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: 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 [...]
The joke’s on us, folks. GE and tons of other corporations will have a tax bill for 2010 of ZERO.
Do you wonder (like I do) what the tax accountants and executives are doing over at GE this weekend? Frantically rushing to fill out their IRS returns like the rest of us?
Hardly. They’re taking the weekend off to throw themselves a big party and have [...]
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.
Should we close loopholes for Corporations and more strongly enforce tax rates?