Cognitive Dissonance

"Democracy! Bah! When I hear that I reach for my feather boa!" - Allen Ginsberg

Posts tagged Tax cuts don't solve everything

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We’ve had 30 straight years of pretty much unabated tax cutting for the rich. And yet a random comment that perhaps the rich aren’t actually undertaxed on Twitter gets me lots of angry retorts–from a lot of people I’d bet aren’t rich themselves. The idea that ‘you can’t tax success’ is ridiculous on its face: that’s what we do every single time we pay income taxes. We certainly didn’t manage to find a way to tax failure, or else Wall Street would be out of business.

Threatening to essentially tank the economy again if you are taxed is economic violence.

"Returning to the Scene of the Class War" by Sarah, on Feministe

I’ve said it before, and I’ll say it again: Tax the rich. Now.

When even conservative economists are calling for taxes to be raised on the rich, maybe it’s about time. We’re living in this delusional la-la land, where if Warren “El capitalismo espectacular” Buffett suggests raising taxes on the rich, he’s a socialist. If the economy has hope of ever rebounding, spending cuts are not the only answer. We must also raise revenue. The temporary Bush tax cuts must be allowed to expire. 

The super-rich must not be allowed to hold the economy hostage any longer. One percent of the country cannot, logically, dangle the futures of the other 99% off of a cliff without an outcry… can they?

Filed under It's time to get pissed politics taxes tax the rich economy economic violence tax cuts Tax cuts don't solve everything

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Former Sen. Alan Simpson told Lawrence O’Donnell it’s time to “peel all the layers of the onion” and figure out just why people seem to listen intently to Grover Norquist.

In an interview on The Last Word tonight, Simpson noted that Norquist had challenged Republican Sen. Tom Coburn on a $6 billion cut on ethanol subsidies he had called “tax increases,” which incensed Simpson greatly. “Grover and his happy band of warriors are trying to call that a tax increase– that’s a damn lie and he knows it,” he told O’Donnell. “And if he can get away with that, elect him President.”

Simpson continued to question Norquist’s power throughout the segment, arguing that “he can’t kill you, he can’t burn your house, he can defeat you in reelection,” and if a public servant thought the latter was enough to obey him, they didn’t deserve the spot.

He also told O’Donnell several times that “if Grover Norquist is more powerful than the President of the United States and the Congress, he should run for President” … On that note, Simpson called for an investigation. “Grover Norquist should be examined into– where does he get his money?” In times where people amass so much power, he argues, it becomes necessary to “peel all the layers of the onion.” “Anytime anyone gets this powerful,” he argued, “you want to dig in… who is he slave to?”

He clarified that he did not mean “salacious stuff and his personal life,” but how Americans for Tax Reform operated and why so many people in Congress feared him, because based only on his status as leader of an anti-tax group, “you must be chicken if you fall for that crap.”

I have a soft spot for former Sen. Alan Simpson. He’s part of the Reagan era, yes, and that’s where the accelerated sell-out of my generation began. However, he also has a streak of common-sense conservatism sorely lacking in the Republican Party. He’s pro-gay rights (including marriage) and pro-choice, which puts him to the left of nearly every Republican out there.

I agree with Simpson. Let’s find out where Grover’s getting his bucks.

Filed under Alan Simpson Lawrence O'Donnell MSNBC politics debt debt ceiling Grover Norquist Tax tax cuts Tax cuts don't solve everything Tax the rich

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[Warren] Buffett compiled a data sheet of the men and women who work in his office. He had each of them make a fraction; the numerator was how much they paid in federal income tax and in payroll taxes for Social Security and Medicare, and the denominator was their taxable income…

It turned out that Mr. Buffett, with immense income from dividends and capital gains, paid far, far less as a fraction of his income than anyone else in his office. Further, in conversation it came up that Mr. Buffett doesn’t use any tax planning at all. He just pays as the Internal Revenue Code requires. “How can this be fair?” he asked of how little he pays relative to his employees. “How can this be right?”

Even though I agreed with him, I warned that whenever someone tried to raise the issue, he or she was accused of fomenting class warfare. “There’s class warfare, all right,” Mr. Buffett said, “but it’s my class, the rich class, that’s making war, and we’re winning.”

Ben Stein, "In Class Warfare, Guess Which Class Is Winning?" The New York Times, November 26, 2006.

I’d like to point today’s GOP to Mr. Buffett’s nearly five year old quote, thank you very much. 

Filed under Ben Stein politics class war Warren Buffet inequality unequal distribution of wealth says what economy tax cuts Tax cuts don't solve everything

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'Give It Back For Jobs' Helps Affluent Return Tax Cuts

For affluent Americans outraged by the fiscal and social consequences of tax cuts handed to them by President George W. Bush and recently extended for two more years, a trio of similarly dismayed academics has furnished a way for them to put their money where their mouth is.

Their new website, giveitbackforjobs.org, invites high-income Americans to calculate the value of their tax cut under the extension and then pledge to donate that money directly to charities that the site says encourage “fairness, economic growth, and a vibrant middle class.” The site doesn’t accept contributions directly, but links users to those charities.

The site has been engineered to offer Americans who view the tax cuts as misguided a means to personally direct dollars toward countering the effects, while also registering a protest for broad policies that have exacerbated economic inequality.

"It’s like civil disobedience," said Daniel Markovits, a professor at Yale Law School, and one of the three academics behind the initiative. "You’re not committing a crime, but the government says, ‘This is what you should give,’ and you’re saying, ‘No, I should give more.’"

This just made me happy.

Filed under Tax cuts Tax cuts don't solve everything rich rich people poverty economic crisis doing the right thing jobs employment

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avantgal:

One year after electing a Tea Party candidate, one of the wealthiest counties in America is broke.
MINEOLA, N.Y. — Facing a huge budget deficit when he took office in January, Nassau County Executive Edward P. Mangano did not impose a hiring freeze. He did not stop borrowing to subsidize some of the richest school districts in the country. He did not eliminate the Police Department’s beloved mounted unit.
Instead, Mr. Mangano, a Republican who won one of the first upsets of the Tea Party era, did what he had promised: He cut taxes, adding $40 million to the county’s deficit, which has since reached nearly $350 million.
Now, with its bonds suddenly downgraded and a state oversight agency preparing to seize its checkbook and credit cards, Nassau is on the verge of a full-fledged fiscal crisis.
Read on…
Okay, so Nassau already had some problems, and the whole county isn’t super rich, but seriously. How’s that borrow-and-spend trickle-down economics working out for you guys?


Wow. Who would have thought that cutting taxes and bringing in less revenue wouldn’t work? I’m looking at you, Colorado Springs.

avantgal:

One year after electing a Tea Party candidate, one of the wealthiest counties in America is broke.

MINEOLA, N.Y. — Facing a huge budget deficit when he took office in January, Nassau County Executive Edward P. Mangano did not impose a hiring freeze. He did not stop borrowing to subsidize some of the richest school districts in the country. He did not eliminate the Police Department’s beloved mounted unit.

Instead, Mr. Mangano, a Republican who won one of the first upsets of the Tea Party era, did what he had promised: He cut taxes, adding $40 million to the county’s deficit, which has since reached nearly $350 million.

Now, with its bonds suddenly downgraded and a state oversight agency preparing to seize its checkbook and credit cards, Nassau is on the verge of a full-fledged fiscal crisis.

Read on…

Okay, so Nassau already had some problems, and the whole county isn’t super rich, but seriously. How’s that borrow-and-spend trickle-down economics working out for you guys?

Wow. Who would have thought that cutting taxes and bringing in less revenue wouldn’t work? I’m looking at you, Colorado Springs.

(Source: starfieldcanvas, via greenstate)

Filed under Colorado Springs Nassau County Edward Mangano New York Tea Party How do you like them apples? STFU Taxes tax cuts Tax cuts don't solve everything

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herblondness:

By Felix Salmon
Stephen Culp has another striking chart today.
This chart should be ingrained in the mind of anybody who cares about fiscal policy. The main things to note:
Federal taxes are the lowest in 60 years, which gives you a pretty  good idea of why America’s long-term debt ratios are a big problem. If  the taxes reverted to somewhere near their historical mean, the problem  would be solved at a stroke.
Income taxes, in particular, both personal and corporate, are low and falling. That trend is not sustainable.
Employment taxes, by contrast—the regressive bit of the fiscal  structure—are bearing a large and increasing share of the brunt. Any  time that somebody starts complaining about how the poor don’t pay  income tax, point them to this chart. Income taxes are just one part of  the pie, and everybody with a job pays employment taxes.
There aren’t any wealth taxes, but the closest thing we’ve  got—estate and gift taxes—have shrunk to zero, after contributing a  non-negligible amount to the public fisc in earlier decades.
If you were structuring a tax code from scratch, it would look  nothing like this. But the problem is that tax hikes seem to be  politically impossible no matter which party is in power. And since any  revamp of the tax code would involve tax hikes somewhere, I fear we’re fiscally doomed.

Individual taxes have taken a dramatic dip, but I find the corporate tax structure flat-out offensive. 

herblondness:

By Felix Salmon

Stephen Culp has another striking chart today.

This chart should be ingrained in the mind of anybody who cares about fiscal policy. The main things to note:

  • Federal taxes are the lowest in 60 years, which gives you a pretty good idea of why America’s long-term debt ratios are a big problem. If the taxes reverted to somewhere near their historical mean, the problem would be solved at a stroke.
  • Income taxes, in particular, both personal and corporate, are low and falling. That trend is not sustainable.
  • Employment taxes, by contrast—the regressive bit of the fiscal structure—are bearing a large and increasing share of the brunt. Any time that somebody starts complaining about how the poor don’t pay income tax, point them to this chart. Income taxes are just one part of the pie, and everybody with a job pays employment taxes.
  • There aren’t any wealth taxes, but the closest thing we’ve got—estate and gift taxes—have shrunk to zero, after contributing a non-negligible amount to the public fisc in earlier decades.

If you were structuring a tax code from scratch, it would look nothing like this. But the problem is that tax hikes seem to be politically impossible no matter which party is in power. And since any revamp of the tax code would involve tax hikes somewhere, I fear we’re fiscally doomed.

Individual taxes have taken a dramatic dip, but I find the corporate tax structure flat-out offensive. 

(via greenstate)

Filed under Taxes Tax cuts Tax cuts don't solve everything GDP Charts Charts make life easier we just might be fucked

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Bernie Sanders Defends Regular Americans | Disinformation

thefuror:

Bernie Sanders Defends Regular Americans | Disinformation

The Estate Tax (which was given an Orwellian rename by the Republicans as the “Death Tax”) does and will not hurt you — unless it is abolished.

The Estate Tax affects only 3/10 of 1% of the richest Americans. We’re not even talking about the wealthy here, we’re talking about the OBSCENELY wealthy here.

To put this in context, if the Republicans get what they want, it would mean $30 BILLION in tax cuts for the Walton family (who own Walmart) alone.

So they barely pay their workers a living wage and abuse them in a hundred other ways, drive multiple small businesses out of the marketplace which are major drivers of economic growth in the country, and the Republicans in the Senate and an all-too compliant President Obama, want to rewards them for all that by giving them a tax cut that is more than the gross national product of some of the nations of the world.

For anyone to look at that and NOT think that is radically out of balance, is simply insane.

Click through to read more.

Read it. Please.

(via thefuror1-deactivated20120224)

Filed under Estate tax Bernie Sanders Love Tax Cuts Tax cuts don't solve everything GOP Republican republicans

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BREAKING NEWS: Liberal concerns delay House vote on tax-cut deal

A liberal uprising over House procedures on Thursday was delaying a final vote on a far-reaching tax compromise brokered by the White House and Republican leaders.

Dozens of Democrats were demanding an opportunity to cast a vote to change an estate tax provision they view as too generous for the wealthy without also approving the rest of the package as passed by the Senate. That package contains a two-year extension of George W. Bush administration tax policies that benefit families at all income levels, including the very wealthiest Americans.

Democrats have complained for years about those provisions and want an opportunity to vote against them.

Senior Democrats said the delay was unlikely to derail the package, which is intended to prevent tax rates from rising in January for virtually every household.
… 
House leaders initially proposed adding a third vote that would have permitted liberals to vote for the amended version but then vote against sending it back to the Senate for further action.

But after huddling with Democratic leaders on the House floor, Rep. Peter A. DeFazio (D-Ore.) said liberals were pushing for a new and broader amendment that would include changes to the estate tax, substitute the president’s signature Making Work Pay tax credit for a two-percentage point reduction in the Social Security payroll tax and add a $250 bonus payment for Social Security recipients who are being denied a cost of living increase for the second year in a row.

And now they get a backbone? Well, better late than never…

Filed under Tax cuts Tax cuts don't solve everything Democrats Democrats gain a spine rich Rich versus Poor tax taxes The Obama Compromise *eye roll* Obama US House GOP

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Say NO to the Obama Tax Compromise!

Do not let Congress compromise with Obama. “The Compromise” is against everything the House Republican Leadership agreed to in the “Pledge to America.” This type of behind closed door politics is not what “We the People” voted for in November. Read more…

Sign Tea Party Patriots’ petition against “The Tax Deal” with Obama.

Don’t allow Congress to Compromise with Obama.

So this is a weird oppositeland… It’s now the “Obama Tax Compromise”

I think progressives should hijack this bitch and demand the removal of the Estate Tax compromise and capital gains compromise. Or something…

Filed under Obama tax compromise really?! Tea Party STFU Teabagger teabaggers Conservative conservatives tax taxes tax cut Tax cuts don't solve everything rich Rich versus Poor