The River Wanders...

(via truth-has-a-liberal-bias)

shiracoffee:

Smith & Wesson, one of the largest gun makers in the country, is headquartered in Springfield, MA. According to the company’s 2012 annual investment report to the SEC (10-k), Smith & Wesson received a large multi-million dollar tax credit from the state that started in 2010…

A top Republican U.S. senator brushed off the anti-tax pledge pushed by activist Grover Norquist and embraced widely for years by GOP lawmakers. “I care more about my country than I do about a 20-year-old pledge,” Sen. Saxby Chambliss told Georgia television station WMAZ, a CNN affiliate, on Wednesday. “If we do it his way, then we’ll continue in debt and I just have a disagreement with him about that.”

Congress faces a year-end deadline to reach agreement on taming the U.S. budget deficit or take other steps to avert the so-called fiscal cliff of mandatory tax increases and spending cuts that experts say would push the country back into recession. At the heart of budget standoff is disagreement over how to raise new revenues to help reduce red ink. President Barack Obama and Senate Democrats call for an increase in tax rates for the wealthiest Americans, while House Republicans, who control that chamber’s majority, favor other approaches for brining in money, such as closing certain tax loopholes and eliminating deductions. Norquist, who heads the conservative group Americans for Tax Reform, has been successful over the years in lobbying a strong majority of congressional Republicans to sign his pledge to not raise taxes.

(via truth-has-a-liberal-bias)

questionall:

The headline from Forbes says it all: If Romney Cuts Taxes For The Rich By 20%, He Will Have To Raise Taxes For The Middle Class By $1 Trillion.  This is FORBES people … FORBES.  And they’re being generous.  I think the math is even simpler than they make it out to be … according to the Tax Policy Center – Romney’s plan will raise taxes on the middle class by $3.7 trillion HERE.  But the bottom line is this … EVERYONE … conservatives and liberals alike recognize that Mitt Romney is lying about his tax plan.  And yet – Americans across the country are going to vote for him simply because he has an R next to his name and he’s not the black guy.

They write HERE:

First the $5 trillion in tax cuts which reduces the income tax on the wealthy by 20%($2.5 trillion), eliminates the Alternative Minimum Tax($700 billion), repeals the high-income payroll tax($300 billion) and hands out a juicy $1 trillion tax cut for corporations. They’re like people you know. Nice clean math. Nice big figures with a lot of zeroes.

Then, comes the problem, the headache, or maybe its the head fake. No identification of a single loophole that will be closed. No concrete exposition about raising the capital gains tax on rich people. Our friends at the Democratic Party headquarters have estimated the savings for “ending all tax benefits for the wealthy” at $1.7 trillion; eliminating ALL corporate tax benefits to offset the corporate tax cut- $1.1 trillion and then another $1 trillion of middle class tax benefits to pay for the middle class cut=- another $1 trillion.

Imagine the chaos, the bitterness, the social unrest that would occur. But, then realize these measures only get back $4 trillion. There’s another $1 trillion to go.

Let’s just look at all the people and institutions who have called Mitt Romney’s plan a complete fantasy:

• Paul Krugman says Romney “is just faking” his plans HERE; in other words – Romney is just making sh-t up.
• The Salt Lake Tribune endorsed Obama over Romney saying “Romney is willing to say anything to get elected” HERE.
• A large margin of economists prefer Obama over Romney for just about everything HERE.
• The Congressional referee – the Joint Committee on Taxation says Romney’s plan is impossible HERE.
• The former McCain economic adviser and current chief economist for Moody’s says the arithmetic “doesn’t work” HERE.
• Politifact says Romney’s claim that 5 independent studies corroborate his math is “mostly false” HERE.
• A Fox “journalist” actually says “How can you not tell the people these facts” HERE.
• An independent study by the Brookings institution says Romney’s tax plan isn’t mathematically possible HERE.
• Factcheck.org says his math is impossible in Romney’s Impossible Tax Promise.
• I’ve given a very simple explanation that Romney’s plan will in fact cut taxes for the wealthiest Americans HERE.
• The Tax Policy Center says Romney’s plan is a $5 trillion tax cut which would give anyone making more than $1 million a year at least an $87k tax cut HERE.
• Bill Clinton says Romney’s tax math is impossible HERE.
• Fox’s Chris Wallace calls out the Romney campaign for their math HERE.
• The Council on Foreign Relations says “there is a $1 trillion hold in Romney’s budget math” HERE.

Who else do you need to verify this plan to understand the only possible scenario is an increase in taxes for the middle class; the math is simply impossible.

And there you have it!  Straight from the asses mouth.  Romney means more taxes for those who can least afford it.  

(via end-the-republican-mafia)

think-progress:

Read six more questions for Mitt at ThinkProgress

1. After the election, when the subject of your tax returns is outside of the public glare, will you file an amended tax return to claim your full deduction of charitable contributions? Was the tax rate you reported…

alimarko:

think-progress:

• Romney’s tax plan would personally save Sheldon Adelson a total $2.3 billion in taxes.
• It saves Adelson approximately $1.5 million in tax cuts on his CEO salary.
• In one year, Adelson could more than earn back his $100 million in political…

Willard Romney plans to bankrupt America.

corporationsarepeople:

“Bottom line: Mitt Romney has not paid all the taxes required under law.”

reprinted in its entirey:

Yesterday, in response to months of requests for him to release many more years of tax returns, Mitt Romney dismissed this topic as “small-minded” and said he had never paid less than a 13% tax rate.

If this information was designed to make those who want to see Romney’s tax returns feel like fools for asking, it didn’t.

Rather, it caused lots of jaws to drop.

Why?

Well, first because Romney confirmed what most people have long assumed, which is that he pays an extraordinarily low tax rate for someone who makes so much money.

Second, because the tax rate that Romney seemed proud to have paid was a lower tax rate than half of Americans pay.

[…]

Unlike those who argue that Romney’s money is Romney’s money and that every dime that he is forced to pay in taxes is a dime that is effectively stolen or “confiscated” from him, Simon recognizes that his financial success is in part due to the economic environment in which he lives and works:

Mitt Romney paid taxes at a rate of at least 13 percent. And he’s proud to say so.

Can we stand back and pause a short minute to take in the spectacle of a man who wants to be President of The United States, who wants us to seriously regard him as a paragon of the American civic ideal, declaiming proudly and in public that he has paid his taxes at a third of the rate normally associated with gentlemen of his economic benefit?…

Thirteen percent.  The last time I paid taxes at that rate, I believe I might still have been in college.  If not, it was my first couple years as a newspaper reporter.  Since then, the paychecks have been just fine, thanks, and I don’t see any reason not to pay at the rate appropriate to my earnings, given that I’m writing the check to the same government that provided the economic environment that allowed for such incomes.

(via reagan-was-a-horrible-president)