October 3, 2013 |
Mickey Kaus, the neoliberal (whatever that is) blogger from L.A.'s Westside, writes in the Daily Caller that he has just discovered he had no taxed income last year. "I am the 47%," he declares, referring to Mitt Romney's celebrated rant about non-tax-paying Obama voters. On this shallow foundation he erects a towering thought-edifice about whether and why Americans who pay no taxes are pro-government, as dictated by Republican "makers vs. takers" dogma. When your adjusted gross income falls, "suddenly all sorts of deductions and breaks seem to open up to virtually guarantee that you pay no tax," Kaus observes.
December 7, 2005 |
The tax-cut debate in Congress resumes today as a contest between the merely rich and the super-rich. Congressional leaders are working on a way to make winners out of both. The Senate has passed a bill that, in the most costly of its many provisions, would include one more year of relief from the alternative minimum tax, which was added to the tax code in 1969 to prevent the wealthy from sheltering most of their income.
October 3, 2012 |
Mitt Romney made two claims about his tax plan that deserve scrutiny: That it would not lower the tax burden on upper-income households and would not add $5 trillion to the debt over the decade. Romney's proposed tax changes would work like this: He would cut income tax rates by 20% across the tax brackets and eliminate taxes on capital gains and dividends for those earning less than $200,000; but to avoid lost revenue - keeping the plan "revenue neutral" - he calls for closing tax loopholes and deductions enjoyed by upper-income households.
January 2, 2013 |
Americans may be breathing a deep sigh of relief that Congress resolved the so-called fiscal cliff crisis for the time being - until they see their next pay stubs. That's because payroll taxes will increase on most workers after Congress decided not to reverse an expiration of a payroll tax cut - a development that was largely expected. Payroll taxes rose to 6.2% under the deal, from 4.2% last year. The nonpartisan Tax Policy Center estimates that 77% of Americans will see higher taxes because of the elimination of the payroll tax cut, meaning $115 billion less in disposable income.
September 19, 2012 |
To hear Republican presidential nominee Mitt Romney tell it, the "47%" of people who pay no federal income taxes are a bunch of government-hugging freeloaders who aren't pulling their economic weight. In fact, he's talking about his fellow millionaires. At least some of them. According to the Tax Policy Center, about 4,000 households with annual incomes over $1 million ended up paying zilch in federal income taxes last year. An additional 14,000 households falling into this category made between $500,000 and $1 million.
February 15, 2012 |
President Obama is combining his proposal to raise taxes on the wealthy with a new effort to lower the levy on middle-class Americans. In his fiscal 2013 budget proposal, the president called for abolishing the alternative minimum tax. It was designed years ago to prevent wealthy people from dodging taxes, but nowadays is blindsiding a growing number of middle-income people. The president wants to replace the AMT with the so-called Buffett rule, which would require people making more than $1 million a year to pay at least 30% in taxes.