President Obama said Monday that he wants Congress to immediately pass an extension of the 2001 and 2003 Bush tax cuts for families’ first $250,000 in income. Republicans won’t do this unless Obama agrees to extend the tax cuts …
Taxes
Romney’s Latest, Greatest Twist On The Individual Mandate
The contortionists impress, until they twist again. Then the crowd goes “Awww.” On Tuesday, I tried to explain all the knots both Barack Obama and Mitt Romney had tied as they tried to bend with the political winds on the …
The Need For Tax Reform Illustrated
David Kay Johnston has a great piece out today from Reuters that takes a close look at the taxes paid by the 400 highest income earning families in the U.S., a group that averaged about $200 million in income. The findings show just how inconsequential the nation’s progressive income taxation brackets can be for the very wealthy. For …
Two Symbolic Tax Reform Plans from Obama and Romney
Barack Obama and Mitt Romney laid out competing frameworks for tax reform on Wednesday, competing to lay down political markers on a policy issue both parties where both parties want reform but where there is little chance to achieve Congressional compromise anytime soon.
Mitt Romney Releases Tax Returns, Paid Lower Taxes
Pop quiz. How are these three facts related?
–Warren Buffett’s secretary will sit nearby Michelle Obama at tonight’s State of The Union Address.
–Oscar nominations were announced at 5:30 a.m. PST Tuesday.
–Mitt …
Romney Relents, Will Release Tax Records
After days of mounting pressure and a stinging loss to Newt Gingrich in South Carolina on Saturday night, Mitt Romney announced Sunday morning that he’ll be releasing his 2010 tax records and a estimate of 2011 figures for public scrutiny on Tuesday.
Newt Gingrich Would Eliminate Federal Income Tax for Mitt Romney
The tax proposals of Newt Gingrich could yield a windfall in tax savings, both for himself and his primary opponent, Mitt Romney, if they were enacted into law, according to a new analysis by the liberal group Citizens For Tax Justice.
Why Mitt Romney’s Tax Rate Matters
Mitt Romney stammered on Monday night when debate moderators asked him whether he’d release his tax returns. “I hadn’t planned on releasing tax records, because the law requires us to release all of our assets, all the things …
Warren Buffett Ready to Take Republicans’ Tax Challenge
Updated, 6:10 p.m. E.T.
Warren Buffett is ready to call Republicans’ tax bluff. Last fall, Senator Mitch McConnell said that if Buffett were feeling “guilty” about paying too little in taxes, he should “send in a …
Amid Supercommittee Wrangling, Tax Reform Gains Momentum
Whether or not Congress’s deficit supercommittee succeeds in finding $1.2 trillion in savings by Thanksgiving, one likely result is that sometime in the next 18 months, Congress will tackle tax reform.
The Conservative Problem with 9-9-9
The 9-9-9 tax plan is not an insignificant part of Herman Cain’s appeal among Republicans–everyone knows the tax code is maddeningly complex and telling people they’re three little digits away from having their problems solved is bewitching. The main knock on the plan is that it would redistribute the tax burden so that it falls more …
GOP Reacts Cautiously to Democratic Millionaires’ Tax Plan
Democrats think they’ve found a great campaign issue for the 2012 elections—raising taxes on millionaires. And to judge by Republicans’ reactions, they may be right. “We agree with what the President said,” says Don Stewart, spokesman for Senate Republican leader Mitch McConnell. “You shouldn’t be raising taxes in a weak …
Obama’s Tax on the Big Bad Banks
Way back in January of 2010, during his short-lived “fat cat” bashing phase, Obama proposed a tax on the nation’s largest financial institutions with the stated intent of recouping taxpayer losses from the 2008 bank bailouts. Even by that point, the Troubled Asset Relief Program’s price tag was shaping up to be much lower than the …