Tag Archives: Buffett Rule

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a Budget to Benefit the 1%


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The GOP Budget In One Chart

By         ThinkProgress War Room              on Apr 13, 2012 at 4:38 pm

A Budget to Benefit the 1 Percent

Tax Day is coming up on April 17, so it’s worth remember who will pay more in taxes under the Ryan-Romney Republican budget — the poorest Americans — and whose taxes will be cut in dramatic fashion — the very wealthiest Americans.

If the percentages aren’t shocking enough, the Center on Budget and Policy Priorities reports that the Ryan-Romney budget would give each millionaire a $265,000 tax cut on top of the Bush tax cuts for the wealthy, which it of course also extends.

It should also be noted that Rep. Paul Ryan (R-WI) has promised to close trillions in unspecified tax loopholes, which would likely result in tax increases for millions more middle class Americans than are depicted in this chart.  We can’t say for sure, however, because Ryan refuses to name a single one of the loopholes he’d close.

IN ONE SENTENCE: Instead of ending Medicare in order to slash taxes on millionaires, it’s time to pass the Buffett Rule so millionaire start paying their fair share.

Evening Brief: Important Stories That You May Have Missed

Gallup finds overwhelming public support for the Buffett Rule.

General election in a nutshell: President Obama wants to increase his own taxes, Mitt Romney wants to lower his own.

Ron Paul may finally get a chance to defeat the Federal Reserve after all.

For the U.S. Catholic Conference of Bishops, “religious liberty” means being able to discriminate against gay people.

American taxpayers are subsidizing dirty coal development to the tune of hundreds of billions of dollars.

One result of the tough economy is more job diversity on television.

Bank of America proves how heartless they are. Again.

Why the Buffett Rule is more than just a gimmick.

A city the size of Chicago that doesn’t have a sewer system.

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Why is Mitt Romney Making Pledges to a Washington Lobbyist? We’ve previously told you about the 1% Pledge — a pledge run by Washington superlobbyist Grover Norquist that the vast majority of Congressional Republicans have taken.  Instead of merely pledging to uphold the oath they take to “support and defend the Constitution of the United States,” these […]

Apr 11, 2012: GOP War on Women, Mitt Romney Edition

Equal Pay for Equal Work? Romney Will Have to Get Back to You Even as top party leaders, including Republican National Committee Chairman Reince Priebus, continue to denounce the GOP’s very real war on women as a “fiction” “manufactured” by Democrats and the media, Republicans continue to add more fuel to the fire. The Romney […]

Apr 10, 2012: Rick Santorum’s TOP TEN Attacks on Mitt Romney

The Primary Is Over, But These Attacks Will Live On Late this afternoon, Rick Santorum announced that he was suspending his campaign, effectively handing the Republican nomination over to Mitt Romney.  A top aide to the former Pennsylvania senator told reporters that Santorum and Romney agreed to meet in the near future, and Romney sent out […]

Apr 9, 2012: NEW VIDEO: President Reagan Backs the Buffett Rule

Even the Gipper Wanted Millionaires to Pay Their Fair Share Last fall, when President Obama debuted the Buffett Rule — the simple idea that millionaires and billionaires should pay at least the same tax rate as middle class workers — we climbed into the wayback machine and found a video of President Ronald Reagan decrying “crazy” […]

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..President Obama and Vice President Biden’s 2011 Tax Returns


Jay Carney April 13, 2012 10:30 AM EDT
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Today, the President released his 2011 federal income and gift tax returns. He and the First Lady filed their income tax returns jointly and reported adjusted gross income of $789,674. About half of the first family’s income is the President’s salary; the other half is from sales proceeds of the President’s books. The Obamas paid $162,074 in total tax.

The President and First Lady also reported donating $172,130 – or about 22% of their adjusted gross income – to 39 different charities. The largest reported gift to charity was a $117,130 contribution to the Fisher House Foundation. The President is donating the after-tax proceeds from his children’s book to Fisher House, a scholarship fund for children of fallen and disabled soldiers.

The President’s effective federal income tax rate is 20.5%. The President believes we must reform our tax system which is why he has proposed policies like the Buffett Rule that would ask the wealthiest Americans to pay their fair share while protecting families making under $250,000 from seeing their taxes go up. Under the President’s own tax proposals, including the expiration of the high-income tax cuts and limitations on the value of tax preferences for high-income households, he would pay more in taxes while ensuring we cut taxes for the middle class and those trying to get in it.

The President and First Lady also released their Illinois income tax return and reported paying $31,941 in state income tax.

Download the Obamas’ tax returns

The Vice President and Dr. Jill Biden also released their 2011 federal income tax returns, as well as state income tax returns for both Delaware and Virginia. The Bidens filed joint federal and combined Delaware income tax returns. Dr. Biden filed a separate non-resident tax return for the state of Virginia. Together, they reported adjusted gross income of $379,035. The Bidens paid $87,900 in total federal tax for 2011. They paid $13,843 in Delaware income tax and $3,614 in Virginia income tax. The Bidens contributed $5,540 to charity in 2011.

Download the Bidens’ tax returns

American taxpayers are able to go online and see exactly how their federal tax dollars are spent.  You can visit the taxpayer receipt and after entering a few pieces of information about your taxes, the taxpayer receipt will give you a breakdown of how your tax dollars are spent on priorities like education, veterans benefits, or health care.

View the President and First Lady’s tax receipt

View the Vice President and Dr. Biden’s tax receipt

Jay Carney is the White House Press Secretary
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Their Fair Share by the Numbers …Joan Entmacher, National Women’s Law Center


Tired of fighting cuts to programs that women and their families depend on in the name of deficit reduction — while millionaires and billionaires haven’t been asked to contribute an extra penny? Think it’s time for millionaires and billionaires who pay lower tax rates than many middle-class Americans to start paying their fair share?

Take Action: Tell your Senators to support the Paying a Fair Share Act of 2012!   WWW.NWLC.ORG

On April 16, we expect the Senate to vote on an important piece of legislation, the Paying a Fair Share Act of 2012 (S. 2230). The bill would ensure that those with incomes over $1 million annually pay at least 30 percent of their income in federal taxes. The legislation, introduced by Senator Sheldon Whitehouse, was inspired by billionaire investor Warren Buffett, who highlighted the unfairness of a tax system that permits him to pay a lower tax rate than his secretary.

It’s time for this absurdity to stop. We can’t afford to continue lavish tax breaks for the wealthiest Americans. To help demonstrate the real cost of tax breaks for millionaires, we’ve put together a new infographic:

That’s right. This year, the average millionaire gets a tax break of $143,000 — enough to support child care assistance for 24 children, Pell Grants to 37 college students, or a home-delivered meal each day for 249 seniors.

This is a tradeoff we can’t afford to make any longer. Please share our infographic today and urge your Senators to support the Paying a Fair Share Act of 2012!

Sincerely,

Joan Entmacher Vice President,

Family Economic Security National Women’s Law Center

P.S. Please help us continue to advocate for policies that protect and improve economic security for women and their families by making a generous donation today.

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White House White Board: The Buffett Rule explained


by     on

In this installment of the White House White Board, Deputy Director of the National Economic Council, Brian Deese, talks about the “Buffett Rule”

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Pop quiz … by Brad Woodhouse


 

Pop quiz. Which of the following excuses has Mitt used as he’s tried to release as little of his tax returns as possible?

A. I’m waiting until I’m elected president
B. My accountant isn’t available to release them
C. It’s not about my tax rate, it’s about the tax rate of the American people
D. “I want to make sure I beat Barack Obama”

 If you guessed all of the above, you’re correct. Yesterday, Mitt dropped the excuses long enough to release one year’s worth. One year.

 And he chose to release his tax returns on the same day President Obama gave the State of the Union and made the case for the Buffett Rule, which asks millionaires like Mitt to pay their fair share. The choice in this election couldn’t be clearer.

 We think everyone should pay their fair share, including Mitt, and we don’t buy that one year of returns tells the whole story. It’s time for him to level with the American people.

Sign the petition to tell Mitt to release the rest of his tax returns.

http://my.democrats.org/No-More-Excuses

 You see, Mitt doesn’t think there’s a problem with what he pays, despite the fact that his disclosure yesterday revealed a previously hidden Swiss bank account that was shut down in 2010 after an adviser reportedly realized it was politically problematic.

 Between the old Swiss bank account, the Cayman Islands investments, and other tax-minimizing tactics, he paid just 13.9 percent on the $22 million he made in 2010 — about half the rate most middle-class Americans pay. And under the tax plan he’d put in place as president, he’d pay even less.

 But here’s the thing: We still don’t know what tax rate he’s paid in past years, or if he’s used tax loopholes that are only for the very wealthy, because he won’t share any more of his returns.

 When Mitt’s own father, George Romney, ran for president in 1967, he released 12 years of returns, saying “One year could be a fluke, perhaps done for show.”

  American voters deserve to know how he makes his money, where he invests it, and the larger story that tells about his values.

Tell Mitt it’s time to step up and release the rest of his tax returns:

http://my.democrats.org/No-More-Excuses

 Thanks,

 Brad

 Brad Woodhouse
Communications Director
Democratic National Committee