During the campaign and the debates, whenever the Romney-Ryan camp has been repeatedly told that there is no way that they can find ways to balance the budget if they give an across-the-board cut in the marginal tax rates by 20%, unless they raise taxes on the middle class in other ways, such as eliminating the deductions that benefit that group more. They have countered that six studies have shown that it can be done. [Read more…]
We have heard charges from the Romney-Ryan camp that the Obama administration will cut the defense budget while the Obama camp has countered that their opponents are proposing a $2 trillion increase without saying how they will pay for it. [Read more…]
The released secret recording of Mitt Romney’s remarks to a small group of wealthy supporters provides a revealing look at the mindset of such people. They really do think of themselves as a morally superior class and that those who are poor or struggling as worthless. Matt Taibbi argues that having such delusions is the only way that they can justify to themselves the current state of affairs in which they are engaged in “massive fraud and theft” to benefit themselves at the expense of the rest of us. [Read more…]
The internet started buzzing yesterday with the news that someone had broken into the Franklin, Tennessee office of the accounting firm PricewaterhouseCoopers and obtained copies of Mitt Romney’s past tax returns for an unspecified number of years. They claim to have made digital copies of them and mailed flash drives containing encrypted versions to various organizations, saying that if they do not receive $1 million by September 28, they will release the public key that will enable people to unencrypt the files and read the documents. [Read more…]
Australian mining tycoon Gina Rinehart, reportedly the world’s richest woman, has some advice for all those whining poors. [Read more…]
Yesterday, I wrote about a report put out by The Chronicle of Philanthropy disaggregating the amount of charitable giving according to various criteria. In its discussion of the report, NPR said that poor people tended to give a larger proportion of their income to charity, and tried to explain why this might be so. [Read more…]
Much of the mainstream media analysis of the Paul Ryan selection as the Republican vice-presidential candidate has been predictable. Ryan is hailed as a ‘serious’ thinker with a ‘bold’ vision for tackling America’s allegedly biggest problem, the budget deficit. They say that his pick signals the start of a serious debate on economic policy. [Read more…]
I wrote two weeks ago about the small Cleveland suburb of Shaker Heights that I live in being faced with either voting for a city income tax increase or losing services. Yesterday the voters in the city easily passed (by a margin of 64% to 36%) the measure to raise the city income tax from 1.75% to 2.25%, an increase of almost 30%. [Read more…]
As the November election approaches, there will a lot of noise about taxes and the so-called ‘Buffett rule‘, named after Warren Buffett who has been saying that it was wrong that rich people like him should pay taxes at a lower rate than people who earn much less, like his secretary for example. This will intensify as the end of the year approaches and the Bush tax cuts are set to expire. [Read more…]