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Showing blog posts tagged with tax breaks

In Sequester Fight, Boehner's Willing to Sacrifice the Hostages

Photo courtesy of Rep. Ron Barber's congressional website.

House Speaker John Boehner (R-Ohio) continues to lead the Republican charge to the March 1 deadline, when arbitrary, across-the-board sequestration cuts in everything from mental health services to public safety kick in. In a cynical drive to wring massive concessions in cuts from Social Security, Medicare and Medicaid, Boehner and the Republicans are willing to inflict hardships on working families and bring disaster to the economy.

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Across the Nation, Working Families Say Stop Sequestration

Photo by Sara Wallenfang

Detroit’s below freezing temperatures and gray winter skies didn’t deter a group of union and community activists from gathering downtown in front of a Chase Bank to build support to ensure that corporate special interests like Chase pay their fair share in taxes.

The morning action was just one of more than 100 events in a national day of action urging Congress to avert the $85 billion in arbitrary, across-the-board sequestration cuts in everything from mental health services to public safety scheduled to take effect March 1.

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'Fix the Debt' Is a Front Group for CEOs Who Don't Want to Pay Their Taxes

Fix the Debt: Watching out for CEOs, not you.

We've reported for several months now the "Fix the Debt" group is a Trojan horse. It cynically calls for cuts to Social Security, Medicare and Medicaid benefits (in the name of "deficit reduction") while advocating for lower taxes for corporations and businesses that ship jobs overseas. 

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Tell Us What You Think: Democratic vs. Republican Platforms…Where Do Workers Win?

Last week, we discussed that the Republican Party platform is a road map to dismantle workers’ rights. Steven Greenhouse of The New York Times says the Republican platform “calls for numerous steps that could significantly weaken America’s labor unions” and, for the first time in years, doesn’t even acknowledge the right to form unions.

The New York Times reports, when doing a side-by-side comparison of the platforms, the two visions are “poles apart in their view of the nation.”

Let’s take a look at some of the major differences:

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40% of America’s Workers Live Paycheck to Paycheck

2012_paycheck-3

America’s workers are existing on the edge of financial disaster: 40 percent say they live paycheck to paycheck, according to a recent CareerBuilder survey. Worse, 37 percent say they sometimes need to rely on the next payday to make ends meet. Although the percentage of those literally living for payday has decreased from 42 percent in 2011 and from 46 percent in 2008, the height of the recession, this is not good news.

In addition, the survey found:

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Tell Us What You Think: What's Romney Trying to Hide by Not Releasing His Tax Returns?

Tell Us What You Think: What's Romney Trying to Hide by Not Releasing His Tax Returns?

Unlike nearly every other presidential candidate, Republican Mitt Romney refuses to make public more than two years of tax returns. Today, the multimillionaire said he has paid a tax rate of at least 13 percent on his income in each of the past 10 years—but he still won't release his returns. Meanwhile, President Obama's returns have long been public and show he pays a 20 percent tax rate.

At a measly 13 percent, Romney, who is worth a quarter of a billion dollars, is paying significantly less in taxes than other high-income earners who pay 35 percent. Through the use of offshore tax shelters and other means, Romney pays a smaller tax rate than average taxpayers like nurses, firefighters and construction workers.

In more than three decades, no other nominees for either party—except Sen. John McCain (R-Ariz.)— have released fewer than five years’ worth of returns. Romney’s own father released a dozen years’ worth when he ran for the Republican presidential nomination in 1968.

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Report: You Paid $46 in 2011 to Subsidize Fat CEO Pay

Report: You Paid $46 in 2011 to Subsidize Fat CEO Pay

Next time you write your tax check to the Internal Revenue Service, imagine which multibillion-dollar corporation may get some of your hard-earned pay.

How about drugmaker Abbott Laboratories, which in 2011 claimed a $586 million tax refund for its 64 subsidiaries operating in 16 countries considered tax havens?

Or maybe Chesapeake Energy, a company that last year made $2.8 billion in pre-tax U.S. profits—but whose effective tax rate over the course of its 23-year history has averaged only about 1 percent?

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Romney Plan: Hike Middle Class Taxes, Outsource Jobs

Those of us in the middle and working classes will see our taxes raised big time if Mitt Romney is elected president, according to a new report released today by the Center for America Progress at a day-long event examining Romney’s proposals. Romney is proposing a set of so-called tax reforms that would increase taxes for 18 million working families, meaning an average income couple with two kids would pay $850 per year more in taxes.

In sharp contrast, Romney would gain $4.5 million in tax cuts in just the first year, and rake in more than $100 million in tax breaks over his lifetime (click chart at left to expand).

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Romney's Record as Governor: F Minus

Romney's Record as Governor: F Minus

At a time when creating jobs in this nation is top priority, Mitt Romney is running for president on a record in which Massachusetts under his years as governor was 47th in job creation. Worse, Romney apparently didn’t care—when state customer service call center jobs were outsourced to India, Romney vetoed legislation to stop the practice.

This and more info on the Romney record are available at our new Meet Mr. 1% website.

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Republican Tax Plan: Richest 1% Get $50,660 More than Under Obama’s Plan

There are responsible tax cuts—and then there are tax giveaways for the already really rich.

In discussions over extending the Bush tax cuts, Republicans propose massive tax giveaways for the wealthy while the middle- and lower-income families would pay slightly more, according to a new analysis by Citizens for Tax Justice (CTJ) and the Institute on Taxation and Economic Policy (ITEP).

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