Boehner’s Plan B Also Cuts Taxes on Rich, Raises Them on Poor

By: Thursday December 20, 2012 6:25 am

John Boehner may not even have the votes for today’s “Plan B,” a bill that effectively raises taxes on people making over $1 million a year. He was seen gladhanding on the House floor last night, whipping votes for his side. He can only lose 24 votes to reach 217 (there are a couple vacancies [...]

Boehner in Bargaining Phase: Calls for Millionaire’s Bracket

By: Sunday December 16, 2012 9:31 am

House Speaker John Boehner’s latest offer sheet to the President in the fiscal slope negotiations includes an increase in tax rates on people earning $1 million a year, the first time that the Republican leader has proposed any tax rate hike. The White House, seeking rises on tax rates above $250,000, rejected the offer. Boehner [...]

Lame Duck Congress Has Lots of Work to Do Even Without Fiscal Slope

By: Friday November 9, 2012 7:45 am

Among the many other reasons not to engage in a grand bargain during the lame duck session is that Congress actually needs to get busy with other matters. For a variety of reasons, mainly that they’re not good at their job, Congress left a multitude of items on the table for the lame duck, many [...]

Labor Income Dropped Off the Cliff Starting in 2000

By: Wednesday September 26, 2012 9:11 am

After Mitt Romney released his tax returns, there was a minor debate on the left over capital gains taxes. Clearly Romney’s low tax rate was a function of the reduced 15% rate on investment taxes like capital gains and dividends. And some made arguments about how this merely reflected classical economic thinking, that investment should [...]

Mitt Romney’s Low Tax Rate a Function of How US Treats Capital Gains and Dividends

By: Friday September 21, 2012 1:03 pm

Mitt Romney’s tax returns are now posted, along with that letter summarizing the previous 20 years of taxes. You can find them here. Without delving too deeply into the return, I will say that Romney’s low effective tax rate is not a function entirely of Mitt Romney being a scoundrel as it is a function [...]

Romney Prepares to Release 2011 Tax Return, Letter About Previous 20 Years

By: Friday September 21, 2012 11:35 am

Mitt Romney plans a Friday afternoon news dump for releasing his 2011 tax returns, which so far he has only released in a partial fashion. The early report from the manager of Romney’s blind trust is that he paid an effective 14.1% tax rate in 2011, not much better than the 13.9% rate for 2010, [...]

More Romney Tax Stories Dribble Out

By: Tuesday August 28, 2012 8:56 am

Try as they might to shift to the economy, something always gets in the way for the Romney campaign. In this case, it’s the actions of Mitt Romney throughout his life to wall off his fortune from the Internal Revenue Service and ensure a continuing Romney aristocracy for the next generation. First, even by what [...]

Management Fee Conversion Saved Romney Millions in Taxes

By: Friday August 24, 2012 7:35 am

Mitt Romney made a statement last night that “big business is doing fine,” largely because “they know how to find ways to get through the tax code, save money by putting various things in the places where there are low tax havens around the world for their businesses.” This comes weeks after the entire media [...]

Democrats Support Multiple Tax Cuts for the Wealthy

By: Friday July 27, 2012 10:15 am

One problem with talking about the “Bush tax cuts” is that they incorporate much more than just the individual income tax marginal rates. Among other things, you have the changes to the estate tax. And so today, House Democrats plan to introduce an estate tax measure that would freeze the tax at 2009 levels. In [...]

Democratic Tax Cut Plan Does Expand Middle-Class and Poor Tax Cuts, Paid for By Increases on the Wealthy

By: Tuesday July 24, 2012 11:09 am

While I’ve gone over how the Democratic and Republican tax plans scheduled to get a vote in the Senate this week are in many ways similar, I did not identify the points of difference, which are substantial in their own way, particularly in the direction that money would flow under the two plans. In particular, [...]

Buffett Rule to Be Filibustered Today

By: Monday April 16, 2012 10:56 am

Today, the Senate will vote on a motion to proceed to the Buffett rule, formally known as the Paying a Fair Share Act. This concludes a two-week push by Senate Democratic leaders and the Obama Administration on the bill, and the larger conversation around tax fairness and the need for the rich to pay a [...]

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