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Posts tagged taxes

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No less an authority than the Internal Revenue Service reports that at least 10,080 households with gross incomes of over $200,000 paid nothing at all in income taxes in 2009. (OK, that doesn’t literally put them all in the top 1 percent, but pretty close.) Those high earners are not (necessarily) breaking any laws—just taking clever advantage of a panoply of tax deductions. They’re also ducking the alternative minimum tax, which, as Bloomberg explains, “was created in 1969 in response to a report that 155 people earned $200,000 and paid nothing in taxes.” The horror.
Vince Beiser, Ten thousand households earning over 200,000 paid no income taxes in 2009.

Filed under Income Taxes income inequality income disparity taxes

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The Center for Budget and Policy Priorities has compiled data on the effect of tax credits for working families on women- specifically, the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC). Arloc Sherman has more:

Using data and procedures explained here, I estimate that the EITC kept an estimated 3.4 million women and girls above the poverty line in 2010.  That figure includes the effect of temporary 2009 Recovery Act expansions in the EITC, which alone kept 233,000 women and girls above the poverty line.
The numbers rise when you include a second federal income tax credit — the less well-known CTC, which provides up to $1,000 per child for working families:  together, the CTC and EITC kept 4.9 million women and girls above the poverty line in 2010, including more than 800,000 just by the Recovery Act’s expansions of both credits.

The Center for Budget and Policy Priorities has compiled data on the effect of tax credits for working families on women- specifically, the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC). Arloc Sherman has more:

Using data and procedures explained here, I estimate that the EITC kept an estimated 3.4 million women and girls above the poverty line in 2010.  That figure includes the effect of temporary 2009 Recovery Act expansions in the EITC, which alone kept 233,000 women and girls above the poverty line.

The numbers rise when you include a second federal income tax credit — the less well-known CTC, which provides up to $1,000 per child for working families:  together, the CTC and EITC kept 4.9 million women and girls above the poverty line in 2010, including more than 800,000 just by the Recovery Act’s expansions of both credits.

Filed under poverty women tax taxes taxation budget recovery

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fakeagainstthemachine:

Small business owners want to pay their fair share; tax breaks do not figure into their decisions whether to hire new employees. 
GOP Objects To ‘Millionaires Surtax’; Millionaires We Found? Not So Much

We wanted to talk to business owners who would be affected. So, NPR  requested help from numerous Republican congressional offices, including  House and Senate leadership. They were unable to produce a single  millionaire job creator for us to interview.
So  we went to the business groups that have been lobbying against the  surtax.  Again, three days after putting in a request, none of them was  able to find someone for us to talk to.  A group called the Tax Relief  Coalition said the problem was finding someone willing to talk about  their personal taxes on national radio.
So  next we put a query on Facebook.  And several business owners who said  they would be affected by the “millionaires surtax” responded.

This story is one of those stories you wish you could send to your conservative family members, but don’t because they’d just dismiss it as more NPR liberal propaganda.

Funny how this millionaire surtax will hurt the economy, but the payroll tax increasing is only good to the eyes of the GOP.

fakeagainstthemachine:

Small business owners want to pay their fair share; tax breaks do not figure into their decisions whether to hire new employees.

GOP Objects To ‘Millionaires Surtax’; Millionaires We Found? Not So Much

We wanted to talk to business owners who would be affected. So, NPR requested help from numerous Republican congressional offices, including House and Senate leadership. They were unable to produce a single millionaire job creator for us to interview.

So we went to the business groups that have been lobbying against the surtax. Again, three days after putting in a request, none of them was able to find someone for us to talk to. A group called the Tax Relief Coalition said the problem was finding someone willing to talk about their personal taxes on national radio.

So next we put a query on Facebook. And several business owners who said they would be affected by the “millionaires surtax” responded.

This story is one of those stories you wish you could send to your conservative family members, but don’t because they’d just dismiss it as more NPR liberal propaganda.

Funny how this millionaire surtax will hurt the economy, but the payroll tax increasing is only good to the eyes of the GOP.

Filed under taxes class war tax burden

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IRS pushes crippling tax burden on Medical Marijuana Dispensaries

In a potentially crushing blow to the burgeoning medical marijuana industry, the IRS has ruled that dispensaries cannot deduct standard business expenses such as payroll, security or rent…

“I see only two outcomes here,” said Steve DeAngelo, director and chief executive of Harborside. “Either this IRS assessment has to change or we go out of business. There really isn’t a middle ground for us”…

The IRS ruling is based on an obscure portion of the tax code — section 280E — passed into law by Congress in 1982, at the height of Reagan administration’s “war on drugs.” The law, originally targeted at drug kingpins and cartels, bans any tax deductions related to “trafficking in controlled substances.”

Massive multinational corporations get record low tax rates and have a voice in the government calling for even lower rates (even though they fund human rights abuses in Africa). Meanwhile, small businesses that provide medication for sick people are buried, with the obvious intention of putting them out of business. This is what electing conservatives to office gets you.

Filed under medical marijuana shell taxes

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Crunching the numbers at the liberal think tank the Center for American Progress, analyst Michael Lind found that if one compares the cost of tax cuts in just the first four years of Bush’s term (2001–04) to the first four years of Obama’s (2009–12), Obama’s tax cuts are bigger. The value of the Bush tax cuts were about $475 billion in those first four years, or about 1.1 percent of GDP. Obama’s total about $1 trillion, or 1.6 percent of GDP.

“Obama, Tax Cutter”

Sean Hannity claims he would support the President 100% if he cut taxes.  He already has, Sean.  How now, FNC cow?

(via letterstomycountry)

Filed under politics sean hannity obama taxes taxation tax policy

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We’ve had 30 straight years of pretty much unabated tax cutting for the rich. And yet a random comment that perhaps the rich aren’t actually undertaxed on Twitter gets me lots of angry retorts–from a lot of people I’d bet aren’t rich themselves. The idea that ‘you can’t tax success’ is ridiculous on its face: that’s what we do every single time we pay income taxes. We certainly didn’t manage to find a way to tax failure, or else Wall Street would be out of business.

Threatening to essentially tank the economy again if you are taxed is economic violence.

“Returning to the Scene of the Class War” by Sarah, on Feministe

I’ve said it before, and I’ll say it again: Tax the rich. Now.

When even conservative economists are calling for taxes to be raised on the rich, maybe it’s about time. We’re living in this delusional la-la land, where if Warren “El capitalismo espectacular” Buffett suggests raising taxes on the rich, he’s a socialist. If the economy has hope of ever rebounding, spending cuts are not the only answer. We must also raise revenue. The temporary Bush tax cuts must be allowed to expire. 

The super-rich must not be allowed to hold the economy hostage any longer. One percent of the country cannot, logically, dangle the futures of the other 99% off of a cliff without an outcry… can they?

(via cognitivedissonance)

(via kadalkavithaigal)

Filed under taxes

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Republicans want to raise your taxes

Many of the same Republicans who fought hammer-and-tong to keep the George W. Bush-era income tax cuts from expiring on schedule are now saying a different “temporary” tax cut should end as planned. By their own definition, that amounts to a tax increase.

The tax break extension they oppose is sought by President Barack Obama. Unlike proposed changes in the income tax, this policy helps the 46 percent of all Americans who owe no federal income taxes but who pay a “payroll tax” on practically every dime they earn.

There are other differences as well, and Republicans say their stand is consistent with their goal of long-term tax policies that will spur employment and lend greater certainty to the economy.

"It’s always a net positive to let taxpayers keep more of what they earn," says Rep. Jeb Hensarling, "but not all tax relief is created equal for the purposes of helping to get the economy moving again." The Texas lawmaker is on the House GOP leadership team.

That’s right: after decades of demagoguery against any sort of increase in the taxation rate for Millionaires and Billionaires, the Republican party finally want to increase revenue by raising taxes: on the poor! This is so mind-blowingly hypocritical that I can barely process it. Out of everyone in the United States, they want the people with the least amount of money to pay more. Sure, they could have increased taxes on people making more than $2 million a year, but they’d rather take that last dime from your pocket. Disgusting. 

Filed under GOP Taxes class warfare