Schumer’s Gambit: Ending the Tax Reform Con, Ending the Grand Bargain?

By: Tuesday October 9, 2012 10:42 am

Here’s some additional analysis of Chuck Schumer’s big speech to the National Press Club that really disrupted any effort to put together a grand bargain on tax and fiscal policy issues. Here’s the key point: Schumer said tax reform should be rooted in three principles: First, reduce tax deductions and loopholes while protecting those most [...]

Schneiderman Investigating Bain Capital, Amid No News of Any Investigation on Mortgage Fraud Task Force

By: Sunday September 2, 2012 3:33 pm

As you may know, back in late January New York Attorney General Eric Schneiderman agreed to a relatively toothless settlement over mortgage servicing and foreclosure issues in exchange for becoming a co-chair of a task force designed to investigate and prosecute fraud in the securitization market. According to Schneiderman, this would focus resources on “the [...]

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 [...]

Hedge Fund Gambling: Fine, Just Keep My Tax Dollars Out of It

By: Monday May 28, 2012 9:45 am

It turns out that I have a connection to the whole JPMorgan Chase Fail Whale trades. The guy who led the hedge fund pushback against the London Whale, the one who took the other side of the bet, the one who made the profit off of JPM’s massive loss, is a guy named Boaz Weinstein. [...]

Mitt Romney is Good at Taxes, Cont’d

By: Tuesday January 24, 2012 11:37 am

I should point out that the same tax strategies that Mitt Romney used on his individual taxes (Swiss bank account and all, and by the way there’s no reason to have a Swiss bank account if you declare it, there’s almost no question this was used as a strategy to hide income) were also used [...]

Romney’s Taxes Show Ridiculousness of Carried Interest Loophole

By: Tuesday January 24, 2012 10:23 am

Mitt Romney released his tax returns for 2010 and an estimate for 2011 today, and I think what we can say about them is that Mitt Romney, or rather his accountant, is very good at taxes. Nobody suggests that anything on Romney’s tax form reflects any illegal activity. Rather, he’s working within the bounds of [...]

Buffett Rule Not Really A Rule

By: Thursday September 22, 2011 8:15 am

The “Buffett rule,” the principle that a millionaire should never pay a lower rate of tax than his or her secretary or anyone else working in the middle class, has excited many on the left. There is a legitimate issue of effective middle class tax rates being higher than a non-trivial segment of the millionaire [...]

Capital Gains Tax Cuts Massively Transfer Wealth to the Top

By: Monday September 12, 2011 12:31 pm

The biggest reason why you would want to use higher taxes on the rich and the nation’s largest corporations if you’re going to pay for stimulative job-creation measures is not just because these would be the least disruptive offsets for an economy waiting to heal. Just as high on the list is the fact that [...]

American Jobs Act Pay-Fors All on Tax Side

By: Monday September 12, 2011 10:55 am

Well, this is a bit unexpected. OMB Director Jack Lew strolled into the White House briefing room and laid out the plan to pay for the American Jobs Act, and it’s entirely from ending tax breaks for rich people and corporations. Among the offsets suggested by Lew: • New limits on deductions for income over [...]

Obama Enters Debt Limit Talks, With a Focus on Revenue

By: Tuesday June 28, 2011 7:02 am

The President entered the debt talks yesterday, meeting with the leaders of both parties in the Senate. And we’re starting to get some numbers out of the negotiations. The “down payment” of deficit reduction is expected to be anywhere from $2-$2.4 trillion, of which between $500 billion and $1 trillion has been agreed to. So [...]

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