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.
September 12, 2012 |
Help wealthy people dodge taxes. Go to prison. And cap it off by getting $104 million for ratting out your former clients to the IRS. In one of the largest whistle-blower cases in U.S. history, the federal government is paying that amount to a globe-trotting banker who once smuggled a client's diamonds in a toothpaste tube to avoid detection by tax authorities. The financier, Bradley Birkenfeld, later confessed his transgressions and helped the Internal Revenue Service nab thousands of Americans who had stashed money overseas to avoid paying taxes.
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.
August 18, 2008 |
The rich may be different for John McCain and Barack Obama. On almost every issue, the two presidential candidates have staked out opposing positions. Their contrasting views on wealth surfaced during their back-to-back appearances in Southern California on Saturday night when each was asked to define "rich." Obama didn't hesitate. "I would argue that if you are making more than $250,000, then you are in the top 3, 4 percent of this country," he said. "You are doing well." McCain took a far more discursive approach to answering the question but ultimately settled on a dramatically higher figure: "I think if you're just talking about income, how about $5 million?"
March 22, 2013 |
In proclaiming March as Women's History Month, President Obama stated that "too many women feel the weight of discrimination on their shoulders. " Liberals often make this claim, citing the fact that women earn only 77 cents for every dollar earned by men, and call for stronger protection against gender-based discrimination by employers. Conservatives typically respond by pointing out that men and women tend to make different choices about occupation, working hours and whether to take time off from the labor force.
September 18, 2012 |
WASHINGTON -- Many of the people criticized by Republican presidential candidate Mitt Romney for not paying income taxes actually do pay taxes -- specifically the federal payroll tax, the independent Tax Policy Center said. And nearly half of those who do not pay federal income taxes are elderly, the group found in an analysis last year. About 46.4% of households paid no income tax in 2011, according to a breakdown by the center, a joint venture of the Urban Institute and the Brookings Institution.