Posts tagged tax
Posts tagged tax
My mother taught me how to live with dignity in poverty. The key to her success was that she knew how to do paperwork. State, city, housing authority and federal forms did not daunt her. Like her, I know how to do paperwork and so I am not afraid of handling life should I ever be poor.
Thanks to Lyndon Johnson and Franklin Delano Roosevelt, she was able to live independently on $968 a month [her $240 pension plus $728 social security]. She passed away a few years ago, but there are millions of elderly in America barely hanging on by their toenails. Most of them are decent people who did the best they knew how. They deserve our support. I, for one, am proud to pay taxes to support them. Most of them paid into social security all of their lives and now John Boehner and his ilk want to undercut them.
Let’s be clear about a few things:
· China owns roughly 9% of America’s debt. Is that big? Mainstream media and politicians tell you it is. The Social Security Administration owns over thirty percent! That’s right, the SSA takes our social security contributions [“taxes”], buys Treasury bonds and earns interest on them—so that it will have the cash to pay you your due when it comes due.
· The SSA is solvent—and there is no reason to expect that it will become insolvent in your life time, regardless of your age, unless some Republican Congress succeeds in strangling it or, as Grover Norquist says, “drown it in the bathtub.”
· Your social security contributions [“taxes”], if you pay them, have been cut in half for the past four years. Did you notice?
· Any long term inadequacy of the social security fund can easily be repaired by raising the cap on the income amount subject to the tax. Currently, no one pays the tax [contribution] on income over $100,000. When, in the far future, it becomes necessary increasing funding in order to balance the books, simply raise that cap. It’s math.
So. Please ask your Congress Member to quit fucking with social security. Do it for all the elderly who depend on it for dignity and survival. I know you may doubt me, but one day you or someone you know will be one of them.
Love this ^
Mitt Romney, cheerfully laying out the “Corporations are people, too!” argument.
Yeah… um, he’s right that earnings go to people. I just… I shudder, and I have trouble taking this seriously. Why do I get the feeling that Mitt Romney is an epic troll?
I report, you decide:
I see a wee bit o’ the troll face in this one…
(Source: The New York Times)
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.
A little perspective on what’s holding up budget negotiations in Congress. The GOP is refusing to buckle on further tax cuts for Charlie Sheen (well, his income bracket) and demanding education cuts, which result in more pay cuts for teachers.
This is not winning, America. This is losing.
This past month, there was much outrage over the fact that General Electric, despite making $14.2 billion in profits, paid zero U.S. taxes in 2010. General Electric actually received tax credits of $3.2 billion from American taxpayers.
At the same time that General Electric was not paying taxes, many undocumented immigrants, who are typically accused of taking advantage of the system while not contributing to it by many on the right, paid $11.2 billion in taxes. A new study by the Institute for Taxation and Economic Policy shows that undocumented immigrants paid $8.4 billion in sales taxes, $1.6 billion in property taxes, and $1.2 billion in personal income taxes last year. The study also estimates that nearly half of all undocumented immigrants pay income taxes.
Huh… so who’s gaming the system again?
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…