The Truth About Taxes

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Basics

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 CreditThe 2001 and 2003 Tax CutsWhere Do Our Federal Tax Dollars Go?The Estate [...]

The False Debate on the Debt

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By Robert Scheer

In the ever-so-smug company of the rich and powerful, it is a given that there is never to be any expression of remorse or other acknowledgment of the pain they have inflicted on the lesser mortals they so cavalierly plunder. It’s convenient for them that the media and the politicians, which they happen to own, rarely connect the dots between the scams that made the rich [...]

Republican Budget So Loony Even the Nuts Think It’s Nuts!

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by: Dave Johnson, Campaign for America’s Future

The Republican budget is so loony it’s even scaring the right-wing nuts! How often does that happen?

The Republicans are voting on their budget plan this week. The plan eliminates Medicare and guts Medicaid, guts the rest of the government (except the things their oil company and military-contractor sponsors make money from), while dramatically cutting taxes on the wealthy and corporations. Reporters [...]

Budget Battles: Sound, Fury and Fakery

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by: Richard D. Wolff, Truthout |

Weeks of highly publicized debates – some in Congress, more in the mass media – brought Republicans and Democrats to a budget deal. To maximize public attention, they threatened a possible government shutdown. Both parties said that large government deficits and accumulated debt were “serious problems.” They agreed that solving them required only spending cuts, not revenue increases. In unison, they [...]

President Obama’s Real Proposal (And Why It’s Risky)

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By Robert Reich |

Paul Ryan says his budget plan will cut $4.4 trillion over ten years. The President says his new plan will cut $4 trillion over twelve years.

Let’s get real. Ten or twelve-year budgets are baloney. It’s hard enough to forecast budgets a year or two into the future. Between now and 2022 or 2024 the economy will probably have gone through a recovery (I’ll [...]

Fighting for a People’s Budget

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By Katrina vanden Heuvel |

On Wednesday, President Obama spoke in eloquent language of our social contract, of a progressive patriotism, and of a role for government that helps us “do together what we cannot do as well for ourselves.” It was a clear rebuke to the GOP’s Robin Hood in Reverse agenda—taking from the poor and middle-class in order to preserve tax breaks for corporations and the wealthiest [...]

How 12 Multinational Corporations Avoid Paying Taxes

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A new report shows how some of the world’s biggest companies pay nothing to the IRS through lobbying and loopholes.

By Julianne Escobedo Shepherd

Over the past month, General Electric has been held up as the pinnacle of corporate vampirism –– the world’s largest corporation in the world’s lowest tax bracket. But it’s not just GE that’s bilking the system and paying zero dollars in taxes.

A [...]

GOP Keeps Attacking Planned Parenthood, Health Care and Middle Class

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By Ethan Rome (Executive Director, Health Care for America Now) |

The Republican attacks on our health care apparently have no limits. The Republican Party is driven by a powerful, extremist obsession with turning back the clock on women’s health services and undermining the health security of America’s families. This was in evidence during last week’s budget talks when Republicans werewilling to shut down [...]

Obama’s ‘Shared Sacrifice’ Hits the Poor and Middle-Class Hardest

Sinkin economy = tax cuts for rich

The Nation, Editors

President Obama’s speech unveiling his deficit reduction plan contained few big surprises—by its very premise, it was destined to preserve the faulty assumptions behind the whole deficit discussion—but some of his words were welcome. The president called Social Security and Medicare fundamental American commitments and, in a rebuke to Congressman Paul Ryan, left these entitlement programs largely untouched. He also refused to renew Bush’s tax cuts [...]

Republican Shutdown Shuts Down The Economy — So Do The Cuts They Demand

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By: Dave Johnson, Campaign for America’s Future |

Progressive Caucus co-chairman Rep. Keith Ellison, (D-Minnesota), and other members of the Progressive Caucus react to Rep. Paul Ryan’s budget proposal.

Here we are only four months into Republican control of the House of Representatives and the government is shutting down! When you give power to people who hate the government, what do you think they’re going to do? Since [...]