President Obama’s campaign, with a good dose of help from the media, is pushing a claim that millionaire Mitt Romney is taxed at a “lower rate” than someone making $50,000 a year.
The claim, though, is open to debate. It only holds up in a particular scenario in which both income and all payroll taxes are counted.
The president’s campaign presumably is referring to Romney’s release last week of his 2011 tax [...]
Romney made good on his pledge to release his tax returns from 2011 before the election, and went a step further than was previously anticipated in releasing a certified summary of his tax returns over a two-decade period preceding 2010.
You can see them here: http://www.mittromney.com/disclosure
The Republican’s campaign said Romney paid more than $1.9 million in taxes on income of about $13.7 million. That amounts to a 14.1 percent effective tax rate; [...]
The Romney campaign is releasing Mitt and Ann Romney’s 2011 tax return today. The campaign previews a few of the highlights here:
In 2011, the Romneys paid $1,935,708 in taxes on $13,696,951 in mostly investment income.
The Romneys’ effective tax rate for 2011 was 14.1%.
The Romneys donated $4,020,772 to charity in 2011, amounting to nearly 30% of their income.
The Romneys claimed a deduction for $2.25 million of those charitable contributions.
The Romneys’ generous charitable donations [...]
Everyone has been desperately waiting for this. At 3:00 pm it will be publicly released. Hopefully, shortly thereafter we can proceed with the discussion of important things such as the complete economic collapse of not only America, but the entire world (which is apparently now hooked into voting for Obama as disclosed earlier). For those strapped for time here is the summary: Romneys 2011 tax rate 14.1%, Charity donations: 30%; Obamas [...]
U.S. Representative Paul Ryan of Wisconsin said he provided “several years” of tax records toMitt Romney’s campaign as part of its vetting process for choosing a running mate on the Republican presidential ticket.
Ryan also said he planned to release two years of his tax records to the public, as Romney has pledged to do. Democrats and even some Republicans have called on Romney to release more years of his returns.
“It was a very exhaustive [...]
Over a four years period from 2008 to 2011, Corning Inc. was one of 26 companies that managed to avoid paying any American income taxes, even though it earned nearly $3 billion during that time. In fact, according to Citizens For Tax Justice, the company received a $4 million refund from 2008 to 2010. That didn’t stop Susan Ford, a senior executive at the company, from telling the House Ways and Means Committee this [...]
1. US had HIGHEST INEQUALITY OF WEALTH before FINANCIAL CRISIS – FAR WORSE NOW!
2. America = Highest Wealth Inequality in Developed World and OUR HISTORY!
3. “War against working people by EIIitist and Business class is bitter “HIDDEN” Class Read More…
4. RICH EscaIating At tack on US workers started 1970 (Nixon) and ACCELERATING IN 1980s (Reagan)!
5. 1970 CEOs made in One Year what Workers earned in 25 YEARS
6. 2010 CEOs made [...]
Six American families paid no federal income taxes in 2009 while making something on the order of $200 million each. This is one of many stunning revelations in new IRS data that deserves a thorough airing in this year’s election campaign.
The data, posted on the IRS website last week, brings into sharp focus the debate over whether the rich need more tax cuts (Mitt Romney and congressional Republicans) or should [...]
Joe Biden has increased his giving to worthy causes more than fivefold since he became vice-president but he still donated a paltry 1.5 per cent of his income, well under half the national average.
In tax returns released by the White House, it was revealed that Biden and his wife Jill earned $379,035 in 2011 and paid $105,362 in taxes.They gave $5,540 to charity.
The tax returns were made public in part [...]
President Barack Obama is calling on Congress to increase taxes on millionaires, reviving a proposal he first pitched last September that aims to draw sharp election-year lines between the president and the Republican opposition.
The plan, scheduled for a vote in the Democratic-controlled Senate on April 16, stands little chance of passing in Congress.
But it is a prominent symbol of the efforts the president and congressional Democrats are making to portray [...]
For example, just the deductions for depreciation is more generous than any other country in the world.
Effective Tax Rate For Corporations taking into account JUST Depreciation:
Germany = 26.6%
Japan = 24.4%
Canada = 24.1%
Australia = 23.7%
Netherlands = 23.0%
United States = 22.1%
Norway = 21.4%
Spain = 20.6%
Belgium = 20.0%
France = 19.9%
UK = 19.7%
Page 38 – Figure 2-17
If you add in all the other deductions, US corporations make huge profits and pay practically nothing:
1. General Electric: In 2010, their effective tax rate was -62%.
Daily voucher company Groupon has reported an unexpected loss.
In its first set of results since listing on Nasdaq stock exchange in November, Groupon reported a net loss of $42.7m (£27.0m), when a small profit had been expected.
The loss for the last three months of 2011 compares with a loss of $378.6m in the same period of 2010.
Shares in the company fell 13% in after-hours trading to $21.35, still above [...]
By Justin Sink - 02/06/12 07:52 AM ET
During an interview that aired Monday on NBC’s “Today” show, President Obama said that he gets “better as time goes on” at his job and that he believes the grassroots movement that propelled him to victory in 2008 will help him win a second term.
“What’s frustrated people is that I’ve not been able to implement every aspect of what I said in 2008. Well, it [...]