No more "free stuff" for you

Republican Dirty Tricks: What a surprise! The so-called “Party of Personal Responsibility” is taking no responsibility for their crushing defeat on Election Day. Instead, they've decided to try and convince themselves and their willing “average Joe” dupes that their defeat is the fault of a nation of moochers who reelected the President on the promise of more of his “gifts.”

Frightened little man Bill O’Reilly whined on election night that the President won because women and people of color “want stuff”and Mitt Romney told his major donors in a post-election conference call that President Obama enticed his voters with “gifts.”

Funny how Republicans perceive representing the interests of everyday people as underhanded pandering. They've spent time, money and energy for the last 30 years trying to influence the public discourse with the belief that solely representing the interests of the 1% is a patriotic imperative, but doing the same for 99% is akin to “unconstitutional handouts.”

Republican “Gifts” Do Nothing for Working America

The fact is that Republicans have a history of giving “stuff” to their constituents – the wealthy plutocrats who pull their strings. Unfortunately, for the working American, “gifts” such as subsidies, tax credits, tax loopholes and deregulation haven’t created the shared prosperity promised by trickle-down voodoo, but have helped turned America from the most to the least upwardly mobile with worse income inequality than the Roman Empire.

Their “gifts” of funneling taxpayer money to organized religion through “faith based” initiatives has also helped chip away the at the wall between church and state – an essential component in the modern conservative mission to drag us back to a time when the rich owned and controlled everything – including the economically insecure working poor who compliantly awaited their rewards in Heaven.

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The Second Coming of Grover

The red states would take a hosing if the Bush tax cuts are automatically rescinded because two of three people making less than $30K don't pay federal income taxes under the Bush tax cuts.

Many of these people would have to start paying taxes again once those tax cuts ae rescinded.

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Huffington Post: Bush-Era Tax Cuts Will Cost U.S. Nearly $1 Trillion Over Next Decade

See Bush-Era Tax Cuts Will Cost U.S. Nearly $1 Trillion Over Next Decade [GRAPHIC]:

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Daily Kos: White House urges press not to buy into 'B.S.' Republican talking points about Obama spending

Rightardia has posted several charts that explains that most of the spending of the Obama administration originated in the Bush administration.

The GOP is now running ads that suggest spending is out of control.

Does anyone really believe the GOP will get spending under control without severe austerity measures that will damage social programs while increasing defense spending?

Austerity measures failed in Europe and the Romney campaign know this.

Romney has surrounded himself with foreign policy hawks who will want big increases in defense spending.

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Buzz 60: Gallup Says American says taxes aren't too high

Published on Apr 16, 2012 by Buzz60

It's tax season so Gallup is asking -- as it has every year since 1947 -- if Americans think their taxes are too high or just about right. 

And for only the fourth time since polling began more think their taxes are about right than too high. Politically it's worth noting the poorest and richest think taxes are too high but the middle class don't. Jay DeDapper wonders how this will effect Obama versus Romney.

The Gallup Poll results could be significant because taxes have always been a one hit wonder for the GOP. 


The Obama tax cuts did cuts taxes significantly for the middle calls, but it left the Bush tax cuts intact.

License: Standard YouTube License

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Look what the cat drug in!

Bush pushes private sector solutions for the economy and then suggests raising taxes--rescinding the Bush tax cuts--will have a bad effect on the small business s-corporations.  Small businesses, who organize as s-corporations,  are the job creators.

According to chron.com. small business owners with less than one year of experience in running an organization earn an annual salary ranging from $34,392 to $75,076.

Those businesses with more than 10 years experience, on the other hand, earn upwards of $105,757 per year.

Of course, the definition of a small business is fuzzy because the definition varies among different government agencies. Some government organization look at the number of employees, and others at corporate revenues.

Few small businesses will be affected by rescinding the Bush tax cuts because Obama has already stated the new tax tables will primarily effect people making more than $250,000 per year.

Its the c-corporations who need to be reigned in with CEOs making 300 times what the average worker makes. It's he affluent who clip coupons from stock investments and pay capital gains at the 15 per cent tax rate who are the problem, not the small businessmen who work.

it is clear the GOP and the US Chamber of Commerce are oriented toward the fortune 500 c-corporations and  the affluent who make their money from capital gains, deferred interest and a multitude of other tax perks that aren't available to the man of the street.

Bush understands this and is being disingenuous. Remember he said this right after his election:

This is an impressive crowd: the Have's and Have-more's. Some people call you the elites. I call you my base.

sources:

 http://smallbusiness.chron.com/average-income-small-business-owners-5189.html

http://thinkexist.com/quotation/this-is-an-impressive-crowd-the-have-s-and-have/347014.html
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Why's everybody picking on me?

Former President George W. Bush said he wishes the ” Bush tax cuts” wern't named after him.


Bush said: 


(I)f they were called somebody else’s tax cuts they’d probably be less likely to be raised.


Oh, the unfairness of it all.Why do we treat these one per cent presidents so shabbily?
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Far Left Side Chart of the Day: Deficit Projections since 2001

It should be clear that most of the deficit was inherited from the Bush administration via the Bush tax cuts, the Iraq War and the Bush unfunded initiative: Medicare Part D.

The GOP will tray to portray the economic stimulus as a deficit buster, but that is a big exaggeration.

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WIN: 2010 was a good year for the 1 percent

2010 was a good year for the top 1-percent. According to data analyzed by the Roosevelt Institute’s Mike Konczal (Conk-zal) 93 percent of the income gains in the first year of the recovery were captured by the top 1 percent.

The bottom 99 percent gained $80 in 2010 while the top 1 percent gained more than $100,000.


Rightardia suspects the Bush tax cuts which were never rescinded can explain a lot the good fortune of the top 1 perr cent. for top income earners, the bush tax cut amounted to about $64,000 per year.

The Bush tax cuts also cut taxes for the second income tax bracket form 28 per cent to 15 cent. Essentially anyone who lives in the US and makes less than $30,000 plays very low or no taxes.

This is why Republicans like Rush Limbaugh complain that nearly half of Americans pay no federal income tax cuts.

Of course, the Bush tax cuts were responsible for letting more low income tax payers off the hook.

graphic source: http://grist.org

source: http://www.laborradio.org/Channels/Story.aspx?ID=1665112


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Income tax and "divide and conquer"

Rightardia was reading some excerpts in an editorial from Matt Tiabbi in which he stated the GOP may get what it deserves in the next election, Tiabbi also pointed out the the GOP prefers to throw bombs at Democrats rther than develop a coherent political agenda of its own.

Tiabbi went on that president Obama will probably be elected, but that he hardly deserves it.

Rightardia likes Obama, but agrees that he has not been as effective as we had hoped.The Bush tax cuts are still around and unions are being attacked at the state level by Republican governors. Unions are becoming weaker during Obama's term.

The Bush tax cuts are not affordable and that should have been Obama's first order of business. Republicans lament that half of Americans do not pay taxes. This is why:  the second tax bracket. 


The Bush tax cut this bracket form 28 per cent to 15 per cent. Most people who make under $30,000 per year now pay no taxes.

single 15% Bracket

$8,701 – $35,350

jointly $17,401 – $70,700

The Republicans, particularly, Rush Limbaugh, would have you think that the dearth of people who don't pay income tax was caused by liberals. Actually, his phenomena was caused by GW Bush.

Ricky the Rightard was at the office and explained. that everyone needs to pay income taxes. Secular Human pointed out that the bottom half of American income earners take in about 13 per cent of the national income and the lowest tax bracket (bottom qunitel) takes in about 5 per cent.

There is no pound of flesh to get from these wage earners.

Let's say that many of these low income Americans start paying income tax. Many will have to hire a tax person to fill out a 1040-EZ. Let's say the this new taxpayer finds out he owes the government $25. He writes the check and mails in the tax payment. 

Now the government is flooded with these small tax payments from millions of new tax payers. Will the government be able to process the form and deposit theses payments to make a revenue gain (profit)? 

This is unlikely and this is why some people don't pay taxes. It is not cost effective to process the transaction. Most people making $14,000 a year or less are at the federal poverty level. 

Of course, the "divide and conquer" tactics of the GOP make good talking points on Talk Radio for people like Rush and Micheal Savage. 

The general themes of these demagogues is that the poor, women, blacks, Hispanics, foreigners, Muslims and other minorities are dragging down the the 'white, christian society" that the founders had in mind. 

This canard does not hold water. The GOP bombs are designed to mislead the middle class. 

If you want to peak at early American colonial history, Alexis de Tocqueville is a good place to start. De Tocqueville was aware of the divisiveness between the New England and Southern colonies in the 1830s. He was not the least bit impressed with southern politics and slavery. 

What Obama has done is unite a most of the middle calls against regressive GOP policies that provide perks to the affluent , the defense industry and Fortune 500 corporations. 

The GOP know a united middle class is difficult to beat in an election. It's approach is divide the middle class by pitting it against the poor, women, minorities and the Islamic religion. 

Is Rick Santorum the anti-Christ or just horribly misguided? 

This is why religious and social issues are important to the GOP than the economic conditions. The Republican clod, Rick Santorum, personifies what is wrong with the GOP. 

sources:

http://finance.yahoo.com/news/pf_article_110005.html

http://en.wikipedia.org/wiki/Progressivity_in_United_States_income_tax

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China Daily: Raising taxes on the affluent

Easier said than done. 

Rightardia was greatly disappointed that Obama did not rescind the Bush tax cuts in his first year in office.

Had he done this, the deficit would not have grown as large as it did.

If he is reelected and Rightardia expects that he will be, this should be the first order of business in his new administration.

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CEOs paid more than the corporate tax bill

The Republicans party has turned into a tax cut cult. The US actually has one of the lowest tax rates of the industrial world and corporate taxes are not paid by many of the largest US corporations.

For example, the largest US corporation , GE, hasn't paid corporate income tax for years. Meanwhile 'moderate" Jon Huntsman wants to reform federal income taxes by exempting billionaires and millionairess form the capital gains tax. More than 70 per cent of the capital gains tax is paid by people making more than $200,000 per year.

How many Americans are stupid enough to believe that cutting taxes for the affluent will actually help the economy?

The basis of the Bush tax cuts were the

• Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA)
• Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA)

These tax cuts which started in 2003 were extended by the Obama administration until 2010. If these supply side tax cuts worked, why has the US been in a recession since 2008? 

The Republicans will probably say that the economy would be even worse off without the tax cuts without being able to back that declaration up with any factual information. 

sources:

Hillbilly Report

http://www.npr.org/blogs/thetwo-way/2011/08/16/139676644/congress-approval-rating-plummets-especially-among-independents

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WIN: Flip the tax structure to wipe out deficits

7/4/2011

---

Karen Kraut

Flip it to fix it. A United For A Fair Economy study shows that states could wipe out budget deficits and pay for public services in the future by just flipping the regressive tax structures to progressive ones. United For A Fair Economy’s Karen Kraut. Kraut stated:

It doesn’t have to be this way. States could really produce a large mount of revenue. They could have an economically sustainable tax system if they flipped their structures - asking that the wealthiest families pay as a share of their income what the lowest income families are currently paying as a share of their income in state and local taxes – and vice-versa.

If state tax systems were inverted like this Kraut says 60 percent of state income taxpayers would pay the same or less state income taxes while preserving public education and other services. Kraut added:

Everyone in the lowest income quintile and the second quintile would see a reduction in the amount of their income that they’re paying in state and local taxes. On the flip side the wealthiest families who are currently not carrying their weight in terms of the share of income they’re paying in state and local taxes, they would be asked to pay proportionately more. The idea of constantly giving wealthy people and corporations tax breaks is gonna lift all boats has never proven to be true.

The full report on flipping state tax structures to wipe out deficits is at fair economy.org.

The problem is that state and municipal taxes are completely flat and regressive. This means  the affluent get a great deal on sales tax and real estate tax. When your hear Republicans talking about flat taxes and fair taxes, this is what Americans already have at the state and municipal level. 

The GOP has flattened federal Income tax which is progressive, but the GOP still whines about income tax which really needs to be reformed progressively to pay the deficit down.  "Reforms" to the Estate Tax exempted the families of 50,000 millionaires from this tax.


If we had a progressive tax structure in the US, it would result in a vibrant middle class like we had after World War 2. Americans have been victimized by supply side economics.

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Does cutting taxes increase government revenues?

The Republicans would like you to drink this tax cut Kool-Aide which is the basis of supply side economics, but cutting taxes it is not a government revenue panacea.


America strarted to unravel when Ronald Reagan and other Republicans started coddling the rich by cutting income tax, capital gains tax, corporate income tax and the estate tax. 


The Media Matters research on this topic is impressive. 


Rightardia encourages you to read the entire article because the GOP tries to push their one trick pony, Tax Cuts, in every election. 


Here are some of the Media Matters quotes. 


Bush CEA Chair Greg Mankiw: Claim That Broad-Based Income Tax Cuts Increase Revenue Is Not "Credible:" Virtually every economics Ph.D. who has worked in a prominent role in the Bush Administration acknowledges that the tax cuts enacted during the past six years have not paid for themselves--and were never intended to. Harvard professor Greg Mankiw, chairman of Bush's Council of Economic Advisers from 2003 to 2005, even devotes a section of his best-selling economics textbook to debunking the claim that tax cuts increase revenues. [Time, 12/6/07]


Former Bush Economist: "[N]o Dispute Among Economists" That Bush Tax Cuts Reduced Revenue. The Washington Post reported on October 17, 2006: "Federal revenue is lower today than it would have been without the tax cuts. There's really no dispute among economists about that," said Alan D. Viard, a former Bush White House economist now at the nonpartisan American Enterprise Institute. "It's logically possible" that a tax cut could spur sufficient economic growth to pay for itself, Viard said. "But there's no evidence that these tax cuts would come anywhere close to that." [The Washington Post,10/17/06]


Krugman: After Reagan's 1981 Tax Cuts, "Revenues Are Permanently Reduced Relative To What They Would Otherwise Have Been." Nobel Prize-winning economist Paul Krugman wrote on July 15, 2010, that "the revenue track under Reagan looks a lot like the track under Bush: a drop in revenues, then a resumption of growth, but no return to the previous trend." He added, "This is exactly what you would expect to see if supply-side economics were just plain wrong: revenues are permanently reduced relative to what they would otherwise have been." [The New York Times, 7/15/10]


Clinton Economist: Reagan Tax Cuts And Bush Tax Cuts "Contributed To Record US Budget Deficits." Harvard economist and former Clinton economic adviser Jeffrey Frankel wrote in September 2008 that cuts in federal income tax rates "reduces revenue ... this was the outcome of the two big experiments of recent decades: the Reagan tax cuts of 1981-83 and the Bush tax cuts of 2001-03, both of which contributed to record US budget deficits."


The Orange County Register reports: 

"While Republican lawmakers appear unified against tax hikes and many Tea Party activists want existing rates rolled back, statistics consistently show that federal taxes are at a historic low.

For the past two years, a family of four with the median income has paid less in federal income taxes than any time since at least 1955, according to the Tax Policy Center. All federal, state and local taxes combined are a lower percentage of per capita income than any time since the 1960s, according to the Tax Foundation. The highest income tax bracket is its lowest since 1992. At 35 percent, it's well below the 50-percent mark of much of the 1980s and the 70-percent bracket of the 1970s."

There are two ways to reduce the national debt and the deficit. The first way is to reduce government spending.

The big thee are defense that is paid for with income tax revenues and the other two, Medicare and Social security are funded by the FICA payroll tax.

The other solution is to raise taxes and certainly the FICA payroll tax needs to be reformed to pay for Social Security and Medicare. Most of the out of control spending in past presidential administrations has been on the GOP side. The GW Bush administration has a particularly bad record when it comes to an increasing the deficit and decreasing tax revenues with unecessary tax cuts that primarily benefited the affluent.  

After Bush was inaugurated, he said this at one of the inauguration balls: 

“This is an impressive crowd: the Have's and Have-more's. Some people call you the elites. I call you my base.”

He wasn't kidding!

source: 

http://articles.ocregister.com/2011-04-14/news/29426357_1_tax-burden-tax-cuts-tax-policy-center

http://mediamatters.org/research/201106170009

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The Republican rainbow on tax cuts

source: Lefty Cartoons

Tax cuts have been the GOP's "one hit" wonder. Unfortunately after an election, the middle class see little benefit from the tax cuts the GOP primarily gives to the 'have mores."

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Huffington Post: Bush-Era Tax Cuts Projected As Largest Contributor To Public Debt

If the Bush-era tax cuts are renewed next year, that policy will by 2019 be the largest contributor to the nation's public debt -- "the sum of annual budget deficits, minus annual surpluses" -- according to new analysis from the non-partisan Center for Budget and Policy Priorities (CPBB).

These tax breaks for the nation's top earners, combined with the cost of fighting wars in Iraq and Afghanistan, will account for nearly half the public debt in 2019, measured as a percentage of economic output, the CBPP's analysis shows. The debt caused by the Trouble Asset Relief Program and the rescue of Fannie and Freddie is a minor factor in the national debt.


Tax cuts for the highest earners were renewed  last year when Obama worked a compromise with the 112th GOP congress.

President Barack Obama wants to make sure the Bush-era tax cuts expire naturally in 2012.

The CBPP says:

[S]imply letting the Bush tax cuts expire on schedule (or paying for any portions that policymakers decide to extend) would stabilize the debt-to-GDP ratio for the next decade. While we'd have to do much more to keep the debt stable over the longer run, that would be a huge accomplishment.

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WIN: Tax collection a historic low or the Great GOP tax scam

5/19/2011 

---

 By Doug Cunningham

General Electric corporation famously paid zero taxes this year. Nothing. Nada. Zip.

In 2009 Exxon Mobil paid no federal taxes.

The Republican budget plan gives away even more tax breaks to corporations and the rich and there’s a steady drumbeat from conservatives that taxes are too high.

Here’s some tax truth. As a percentage of GDP, tax collections in America are actually at historic lows. That’s according to the tax policy center Urban Institute and Brookings Institution.

And according to the White House Office Of Management and Budget corporate income taxes total one percent of Gross Domestic Product this year – 60 percent lower than 40 years ago. SIXTY PERCENT lower.

And wealth is taxed at a lower percentage than your labor. Middle class workers pay about 25 percent while stock dividends and capital gains are taxed at just 15 percent. If we simply returned to the tax rates of 1979, budget deficits would disappear.

And if we levied just a half percent tax on Wall Street’s financial transactions it would generate $170 billion a year in federal revenue.

 While corporate profits have greatly increased while white, gray and blue collar wages have remained flat.

"In 2008 affluent households—single person households with a $75,000+ income and multiple person households with a $100,000+ income—made up 22% of all households, yet were responsible for generating 52% of aggregate household income in the U.S., or a total of $4 trillion. "

In the economic model that resulted form the New Deal, taxes were kept high on the affluent house holds and this resulted in the Golden Age of the United States after World War 2.

There was a ho+using boom and employment was very high. a young man or woman could work in the town factory for their entire life and retire with a pension after 30 years. these corporations also provided lifetime medical care.

Today only 20 per cent of Americans have pensions and corporations drop medical care when a pensioner reaches Medicare age.

To make matters worse, the GOP has been attacking these two lifelines for seniors for years. Paul Ryan wanted to voucherize medicare creating a two tier system that would have provided vouchers to people who are currently under age 55, crating a two tier system.

Most of those people underage 55 would be forced to purchase private insurance to offset the reduced Medicare benefits.

Clearly private enterprise is deficient in many ways of meeting the modern needs of American workers. We need to return to proven model of the New Deal with a far higher tax rate on affluent Americans to fuel the economic recovery of this country.

This is how the US got out of the Great Depression. The US has experimented with supply side economics of the have mores for 20 of the past 30 years. The bottom line is that supply side economics doesn't work!

source: http://www.packagedfacts.com/Affluent-2010386/

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White House Tax Cut Calculator

 

At the end of last year, the President signed a law that kept the 2001 and 2003 middle-class tax cuts from expiring - preventing the typical working family from facing a tax increase - and extended unemployment insurance to ensure at least 7 million Americans.

Americans don't lose their benefits as they search for jobs. In addition, the President fought for and passed a payroll tax cut that is already showing up in paychecks and additional tax cuts that apply to taxes for 2011 - these are the focus of this calculator.

The savings from the middle class tax cuts that the President kept from expiring beyond this calculator shouldn't be overlooked, though.

Those benefits require more detail about your individual tax liabilities to determine precisely, but to give a sense of the tax cuts received by a typical family just by extending those tax cuts:

• A typical married couple with two kids earning $40,000 received an additional $2,640
• A typical single mother with one kid earning $30,000 received an additional $1,110
• A typical married couple with three kids earning $75,000 received an additional $2,640
• A typical married couple with no children earning $50,000 received an additional $1,140

And extending these middle class tax cuts was only part of what the December tax deal did for middle-class families to help provide a boost to their pocketbooks.

Click on to "Get Started" to learn more about which of these tax cuts you might be receiving.

Please note: this tool is intended to be educational. Taxpayers should not rely on it for determinations about their eligibility for tax benefits, but should consult the relevant IRS forms and instructions or a qualified tax professional.

Get Started

graphic courtesy of Sodahead

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Are you outraged about this?

Rachel Maddow makes some excellent points, but Rightardia wonders why Obama didn't lower the boom on the affluent and the Bush tax cuts right after the 2010 election.

Or why didn't he include Bush tax cuts for the middle class in the original tax cut bill that was part of the Economic Stimulus? If the Democrats had done that, they could have done nothing and just let the Bush tax cuts expire.


There may be technical reasons why the Pelosi congress didn't handle the Bush tax cuts this way.

If any body knows why Obama waited until after the 2010 elections to address the bush tax cuts for the affluent and the Estate tax, please let Rightardia know.

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Think Progress: Main Street movement

The  Main Street Movement , a coalition of students, the retired, union workers, public employees, and other middle class Americans, are demonstrating against brutal cuts to public services and crackdowns on organized labor.

Conservative lawmakers that are attacking collective bargaining and cutting necessary services like college tuition aid and health benefits for public workers claim that they have no choice. . .

But it wasn’t teachers, fire fighters, policemen, and college students that caused the economic recession that has devastated government budgets , it was Wall Street.

Carl Gibson, the founder of US Uncut, who has organized some of today’s UK-inspired massive demonstrations against tax dodgers, explains that while ordinary Americans are being asked to sacrifice, major corporations continue to use the rigged tax code to avoid paying federal taxes.

As Gibson notes if you have “one dollar” in your wallet, you’re paying more than the “combined income tax liability of many of the largest corporations in the US:

I have one dollar in my wallet. That’s more than the
combined income tax liability of GE, ExxonMobil, Citibank, and the Bank of America. That means somebody is gaming the system.”

GE's ecoimagination is a GOP tribute

Rightardia is irritated by the GE ecoimagination commercials. GE has been using a frolicking elephant in its commercials for more than a year which is obvious homage to the GOP.

Apparently their accountants use a lot of ecoimagination when they filed 7,000 tax returns. America's largest corporation has paid no corporate income tax to the US government.

General Electric is so good at avoiding taxes that some people consider its tax department to be the best in the world, even better than any law firm's.

Conservatives like to note the US corporate income tax is 35 per cent, one of the highest of the OECD countries. The US also has one of the worst tax codes in the OECD because there are so many exemptions.
 
According the NY Times, two out of every three United States corporations paid no federal income taxes from 1998 through 2005. This is according to a report released Tuesday by the Government Accountability Office. 

sources: 

http://www.tampabay.com/news/business/corporate/study-shows-many-big-us-companies-dont-pay-fair-share-of-corporate-taxes/1149038


http://dealbook.nytimes.com/2008/08/13/study-tallies-corporations-not-paying-income-tax/

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