Misconceptions and Realities About Who Pays Taxes
By Chuck Marr and Chye-Ching Huang || Updated September 17, 2012 || Center on Budget and Policy Priorities
Close to half of U.S. households currently do not owe federal income tax. The Urban Institute-Brookings Tax Policy Center estimates that 46 percent of households will owe no federal income tax for 2011.  A widely cited figure [...]
The income tax on individuals and the payroll tax, which is deducted from workers’ wages and used to help finance Social Security and Medicare, each made up about 40 percent of federal revenues in 2010. The federal government also collects revenue from corporate taxes, excise taxes, and other sources.
Policy Basics: - The Child Tax Credit - The 2001 and 2003 Tax Cuts - Where Do Our Federal Tax Dollars Go? - The Estate [...]
By Avenging Angel
Tax Day 2012 has been a busy one for the propagandists of the Republican Party. After the GOP successfully filibustered the Buffett Rule in the Senate, House Speaker John Boehner claimed that Republicans are “listening to the American people.” Of course, what Boehner, Mitch McConnell, Mitt Romney and their allies don’t mention is that the Democratic proposal to implement a minimum 30 percent tax [...]
By Joseph E Stiglitz, Project Syndicate | News Analysis
In Joseph E. Stiglitz’s new book, ”The Price of Inequality: How Today’s Divided Society Endangers Our Future,” the Nobel Prize-winning economist argues that there is a price to be paid for economic inequality.
New York – America likes to think of itself as a land of opportunity, and others view it in much the same light. But, while [...]
by: Chuck Collins, Yes! Magazine |
At a time when federal and state lawmakers are grappling with huge budget deficits, the impact of corporate tax dodging is getting vigorous attention.
Public outrage is growing over reports that General Electric paid no taxes in 2010. Other global companies such as Boeing, Verizon, Bank of America also haven’t chipped in a dime to Uncle Sam.
At the center of the movement to change [...]
| by: Steven Thomma, McClatchy Newspapers |
Washington – Alarmed by rising national debt and increasingly downbeat about their country’s course, Americans are clear about how they want to attack the government’s runway budget deficits: raise taxes on the wealthy and keep hands off of Medicare and Medicaid.
At the same time, they say that the government should not raise the legal debt ceiling, which the government must [...]
By Alan Farnham |
Patriotic Millionaires for Fiscal Strength–rich guys in favor of raising taxes on themselves and other wealthy people–say they are irritated over President Obama’s failure to do just that.
Nor do they believe his latest announcement that he intends to try again, says Erica Payne, founder of the Agenda project and coordinator of the Patriotic Millionaires campaign.
If corporations and households with $1 million income paid at the same levels they did in 1961, the Treasury would collect an additional $716 billion a year. By Chuck Collins |
Before any government shutdown–or drastic state and federal budget cuts –we should reverse huge tax cuts for the wealthy and deadbeat corporations.
When you hear politicians lament that “we’re broke,” consider this fact: If corporations and households [...]
It’s tax time. It’s also a time when right-wing Republicans are setting the agenda for massive spending cuts that will hurt most Americans.
Here’s the truth: The only way America can reduce the long-term budget deficit, maintain vital services, protect Social Security and Medicare, invest more in education and infrastructure, and not raise taxes on the working middle class is by raising taxes on the super rich.