:30 a.m. for a majority of the House-Senate conference committee to begin signing the deal. The pension provision represented a concession to key Maryland Democrats who, even after prodding from President Obama, did not grant their support until current federal workers were shielded from the...
  • Gallup: 85% of small businesses not hiring (Most cite economy, regulations)

    02/15/2012 12:20:10 PM PST · by SeekAndFind · 25 replies
    Hotair ^ | 02/15/2012 | Ed Morrissey
    Gallup polled small-business owners (value under $20M) about their expansion plans in early January, which for some strange reason didn’t get reported until today. Among those who do not plan to hire — 85% of the entire sample — almost half of all such businesses cited expected costs from health care coverage and government regulation: U.S. small-business owners who aren’t hiring — 85% of those surveyed — are most likely to say the reasons they are not doing so include not needing additional employees; worries about weak business conditions, including revenues; cash flow; and the overall U.S. economy. Additionally, nearly...
  • The Hidden Taxes In Obama's Budget (Sneaky, very sneaky)

    02/15/2012 12:16:33 PM PST · by SeekAndFind
    Zero Hedge ^ | 02/15/2012 | Tyler Durden
    While headlines yesterday crowed and complained of the small rise in the budget and the focus on taxing the wealthy - which admittedly given the peak polarization in political parties is unlikely to actually move into legislation anytime soon - JPMorgan's Michael Cembalest finds perhaps the most controversial part of the proposal hidden deep in the report. While the JPM CIO notes the CBO baseline and alternative scenarios, it is the difference between the $293bn benefit (CBO estimate from last year) and the Administration's new estimate of $584bn that caught his eye as buried on Page 73 of the...
  • What happens when we live off the other guy?

    02/15/2012 11:38:04 AM PST · by landsbaum · 8 replies
    Nearly half of U.S. households receive government benefits. We’ve reached record highs of those relying on government-paid benefits, which is to say, benefits paid for by taxpayers, which is another way of saying redistributed wealth. Which is another way of saying socialism....
  • Obama Budget Raises Taxes on Small Employers, Savers, Families

    02/15/2012 11:02:04 AM PST · by 92nina · 6 replies
    ATR ^ | 2012-02-13 | Ryan Ellis
    President Obama released his FY 2013 budget [Monday] morning. By his own numbers, his budget raises net taxes over the next decade by $1.56 trillion (Table S-9, page 225). As a percentage of the economy, tax revenues would rise all the way to 20.1% of GDP in 2022, far higher than the historical tax revenue average of 18.3% of GDP (Table S-1, page 205). Here are some of the tax lowlights: All 20 of the new or higher taxes in Obamacare are assumed to take place. That means that there will be a 3.8 percentage point surtax on investment income....
  • Obama OMB Admits Obamacare Penalties Are Not Taxes (Obama's OMB admits Obamacare not constitutional)

    02/15/2012 9:41:00 AM PST · by tobyhill · 22 replies
    National Review ^ | 2/14/2012 | Daniel Foster
    Rep. Scott Garrett (R., N.J.) had a nice gambit just now in a hearing with President Obama’s acting OMB director Jeffrey Zients. First he asked Zients if the Obama budget imposes any new taxes on Americans making less than $200,000. When Zients answered that it did not, Garrett followed up by asking if an individual making less than $200,000 a year opted not to carry health insurance, in contravention of the Affordable Care Act, is the fine associated with that decision a tax? After some hemming and hawing, Zients answered that the fine did not constitute an tax.
  • Missing Californians (The Number of Top-Income Californians Have Declined by a Third)

    02/15/2012 7:05:31 AM PST · by SeekAndFind · 34 replies
    American Thinker ^ | 02/15/2012 | Russ Vaugh
    The Sacramento Bee website is reporting that the number of top-income taxpayers in California has declined by a third. In an article in its Capitol Alert section, the Bee says that those Californians with $500,000 and up taxable incomes have declined from almost 150,000 in 2007 to slightly under 100,000 in 2009. The article also notes that the 100,000, representing just over a half percent of the 14.6 million returns, accounted for 18.8 percent of total income reported, but paid 32 percent of all income taxes in 2009. If Governor Jerry Brown wonders where a whole bunch of those making...
  • How Taxing the Rich Harms the Middle Class

    02/15/2012 6:48:25 AM PST · by SeekAndFind · 7 replies
    The American ^ | 02/15/2012 | By Aparna Mathur
    President Obama’s budget speech on Monday expanded on the theme of economic “fairness,” like his State of the Union speech in January. He lectured Americans that if critical steps are not taken, the rise of the middle class will be threatened and disparities between the rich and the rest will continue to grow. A general theme was that taxing the rich would get us a long way towards reducing income inequality. This may be why President Obama failed to extend the promise he made last year to fight for corporate tax reform. Why lower tax rates on “rich” corporations if...
  • (Tax-cheat Timmy) Geithner: Tax hikes must be part of budget (will correct 'fiscal problems')

    02/15/2012 1:42:03 AM PST · by Libloather · 16 replies · 1+ views
    The Hill ^ | 2/14/12 | Peter Schroeder
    Geithner: Tax hikes must be part of budgetBy Peter Schroeder - 02/14/12 01:18 PM ET Treasury Secretary Timothy Geithner told skeptical Republican senators Tuesday that it is simply not possible to correct the nation’s fiscal problems without raising taxes. Geithner defended President Obama’s 2013 budget proposal before the Senate Finance Committee and said the plan is the only option he sees for helping the economy and addressing the deficit without hurting the middle class. "I do not see how you get there if you are unable ... to contemplate and to embrace modest increases in revenue through tax reform," Geithner...
  • Picking Up Obama's Gauntlet on Taxes

    02/15/2012 12:25:49 AM PST · by Cincinatus' Wife · 1 replies
    Wall Street Journal ^ | February 14, 2012 | HOLMAN W. JENKINS, JR.
    ...........Mr.Obama's insincerity on tax reform has been a giant missed opportunity. Mr. Romney is the get-it-done candidate. He could not only point to Mr. Obama's failure to act, but explain why—because it would conflict with the campaign of class resentment that he and his surrogates are so busy denying they intend to run on in the fall. Mr.Romney needs to do something. Mr.Santorum's rise is a telling rebuke—a "conservative" who hails from a blue state and yet who succeeded because he found a natural way to bridge the gap, thanks to his affiliation with unions and hard-hat workers. Yes, his...
  • Proposed Obama budget includes surge in tax hikes (Obama plans tax hikes for EVERYONE)

    02/14/2012 7:53:56 PM PST · by tobyhill · 13 replies
    Fox News ^ | 2/14/2012 | fox news
    President Obama's proposed 2013 budget contains a decade-long surge of tax hikes that, if approved, would affect everything from income to investment to inheritance. The budget blueprint contains roughly $2 trillion in new taxes and fees. When other tax cuts and credits are counted, the net impact from the proposals is still about $1.5 trillion. Though Republicans already are mounting a vigorous campaign against the proposal, many of the tax provisions still could become law unless Congress takes action to stop them. ,,,, But the budget also imposes various fees, such as a hike in the airline "security fee," as...
  • Schoenberg announces support for Rahm's gun registry plan(IL)

    02/14/2012 1:10:59 PM PST · by marktwain · 21 replies
    dailynorthwestern.com ^ | 13 February, 2012 | Susan Du
    Illinois state Sen. Jeff Schoenberg (D-Evanston) has endorsed Chicago Mayor Rahm Emanuel's proposal to create a statewide gun registry in order to decrease gun violence, according to a news release issued Friday. Emanuel proposed requiring gun owners to register each handgun in their possession at a fee of $65 per gun. Currently, Chicago's gun control laws ban weapon sales in the city and prohibit people from taking guns out of their homes. For 28 years Chicago banned gun ownership entirely, until the U.S. Supreme Court overturned that policy in June 2010. Prospective Illinois gun owners must obtain a firearm owner's...