Posts tagged taxes

Map showing where Americans not paying income tax live. The 47%, y’all.

Map showing where Americans not paying income tax live.

The 47%, y’all.

Add It Up: Taxes Avoided by the Rich Could Pay Off the Deficit Conservatives force the deficit issue, ignoring job creation, and insisting that tax increases on the rich wouldn’t generate enough revenue to balance the budget. They’re way off. But it takes a little arithmetic to put it all together.  Individual and small business tax avoidance costs us $450 billion. Corporate tax avoidance is between $250 billion. Tax haven losses are at least $337 billion. That’s enough to pay off a trillion dollar deficit. Reasonable tax changes could nearly pay it off a second time: A non-regressive payroll tax could produce $150 billion in revenue. A minimal estate tax brings in another $100 billion. A financial transaction tax (FTT): up to $500 billion. Add it all up, and we’ve paid off the deficit, almost twice. More importantly, the avoided taxes and a few other sensible taxes could provide sufficient revenue for job stimulus without cutting the hard-earned benefits of middle-class Americans.

Add It Up: Taxes Avoided by the Rich Could Pay Off the Deficit

Conservatives force the deficit issue, ignoring job creation, and insisting that tax increases on the rich wouldn’t generate enough revenue to balance the budget. They’re way off. But it takes a little arithmetic to put it all together. 

  1. Individual and small business tax avoidance costs us $450 billion.
  2. Corporate tax avoidance is between $250 billion.
  3. Tax haven losses are at least $337 billion.

That’s enough to pay off a trillion dollar deficit. Reasonable tax changes could nearly pay it off a second time:

  1. A non-regressive payroll tax could produce $150 billion in revenue.
  2. A minimal estate tax brings in another $100 billion.
  3. A financial transaction tax (FTT): up to $500 billion.

Add it all up, and we’ve paid off the deficit, almost twice. More importantly, the avoided taxes and a few other sensible taxes could provide sufficient revenue for job stimulus without cutting the hard-earned benefits of middle-class Americans.

commondreams.org

Oh no! It’s a Tax! President Obama has cut taxes by $3,600 for the typical middle class family. Republican plans will raise taxes on middle class families to give millionaires and billionaires a $250,000 tax cut. The facts are clear: the health care law provides a significant tax cut averaging about $4,000 for more than 18 million middle class people and families — a tax cut Republicans in Washington are vowing to repeal, socking it to the middle class once again. For those that can afford health insurance but stay uninsured — forcing the rest of us to subsidize their care for free — a penalty is administered. This is estimated by the CBO to affect 1 percent of the population. It is modeled on the health reform Governor Romney signed into law, where less than 1 percent have been affected by the Massachusetts penalty. Isn’t personal responsibility what Republicans are all about? The Affordable Care Act forces the 1% of Americans who aren’t taking responsibility in their own health care, to finally do so and stop mooching off everyone else.

Oh no! It’s a Tax!

  • President Obama has cut taxes by $3,600 for the typical middle class family. Republican plans will raise taxes on middle class families to give millionaires and billionaires a $250,000 tax cut.
  • The facts are clear: the health care law provides a significant tax cut averaging about $4,000 for more than 18 million middle class people and families — a tax cut Republicans in Washington are vowing to repeal, socking it to the middle class once again.
  • For those that can afford health insurance but stay uninsured — forcing the rest of us to subsidize their care for free — a penalty is administered. This is estimated by the CBO to affect 1 percent of the population. It is modeled on the health reform Governor Romney signed into law, where less than 1 percent have been affected by the Massachusetts penalty.

Isn’t personal responsibility what Republicans are all about? The Affordable Care Act forces the 1% of Americans who aren’t taking responsibility in their own health care, to finally do so and stop mooching off everyone else.

The Huffington Post