Entries Tagged as 'taxes'

Middle Class Taxpayers Still Lose

December 29th, 2011 at 9:45 am 25 Comments

The recent fight over the extension of the payroll tax holiday has once again shown that the Republican Party does not particularly care about the middle class tax burden. The party is quite interested though in cutting taxes on the highest earners. What gets completely ignored is the fact that most billionaires already have lower effective tax rates than some segments of the middle class.

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The Coming Liberal Argument

December 19th, 2011 at 12:00 am 51 Comments

Here is a real effect Occupy Wall Street is having on the liberal left. They will start to blame the current bad economy explicitly on income inequality.

Here is Heather Boushey writing at the Center for American Progress:

Take, malady for example, buy the housing bubble of the 2000s. It was facilitated in no small part by exotic mortgages that were sliced and diced and sold to investors who pushed home prices to hitherto unknown heights. And when it popped, millions of American families—through no fault of their own except the decision to buy a home—were left with mortgages greater than the value of their homes. High rates of foreclosure still plague our economy.

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Where Was the GOP’s Middle Class Agenda?

David Frum December 12th, 2011 at 10:21 am 74 Comments

Saturday night’s debate provided a good example of how current GOP orthodoxy thwarts presidential candidates from talking seriously about the economic problems of the American middle class.

Mitt Romney wants to offer a middle-class economic agenda. (Or anyway, his consultants have decided he needs to offer a middle-class economic agenda. Motives don’t matter for our purposes here.)

That agenda reduces itself to one point: elimination of taxes on capital gains, interest and dividends for Americans earning less than $200,000 a year.

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It’s Hard to End Subsidies for Millionaires

December 9th, 2011 at 12:26 pm 21 Comments

Steve Moore and Walter Williams’ proposed “Millionaire Subsidy Elimination Act” , floated in today’s Wall Street Journal, surely has a lot to recommend it. People who make a huge amount of money surely don’t deserve any true individual benefits from the state.

Nice as it sounds on paper, however, making the idea work in practice seems to present a lot of practical and logistical hurdles. None seem insurmountable but all would have to be dealt with in some way. Here are four:

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Make Schumer and Pelosi Defend Tax Deductions for the Rich

November 22nd, 2011 at 1:04 am 67 Comments

Michael Barone points out the three big tax deductions which are hard to eliminate: the charitable deduction, sale the home mortgage interest deduction, check and the state and local tax deduction.

I agree with him that elimination of the charitable deduction is wrong for Republicans. Home mortgage deductions could be eliminated for loans over $500, see 000 without eliminating middle class home ownership. (Though it would affect the building trades). But the real gold and political opportunity for Republicans is in State and local taxes.

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Real Policy isn’t Done Through Taxes

November 2nd, 2011 at 4:20 pm 27 Comments

David Frum is right to attack the growing Republican orthodoxy that “nothing is wrong with this country that cannot be solved by abolishing the capital gains tax.” He should take the argument a little further: a fixation on taxes above everything else–regulatory policy and excellence in provision of necessary government services in particular–has done enormous damage to the conservative cause.

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Perry’s New Gambit

October 21st, 2011 at 12:00 am 40 Comments

Perry’s chances of winning the Republican nomination depend entirely on his ability to sell himself as a Teastablishment candidate. Perry has a ten-year record in Texas that shows an interest in governance, prescription and he has way with sharp rhetoric (“treason”) that sends thrills up the leg of your average Tea Partier.

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Here’s “My Share”

September 23rd, 2011 at 12:01 pm 201 Comments

A friend of mine has a sister who has been broke for years. Ten years ago he got heartsick over watching her struggle while his own career took off, purchase so he began supporting her by supplementing her small income with his own money. He makes $300, try 000 a year and gives her $30, store 000 a year to help her out. This comes to roughly 20% of his take-home income after all of his taxes (federal, state, local) are taken out of his paycheck.

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I’m Already Paying “My Share” Ms. Warren-And More

September 22nd, 2011 at 5:29 pm 113 Comments

A video from Elizabeth Warren’s campaign tour in Massachusetts, has been circulating online. In it she justifies on moral grounds the need to raise taxes on “the rich”.

As her thin platform from which to launch a tax-the-rich clarion call, she refers to a hypothetical factory owner who must use roads ”the rest of us paid for” utilizing workers educated in schools “the rest of us paid for” and whose workplaces are protected by police “the rest of us paid for.”

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Just What IS the Buffett Tax?

September 22nd, 2011 at 10:13 am 21 Comments

Great novelists create characters that give each reader the opportunity to create their own vision of their appearance. The heroine may have dark hair to one reader and be a blonde to another. At the moment, buy viagra the “Buffett Tax” is the stuff of great fiction. The rate and the calculation are in the eyes of the beholder.

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