Former RNC Chair Michael Steele threw a major wrench in the Romney campaign's efforts to dismiss as biased a study showing his plan would raise taxes on middle-class Americans. "I don't think necessarily they can" dismiss the study, Steele said on The Ed Show Wednesday night.
The study in question, released Wednesday by the Brookings Institution and the Tax Policy Center, found that under Romney's tax plan, 95% of Americans would see a $500 tax increase on average.
President Obama was quick to jump on the study and attack Romney on the numbers today. The Romney campaign hit back, saying that "President Obama continues to tout liberal studies calling for more tax hikes and more government spending."
But, as guest host Michael Eric Dyson noted, during the primary Romney cited analysis from what he called the "objective" Tax Policy Center to slam a proposal by Rick Perry. Indeed, a Romney campaign press release at the time said, referring to the Tax Policy Center: "Objective, Third-Party Analysis Showed Governor Perry’s Plan Would Raise Taxes On Millions Of American Families – But He Doesn’t Seem Interested In The Discussion."
Steele, formerly the head of the Republican party, agreed.
Asked by Dyson whether the Romney campaign can so easily dismiss the study, Steele replied: "Well I don't think necessarily they can. I think they have to take it into account. Particularly if they referenced this organization in the past as legitimate and stand-up, with respect to analysis given about someone else's work."
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That's 'cause it's true.
GOP presidential nominee Mitt Romney went to London for the opening ceremonies of the 2012 summer games—part of a three-country world tour designed to build his foreign policy resume and shake down overseas donors.
The Romney campaign will run television ads during the games touting the candidate's experience as CEO of the 2002 Salt Lake City Olympics, where he was widely credited with turning around the scandal-plagued organizing effort.
Oh, but how did he manage in Utah.....forgotten a few facts.
What Romney doesn't talk about is how he succeeded in Utah with government help—lots of it—and how millions in assistance that he pried out of the feds ended up bankrolling subsidies, sweetheart deals, and giveaways for land developers and other well-connected Utahns.
As Romney chastises the president for pointing out that successful business ventures benefit from a larger social compact and accuses critics of pining for "free stuff," Romney is simultaneously touting an Olympic effort that, more than any other in American history, succeeded thanks to public investment—some of it sunk into questionable projects of marginal value to the Salt Lake games. "The $1.5 billion in taxpayer dollars that Congress is pouring into Utah is 1.5 times the amount spent by lawmakers to support all seven Olympic Games held in the U.S. since 1904—combined," Donald Barlett and James Steele reported for Sports Illustrated in 2001. Those numbers were adjusted for inflation.
How the Salt Lake Games came to receive more money than any games in American history isn't much of a mystery. The organizers, including Romney, asked for it. In his 2004 book, Turnaround, Romney acknowledges the central role of the federal government in making the Olympics possible. "No matter how well we did cutting costs and raising revenue, we couldn't have Games without the support of the federal government," he wrote.
Romney emphasized cost-cutting at every step of the process, moving the Salt Lake Organizing Committee's DC office from a swank building next door to the White House, to a cheaper, comparatively Spartan flat next to a burrito shop. But the flow of federal cash continued unabated.
http://www.motherjones.com/politics/2012/07/mitt-romney-expensive-olympics-federal-funding
ThankfulMom - What you fail to mention is that Mitt Romney refused his salary, donated 1 Million dollars of his own money and also got new sponsors who donated an additional 180 million dollars to the games.
But of course you don't want to talk about the positve things he has done. Using motherjones as your source shows your bias.
Seems like you conveniently failed to mention the 100's of millions we taxpayers added to bail the 2002 Olympics out... And I don't see you adding any sources for your claimed facts either.. Guess you didn't see what happened after the Olympics either.. Romney was in knee deep with questionable people that were involved in the scandal bidding on the Olympics in the first place... Some of those same people benefited after the Olympics with Romney's help. Then isn't it strange all the records were destroyed... If you want sources, all you have to do is Google it...
Want the full story here is the link...
Key Figures In Salt Lake Olympic Bribery Scandal Now Backing Romney's Presidential Campaign...
When the study makes them look good, they praise it, but if it makes them look bad, then it's a bogus study! They are just the biggest losers. HaHa
It is true. Reform of the tax code under Mitt's plan will make it less progressive. When half the people pay no taxes, and the top tier pay such an overwhelming majority, it's a very broken system. Turn it into class warfare all you want, but real tax reform involves simplifying the code, eliminating the spaghetti code of deductions, and making EVERYONE pay SOME taxes, thereby making it less progressive. If I were Mitt, I wouldn't apologize for it. I'd like to know what portion of the total tax base is paid by the top 10% of earners under the current tax code, and under Mitt's proposed code. And is THAT still "fair"? Me thinks not.
Right you can tax people who have no left over money but you can't tax billionaires who have so much money they have hidden tax havens to put it in. Yeah the country is broke because of GOP not taxing the wealthy for 34 years. Good lord this problem did not happen in the last 4 years. tea bagged republican whiners still believe in the Reagan Big Lie, you will need those tax cuts some day. Yeah when hell freezes.
just another offspring of the garbage obtuse party!
I love it when ppl say half the ppl in this country pay NO taxes. I guess they never heard of sales tax and state tax. It's all interconnected.
It's their delusions John, they don't live in reality they live in Reagan bull@!$%# land, they believe they will need those tax cuts some day.
ON THE DISTRIBUTIONAL EFFECTS OF BASE-BROADENING INCOME TAX REFORM
Samuel Brown, William Gale, and Adam Looney Urban-
Brookings Tax Policy Center August 1, 2012
ABSTRACT
This paper examines the tradeoffs among three competing goals that are inherent in a revenue-neutral income tax reform—maintaining tax revenues, ensuring a progressive tax system, and lowering marginal tax rates—drawing on the example of the tax policies advanced in presidential candidate Mitt Romney’s tax plan. Our major conclusion is that any revenue-neutral individual income tax change that incorporates the features Governor Romney has proposed would provide large tax cuts to high-income households, and increase the tax burdens on middle- and/or lower-income taxpayers.
http://www.taxpolicycenter.org/UploadedPDF/1001628-Base-Broadening-Tax-Reform.pdf
Randy who made the current tax code? I'm just saying everyone pays some taxes, and when you have to feed a family of more then one and only make under 30k a year, you shouldn't pay taxes either, but when you makes millions and millions of dollars through investments and outsourcing and you pay some unknown tax rate and then find out that you may not have paid any taxes for up to 10 ten years. I think you need to review and reveal who you really work for.
Watching the Olympics- Ticks me off that everyone thinks Michael Phelps is special. Somebody else built the pool, someone else filled it with water- the water was treated and supplied by the government. Let's get real. It wasn't Phelps but the government that caused his winnings.
rusty a guy who has done nothing in his life that would make him exceptional has the nerve to talk about others. rusty who has taken advantage of a system that allowed him to be educated, trained believes he did everything on his own, if that were true rusty would have died of starvation before he was 4 days old.
No pool, no Phelps...It's as simple as that. Try and grasp that concept.
I'm with you, Tex. USA B-Ball is on now. Lebron would have been a factory worker or something if the government hadn't put up a hoop.
A five year old would understand this, but you?....nevermind.
-Mitt Romney(2002)
-Barack Obama
"I mean, ah, I mean, i do think at a certain point, ah, that you've made enough money. But, you know, ahm, you know- part of the American way is, you know- you can just keep making it if you're providing a good product, or ahm, a good service. Ahm- you know, we don't want people to , ahm, stop fulfilling the core responsibilities of the financial system to grow the economy"
Barack Obama- Quincy Illinois- 2010 (And it may need to be interpreted by one of you apologists, but I think he means that while a businessman may have made plenty of money, that Obama thinks that if he can make more, he or she should keep making more because it's good for the economy. Or maybe he means something else...
www.fairtax.org
WWW. Fairbull@!$%#.org.
whom..........Youre pickin on the wrong chicken. If you and the rest of the MSNBC zombies only knew what Obama has in store for this country if he has four more years you would change your tune real quick. What Romney would do is light work compared to what Obama has planned. You need to get away from MSNBC and do some serious research. PS....name calling everyone you disagree with isnt going to change anything. Goodluck to us all!
The world according to the Fox news android. And we are not going to vote for don't give a @!$%# mitt so go back to Fox and do your whining there. The only thing you seem to research is Mittens magic underpants. Research to a tea bagged republican is going to Fox news, free republic, facebook and youtube.
And you need to see a psychiatrist.
Now...there is another intelligent answer from Whom. no discussion, no legitimate response, just his usual idiotic reply.
It is a shame he doesnt have the fortitude to do some research and discuss any subject in a grown up manner..
jsut saying..
Right capt re reg like the fair tax bull@!$%# hasn't been shown to be another free ride for the wealthy 60 or 70 times already. Really having to debunk the same bull@!$%# day after day hour after hour because you tea bagged republicans just can't seem to grasp that the GOP brand with or without tea bags is bad for the country and are the worst liars in history. That you think you offer the blog any insight to the GOP is delusional at best. 34 years of GOP failures and deficits and high unemployment and crashed economies you ignore and try to say this time it will be different, yeah right different person same failed policies.
right...sure...
its a shame you cant think for yourself and do some research instead of relying on your puppet master to pull your strings and make you spew the same old leftist talking points...
jsut saying..
The left doesn't have talking points capt re reg. See that is the problem with conservaturds you think because you are guilty of something then everyone else is just as guilty as you are. Fair tax is just another scam that benefits the wealthy but who cares capt re reg the GOP hate fair tax law worse then democrats hate it.
storm,
you are doing the same thing you accuse us of doing.
just saying...
whom - get off of the tax the evil rich guy until they're poor, libtard bandwagon!
The wealthy and small business owners are the job creators in this country. Not big goverment like Ed told you
We're committing national suicide under obama and the Dimocrats, but you would rather have that than vote for an evil, succesful, rich guy!
Sully, you are so full of it I bet your eyes are brown! The Job Creators? My A$$ they create jobs...they hang on to their wealth and don't do SQUAT!
All these businesses Romney has on his propaganda have ALL had government assistance or government contracts! Go back to Faux Noise unless they banned you there, hurry and go cuz I hear they are giving away cotton candy and lolli pops and my fave....rides on a unicorn over a rainbow..wwweeeeeeeeeee
Just Sayin'
@Suzette...and exactly which right wing talking points am I using..I know you are not referring to the FAIRTAX, because it is not on the Republican platform anywhere. Sure it is supported by some conservatives, and liberals, but it is not a subject that is really discussed much at all. As a matter of fact, even in spite of Whom's claim to the contrary, I have never seen it discussed on this board. and whom trashing it without any knowledge of it does not count as discussing it.
If both political sides dislike the idea, then that is all the more reason that it should be considered. It takes the power away from the politicians.
just saying...
Lie capt re reg lie. Guess Herman wasn't a republican when he came up with his Sims 999 plan during the circus of the clowns.
Please tell what I said that was a iie...and what does Cain's 999 plan have to do with this subject. Sure it has some similarities, but it is not the same thing at all.
just saying...
Right and you are not a re reg. Yet again lie it is all you have done.
So what taxes on the middle class is romney raising, and more important, Why is Reid voting for it.
The study made up tax hikes, since there are none in his plan. He cuts taxes across the board, That means for everbody.
Obama on the other hand raised taxes with obamacare, wants to raise them even more jan 1, and has a whole slew of new taxes he can't wait to shaft you with.
The only way to end this conversation, and move our country forward is to go back to the days when the tax rate was 70% for the richest, then you can pay down the debt, and listen to the Republicans scream like banshees... Maybe they would loosen up a little then with their Billions and create one or two jobs to get a tax break...
I doubt romney will need to scream much. He is already unemployed so doesn't have to pay income taxes anyways.
But I am curious, are you going to reinstate all those deductions. I for one would like them back. The poor would make out like bandits when they can write off the interest on those payday loans.
I will remember in November how the GOP voted against the middle class today. Obama 2012!!!
You and me both texasaggies...Go Longhorns!
Texasgiggles - actually it was the Dimocrats who proposed that for political reasons. I will remember that in Novembe!
They purposefully introduced a bill that would extend the Bush tax cuts for everyone but those making over $250,000. Then when the GOP apposed it because they wanted to extend the tax cuts for everyone the Dimocats said ' "see, the GOP is against the middle class.' Get your facts straight!
The reason the economy is in such bad shape is because of obama and Dimocats attacks on the wealthy and business owners. They're afraid to invest, expand their business or hire more people because of the threat of obamacare and higher taxes.
In spite of what obama and ED told you big goverment doesn't create jobs.
Are all people in Texas stupid or are you and John the exception?
And neither does Reagans stupid tax cuts for the wealthy which we know after 34 years of GOP failures to produce an economy that doesn't crash and burn.
LOL..Sillyman, thats the funnies crap I ever hear out of you..Congratulations! Now do your own research, ask 100 middle class people if they liked the bill. Then, and focus here, break it all down in your head and ask yourself if that was a smart move by the teabaggers to vote against it. All the Dems did was try and help out the middle class and along with it, showed the American ppl who the 'baggers really support right before the election. Very smart and noble move by the dems. But one thing is for sure, it doesn't take much effort to show what morons the reichwingnuts are..lol....Dumbass
whom - wrong again, after the disaster of Carter administration Reagan used deep across the boad tax cuts and by this time the econmy had grown by 14.5%! The last quarter saw the econmy grow by a dismal 1.5% and economists state the econmy is slowing down (even Bernake admitted this).
Enodot - you're another brain dead libtard who believe goverment is more a help then a hindrance to businesses. You believe in obamas "you didn't build that idiocy" which by the way he is trying to walk back.
And like whom and SadChris your attempts at sarcasm are lame.
Lie sullied lie. Reagan was a failure to the working man as well as to the rest of the country. That you seem to believe a drug dealing terrorists appeasing person lik Reagan did more then damage the country is laughable. Here is a clue sullied when Reagan left office unemployment was where it was when he took office and even after raising taxes 11 times he still left office with a trillion dollar deficit, that is a failed economy.
But it was way better than carters 25% interest rates. But he was only running 150B deficits, so couldn't have blown 8 months of obama spending in 8 years.
Reagans problem is he wouldn't stop spending, does that sound familiar. Clinton had no choice, but boehner is no newt so we are goners.
bullard is just another offspring of the garbage obtuse party!
Michael Steele says President Obama plunged our country into a 10 trillion debt when he came into office, sounds like this was already a done deal, the stimulus package, even if Obama had not been elected and McCain was the presidential pick. So this is just a continuation of how the Republicans want to continue their thread of power on how they use our tax dollars, while sheltering theirs.
I said it previously, and I'll say it again, Michael Steel, he's got a lot of class, unlike the other "riff-raff" that invaded the Republican Party.
To a certain point vet 2640....After that he is way too much to the right...
Mr Dyson, I keep hearing Michael Steele and other (R) claiming that the POTUS has added 4-5Trillion dollars to the national debt, but please help me understand why is it that no one bothers to say what about the 9-10Trillion added to the debt during the8 years prior to that. Please recall and remind them that we had a surplus when George W Bush took office. Two wars that were not paid for, Medicare Plus, not paid for. I am frankly perplexed by the standards that Mr Obama is held to. Yes he made an attempt to keep the Unemployment rate down and he is a mind reader, and he also had blue dogs that didn't try to help him, so yes they got the votes for a much smaller stimulus but as soon as the tea party took the house hostage nothing else could get through, and the players already had their plan to make the POTUS a one term president. They are biting their nose to spite their face.
I support my President and his willingness to compromise with neocons and people that are not seeing the big picture.
XM...this is a perfect example of where the Democrat talking points have thoroughly mis-informed people like yourself regarding the difference between the national debt and deficit.
When Bush took office in January of 2001, the National Debt was approx. $5.7 trillion. This is the amount of money that we owe to other people because we had spent more than we had in all of the previous years of our country. At that time, our country had a budget surplus for the fiscal year...on paper. That surplus assumed several things in the projection in order for it to actually happen and when we were attacked on 9/11, those projections were immediately out of date.
When Bush left office in January 2009, the national debt was approximately $10.5trillion and the company was running a budget deficit of about $500 billion. So...under bush, we added approximately $5 trillion in new debt which is the accumulation of the deficits and spending under his leadership. Not the figure you listed in your post.
Since Obama has been in office, he has added another $5 trillion in debt and our total is now over $15 trillion and will continue to rise under his leadership given that his projected budgets still show trillion dollar deficits for the forseeable future.
At some point, the Democrats...and Obama...have to man up and start taking responsibility for this economy themselves. Remember, it was your own party's president who said "the buck stops here"...not..."lets keep blaming it on the other guy"
just saying...
Right but capt re reg keeps ignoring that the interest on GWB's tax cuts and borrowing comes with interest so capt re reg believes GWB balanced the budget before leaving office. Some day capt re reg will have to admit that for 34 years the GOP have been dead beats and have only passed on their bills to the other party. Talk about misinformed, capt re reg is guilty of trying to misinform and stop using that old Reagan lie that the buck stops here, when reality was Reagan blamed everyone for the failures Reagan created.
and yet Stormguy you don't put any blame on the republicans at any point. You people amaze me in your attempt to make your party look good while making the Democrats look bad. You live in a storybook world of lies and contempt....I would be embarrassed to call myself a republican today...
1,
that was my comment to storm exactly.
where is the compromise from the baggers? where is their willingness to come to to the table and meet the President and the democrats half-way?
you yourself have heard them say, that they will not compromise. "compromise" to them is having the democratic party come over to their side.
DO YOU AGREE WITH THE BAGGERS IN THAT REGARD?
As I have said MANY times on this blog...both sides are at fault. You ask why I don;t blame the Republicans...in the post above I said that the deficit went up $5 trillion dollars under Bush in 8 years. And I posted that Obama has raised the deficit over $5 trillion in 3.5 years. Those are facts presented in as an even handed manner as is possible.
I have stated numerous times on this blog that I would enjoy having Clinton back in office along with the Republican Congress that was there when he was. The country was moving in the right direction and both sides were willing to compromise for the benefit of all.
You talk about how the Republicans try to make the Democrats look bad, but yet you cant even bring yourself to accept any of the responsibiility for what is going on today...it is always Bush's fault, or the Arab spring, or Tsunami's or ATM machines.
BOTH sides suck and I would love to see term limits implemented on all of them. If 8 years is long enough for the president, then 3 four year terms are long enough for Congressmen and 2 six year terms are long enough for Senators. We have empowered these people for too long.
it is getting to the point where it is embaressing to call myself an American..
jsut saying..
Whom...
the national debt has risen under every president over the last 60 years, both Republican and Democrat, and yes that includes the great Bill Clinton whom the Democrats love to tout as having left a surplus...which was a myth. The surplus, which was on a projected budget, was for a one year period, not a point at which the national debt was erased. When Clinton took office, the national debt was at approximately $4.1 trillion and when he left it was at approximately $5.7 trillion.
So once again, instead of trying to always pass the buck, it is time for Democrats to man up and take some of the blame in this whole mess.
Also, for point of reference, during those 60 years when the debt has risen from $259 billion to the over $15 trillion what it stands now, DEMOCRATS have controlled the purse strings in the House of Representatives approximately 75% of the time.
just saying...
capt re reg what don't you seem to understand? Just more tea bagged republican moron nonsense. When is the GOP going to man up and admit that trickle down caused all of the economic woes we are dealing with today and when are you going to man up and admit the GOP did noting to make anything better. Both sides my ass.
Stormguy - while I agree that both sides are to blame and they are. If the national debt has gone up every year for 60 years there is reason for it. We were about 150 million people 60 years ago. Now we are over 300 million. In no way shape or form could we still have the same budget with twice the amount of people to govern. I don't think anyone likes debt. That would be foolish and yet the republicans tend to think that if they spend money it is ok and yet if the democrats spend money it is the worst thing ever....Both sides need to start working together again at least to some degree. The tea party republicans are after one thing only and that is to say "NO." That is a disgrace period... I feel for the old guard republicans that would work to better this nation but they run scared because they know if they say something they will get booted out by the money baggers on the far right...
GOTO...and you expected anything else from that moron?
Notice how he completely avoided any discussion of the facts, only his usual BS.
just saying...
Funny capt re reg. We gave up on you when you first re reged and continued with your fact less fantasies. as far as your body goto is concerned he isn't even read by 99% of the regulars they don't bother with the trash he posts.
and exactly what was my name before?
you really should consider a career in politics. You actually could be Majority Leader in the Senate because you come up with the same type of unsubstantiated BS that Harry Reid does. Throw out statements without any proof to back them up.
Gotta love how low and desperate the left has become...
just saying...
Then explain Crazy Bachmann and momma moose's death panels?..just say'in
what does that have to do with anything that we are talking about?
just saying...
BTW, I am a very big fan of Ed, but a student of your writings. I would like the opportunity to articulate meaning of thought as well as you do, with a bit of sarcasm and critical thinking that you have done for many many years. I wish that you and Professor Harris would get a show in prime time. I would be a loyal contributor to the national debate on all levels. I am very proud of you both and the contributor that you bring into the conversation whether the be pro or con to your position. A great deal has been learned and criticized in the brief time that you been on MSNBC. Rev Al has received another chance to be a part of the conversation again. I wish you all well.Sorry Michael Steele sorry but I wouldn't let you convince my young son that the party of Bush and Reagan has a place at the table for him.
And Xe proves he's an ass to anybody who doesn't know it already.
gotoleft=idiot
@ thereugoagain What are you talking about: "If you...only knew what Obama has in store for this country..."? Well, why don't you tell us what he has in store for this country, since you seem to be so knowledgeable. You sound as ridiculous as the NRA who are always frightening their silly members with their "Beware of Pres Obama, he's out to take your guns!!!!" The fact that Pres Obama has not attempted any legislation concerning gun control makes no difference to the NRA and their most paranoid members. Just as I am sure the facts of Pres Obama's presidency, and the good that he has done, will make no difference as you go around like Chicken Little: The sky is falling!! (or, you know, it will be...just as soon as the President gets started on all the scary things that I have strangely failed to describe...)
You're right Diane, I thought the same thing ... these republicants are so paranoid that they scare themselves into a tizzy.
What's even funnier is their presidential candidate is afraid to say what he has in store for this country. 'Cause if he does, even the Republicans won't vote for him.
48% of all taxes collected are paid by 16% of the population.
www.irs.gov
99.9% of the morons of this country are tea bagged republicans. BTW cow man that is only 48% of income tax, it isn't payroll tax, property tax, sales tax or any other taxes levied on citizens in this country. So go take your whine else where no one is buying your brand of bull@!$%#.
So you are telling me that the IRS is full of bull$hit?
Maybe you should contact them and inform them of your feelings.
No I am saying you are full of bull@!$%#. As well as being deceptive.
Those numbers are from the IRS.
So explain how I can be full of bull$hit and deceptive when all I did was give you the facts from the very agency that collects the taxes in the 1st place?
I suppose that 48% of the taxes should come from the people who also accumulate the greatest % of the wealth. Jesus once said, to whom much has been given from them much will be expected. Why not? Life is filled with trade offs. Doesn't their wealth bring them better opportunities and lifestyles? They take the most out of society and they need to put most back in... And, please don't tell me that they work the hardest and are the most deserving. That is tired. The world is filled with people that work hard (if not harder) and live in poverty.
The Wealth Distribution
In the United States, wealth is highly concentrated in a relatively few hands. As of 2007, the top 1% of households (the upper class) owned 34.6% of all privately held wealth, and the next 19% (the managerial, professional, and small business stratum) had 50.5%, which means that just 20% of the people owned a remarkable 85%, leaving only 15% of the wealth for the bottom 80% (wage and salary workers). In terms of financial wealth (total net worth minus the value of one's home), the top 1% of households had an even greater share: 42.7%.
Table 1: Distribution of net worth and financial wealth in theUnited States, 1983-2007
Total assets are defined as the sum of: (1) the gross value of owner-occupied housing; (2) other real estate owned by the household; (3) cash and demand deposits; (4) time and savings deposits, certificates of deposit, and money market accounts; (5) government bonds, corporate bonds, foreign bonds, and other financial securities; (6) the cash surrender value of life insurance plans; (7) the cash surrender value of pension plans, including IRAs, Keogh, and 401(k) plans; (8) corporate stock and mutual funds; (9) net equity in unincorporated businesses; and (10) equity in trust funds.
Total liabilities are the sum of: (1) mortgage debt; (2) consumer debt, including auto loans; and (3) other debt. From Wolff (2004, 2007, & 2010).
Figure 1: Net worth and financial wealth distribution in the U.S. in 2007
In terms of types of financial wealth, the top one percent of households have 38.3% of all privately held stock, 60.6% of financial securities, and 62.4% of business equity. The top 10% have 80% to 90% of stocks, bonds, trust funds, and business equity, and over 75% of non-home real estate. Since financial wealth is what counts as far as the control of income-producing assets, we can say that just 10% of the people own the United States of America.
Inheritance and estate taxes
Figures on inheritance tell much the same story. According to a study published by the Federal Reserve Bank of Cleveland, only 1.6% of Americans receive $100,000 or more in inheritance. Another 1.1% receive $50,000 to $100,000. On the other hand, 91.9% receive nothing (Kotlikoff & Gokhale, 2000). Thus, the attempt by ultra-conservatives to eliminate inheritance taxes -- which they always call "death taxes" for P.R. reasons -- would take a huge bite out of government revenues (an estimated $253 billion between 2012 and 2022) for the benefit of the heirs of the mere 0.6% of Americans whose death would lead to the payment of any estate taxes whatsoever (Citizens for Tax Justice, 2010b).
It is noteworthy that some of the richest people in the country oppose this ultra-conservative initiative, suggesting that this effort is driven by anti-government ideology. In other words, few of the ultra-conservative and libertarian activists behind the effort will benefit from it in any material way. However, a study (Kenny et al., 2006) of the financial support for eliminating inheritance taxes discovered that 18 super-rich families (mostly Republican financial donors, but a few who support Democrats) provide the anti-government activists with most of the money for this effort. (For more infomation, including the names of the major donors, download the article from United For a Fair Economy's Web site.)
Actually, ultra-conservatives and their wealthy financial backers may not have to bother to eliminate what remains of inheritance taxes at the federal level. The rich already have a new way to avoid inheritance taxes forever -- for generations and generations -- thanks to bankers. After Congress passed a reform in 1986 making it impossible for a "trust" to skip a generation before paying inheritance taxes, bankers convinced legislatures in many states to eliminate their "rules against perpetuities," which means that trust funds set up in those states can exist in perpetuity, thereby allowing the trust funds to own new businesses, houses, and much else for descendants of rich people, and even to allow the beneficiaries to avoid payments to creditors when in personal debt or sued for causing accidents and injuries. About $100 billion in trust funds has flowed into those states so far. You can read the details on these "dynasty trusts" (which could be the basis for an even more solidified "American aristocracy") in a New York Times opinion piece published in July 2010 by Boston College law professor Ray Madoff, who also has a book on this and other new tricks: Immortality and the Law: The Rising Power of the American Dead (Yale University Press, 2010).
URL for my above post:
http://www2.ucsc.edu/whorulesamerica/power/wealth.html
gotoleft: right wing whacko.
TheSadChris - if you want collectivism you and the other libtards who agree with you can move to Cuba or Russia!
America did not become the richest country in the world by collectivism.
It's you and the rest of the libtards in the 'handout' class that want that.
Oh look once again sullyman wants people that don't believe in Reagans insane policies to leave. Here is a clue for him, it was liberals that founded the country they brought the conservative tories screaming and kicking with them, the conservative tories wanted to kiss King Georges ass, some things never change.
Except now they're kissing their own asses.
You are way in the minority Rufus, as most radical nutcases are. Earn your god, I mean money, you've had it to good for too long, time to pay up...lol
Romney, Trump, Paris Hilton, Elizabeth Heinz, Nicole Richie, the Kennedy's, Koch's and Rockafellars did not earn their wealth they inherited it and thus had the fundamental societal advantagea that came alon with it. The reality is as most middle class people know hard work is not what makes you financially wealthy, not so much anymore now it's luck. There are many hardin working people who enjoy no success thus this is not the primary factor unless you wish to claim as I'm sure you may the Paris Hilton worked so hard to be born into the Hilton family.
Those who are born rich have a far far greater chance of becoming more rich
The same can not be said of the other 90% of the country which works just as hard as any Romney family member. It is important to remember the right is still livin in the Rockwell verse where everything is just fine and apple pie values and ideals still hold sway. Sadly they don't, that age is gone. Then there are the values that the right itself denies when it 'aints public school teachers and servants as entrely lazy and incompetent or that payin taxes is not curse it is a civic duty like voting...which coincidently the right wants less people to be able to do.
Who does you think should pay more in taxes? The millionaire or the bus driver?-Ronald Reagan
It wasn't socialism then and it ain't socialism now. Maybe we do need Newt Gingrich to be president because then we can have that moon colony in a couple years and we'd be able to have all the social darwinist ayn rand worshippers migrate there and live by themselves in their own unenlightend self interest fantasies leaving the rest of the human race who realize community is human nature to advance human society forward.
I can see it now after the Rand devotees self deport to the lunar colony Earth will experience a marvelous age of technology, science and reason....we'll cure cancer and eradicate starvation.....ahh it'd be great. If only Newt was still running.
Damn Rufus, I thought you were a born millionaire! Now you worked three jobs like us common folk??...lol
The GOP have always been about decimating the middle class, ending the entitlements and lowering taxes on the rich. That, along with busting unions, have been a recipe for disaster for the middle class for years.
That is why they keep Fox and Rush Limbaugh busy persuading voters on the right that it's about family values and cultural issues like abortion.
It isn't. It's about profit for the 1%.
So .... if the 1% don't make a profit and don't invest in businesses, etc.. how does the economy grow? Who provides the capital that business needs to grow? The government? The "99%"? Yeah it's tough to strike it rich in this day an age.. hell it's hard just to make a living, and God know's I've got some issues with some of the local businesses here where I live. Their hiring and business practices have a lot to be desired. But taxing the 'rich' into the stone age as it were isn't the answer either.
If we ran this country as we have to balance our own budgets things might be a bit better. But then again thinking of how dependant we've become on credit cards that's not likely either.....
So there aren't any easy answers or quick fixes. Anyone who thinks there are is pandering to the masses. Most of talk out there today is just a bunch of sound bites....
LOL another one who has no clue how businesses run.
My advice to the President Obama.....introduce a piece of legislation that permanently lowers taxes 30% for all those making less than 200 thousand dollars a year. Stop talking about the rich and just cut to the chase.
Warren Buffect pays a lower tax rate than his secretary. Solution.....permanently lower his secretary's tax rate to match his. Doesn't take a rocket scientist to figure out the easiest solution. I could care less what Warren Buffet makes or any other rich fat cat. Instead, we have to engage in class warfare for political reasons when a simple piece of legislation would not only solve the problem and would also expose Republicans and Democrats attitudes toward the middle class at the same time.
Right because as everyone knows the government doesn't need to bring in revenue in order to run. Sorry but again bull@!$%#.
It's funny obama uses Buffet as an example. Buffet is currently fighting the IRS for 1 Billion in back taxes.
The wealthy and the small businessmen are not hiring or expanding their business because they are worried about their taxes being increased, the extra cost of obamacare, more regulations etc. etc. etc.
We have an almost 16 trillion national debt, high unemployment and economists state: the worst economic recovery ever. The only thing obama can think of is to raise the taxes even higher on the wealthy.
Instead of promoting class warfare, redistribution of wealth and anything else he considers fair, obama needs to start making common sense economic decisions...
This is the man the liberals want to reelect.
President Obama's tax plan......turn his head when his "Job Czar" GE CEO Jeffery Immelt pays ZERO taxes on 5 billions dollars of 2010 profit. (All booked in overseas accounts).
Oh . . . you must have seen Immelt's tax returns . . .
No you can read the financials, GE is publicly traded so must release the information so stockholders can watch their money be flushed in bonuses.
India - where do you get the idea that's the GOP's mission in life is to decimate the middle class.
Let's look at the case in Wisconsin since that is what you are probably referring too. Scott Walker asked the public sector unions to pay at least 7% of their healthcare costs and they had a temper-tantrum and petitioned for a recall election that Ed championed with his misinformation. The people of Wisconsin were so disgusted with the unions and the liberals that Walker won with a bigger margin then he did when he ran the first time.
Entitlement spending has grown so much over the years it needs to be cut back. It's a drain on the economy and has become a generational way of life instead of a safety net. I'm not talking about Social Security or Medicare I'm talking about Welfare, which the Democats continuously expand. Now obama has rolled back Welfare reform while increasing the cost of medical healthcare to military members. I guess that seems fair to him and you.
"It's about profit for the 1%" Instead of demonizing the wealthy and promoting class warfare, obama needs to start making common sense decisions about the economy. Raising taxes on anyone while we are in a recession is a bad idea. Whether you like it or not, the wealthy are the job creators (not goverment) in this country. The more you tax the wealthy, the less money they have to expand their businesses or to make investments in other businesses. The top 10% pay 40% of all taxes, you and other liberals think they should pay 99% of all taxes. Look where that type of thinking hes led us. A stalled economy with no end in sight.
Try thinking for yourself instead of being willfully indoctrinated by the left.
They prove it with their proposed legislation. Actions speak louder than words. They've proven lower taxes rates don't create jobs. If they did, we'd have 2 jobs for every American after 11 years of lower taxes. So, of course, they want to lower the taxes on the top and increase the tax on the middle and low ends. I's say that's directly against the middle and lower income class. They want to eliminate SS, Medicare and Medicaid. Food stamps. Any program the middle and lower class may need or use they want gone. They want to lower or eliminate the minimum wage and child laboer laws. Proposed legislation. Actions speak louder than words.
On the subject of Wisconsin.......the "Job Czar" to the President , GE CEO Jeffery Immelt has decided to pull the plug on the X-Ray headquarters in Waukesha Wisconsin and move it to China. Curious, there is no outrage from the President nor his minions in the media. More tax dollars leaving country, imagine that.
You know, davey . . . the fact that Immelt is an ass doesn't make Romney less of one.
I know it is tough to accept the hyprocritical rhetoric of President Obama and his campaign. Employing a "Job Czar" that doesn't pay any corporate taxes and takes taxpayer funded stimulus, bailout and government loans only to outsource jobs to India and China.
So we agree that those who do not actually create American jobs (i.e., those who are called "job-creators" based solely on their income) do not deserve tax breaks.
LOL..You sound like a bugs bunny daffy duck cartoon I saw once as a kid where they find a treasure and daffy jumps on it up and down shouting.. 'Mine, mine!, mine!..... Good job Daffy!!!
All of a sudden people have gotten mad and want to take America back......Back to what? Think of life asa great road trip. If you spend too much time looking back at where you've been, you'll miss what's ahead. After the 8 years of trhe Bush/Cheney Diaster, Now you get MAD? You didn't get mad when the Supreme Court stopped a legal recount and appointed a President. You didn't get mad when Cheney allowed Energy company officials to dictate Energy policy and the push to invade Iraq. You didn't get mad when we illegally invaded a country that posed no threat to us. You didn't get mad when we spent over 800 billion (and counting) on said illegal war. You didn't get mad when Bush borrowed more money from foreign sources that the previous 42 presidents combined. You didn;t get mad when over 10 billion dollars in cash disappeared in Iraq. You didn't get mad when they didn't catch Bin Laden. You didn'tget mad when you saw the horrible conditions at Walter Reed. You didn't get mad when we let a major US city, New Orleans, drown. etc, etc, etc.
You finally got mad when a black man was elected President.
These people who want to "take America back" think they owned it in the first place.
That's who we're dealing with. People who think they own America.
While righties are loud, proud ones!
davey - I worked for that company: Marquette Medical Systems. A great company to work for! At the time on the Fotune 500 'Top 100 Compinies to Work For' list. GE bought it from the founders while Jeffery Immelt was CEO. They moved the maufacture of the products to China and fired almost all the employees of the company They even fired women at the Call Center in Florida that I communicated with and moved those jobs to India. So much for the middle class!
Any respect I had left for obama dissappeared when I heard he made Immelt 'job czar'. He only did that because GE owns a lage share of NBC and MSNBC and they both are in the tank for obama. Talk about 'crony capitalism'!
It makes sense though, if China buys up the debt/bonds from the 800 billion stimulus package and President Obama gives GE 30 million dollars, GE would be somewhat obligated to invest the money back into China.
China is still another problem:
Japan has frequently criticized China in past reports for not being open
enough about its military decision-making process, but Japanese Defense Ministry
officials who briefed reporters said this is the first time it has raised the
relationship between the military and the civilian leadership as an issue.
"China is still not living up to the expectations of transparency that would
be hoped for from a great nation with responsibilities to the international
community," the report said.
The report noted that China's defense budget has increased 30-fold over the
past 24 years and that its navy is trying to improve its ability to operate in
the open seas so that its ships can carry out missions farther away from its own
shores.
It said that has meant more frequent Chinese activity in the East and South
China Seas and "routine advancements to the Pacific Ocean by Chinese naval
surface vessels."
Chinese military activity has been evident lately in territorial disputes
that have raised regional tensions. Japan and China are at odds over the Senkaku
islands — called Diaoyu in Chinese — and China's navy has been increasingly
involved in disputes over islands in the South China Sea.
© 2012 The Associated Press. All rights reserved. This
material may not be published,
China today reminds of Japan in the 1930's. They are not our friends!
My son is working on the US Navy base in Japan. China is always one of their worries. You know it will be our US ships that will be called out to defend Japan.
OH MY.....it is RIGHTY, re-reging again?
The dog has given you away again. Any rain in Washington??????
Your dog with the right paw shake......did he go to the left?
So is "THE RIGHTY" your second re-reg in crime?
I'm sure BeNice2 only voted for obama because he is a black man and will vote fo him again for the same reason, despite the terrible shape the economy is in.
God knows BeNice2 would never vote foe a rich white guy!
Sullyman your comment above is tired.
Calbab: Right winged trolls are not here to have a discussion about how solve real world problems faced by real people so we can build our country up. Most of these right winged trolls want to tear America down. These right winged trolls are simply here to spread the same regurgitated filth on a different day.
Ask a right winger how we are supposed to provide health insurance for 50 million uninsured so the sick or hurt can see the doctor without going bankrupt? Ask a right winger how they can be "pro-life" when 45,000 uninsured Americans die from treatable conditions? But the ACA is "socialism" according to conservatives, granted every industrialized country on the face of the earth has a single payer health care system of varying types. You can never get an answer for what the solutions are "except don't raise my taxes" when told they pay less taxes today than 30 years ago they demand more tax cuts anyway. You can not have rational discussions with those on the irrational right side who have zero empathy towards others and dwell in an alternative universe called "the denial zone".
Sully is foolish enough to believe that we only vote for Obama because he is a black man. Such a stupid assumption, but that is because he comes from a brainwashed socioty of ignorance and has no facts to back up those assummption but some warped attitude that it has to do with race.
We are very aware of the condition of the economy and who the guys were that put us there. If I though like he does, then I would never vote for a White Man again since two very foolish, money grubbers drove this country and its economy into the ground. Think again sully!
Rex, you are correct. Facts do not seem to grow them vertically. I just saw Jim Demint (senator) on the news, talking about 'tea party patriots will save the day' (as if the 21st century is truly the 19th century revisited!). Is it any wonder the conversation doesn't change? I forget which commentator it was that said, its our leaders who are driving the divisiveness in the nation--I agree.
It's a cruel game being played in Washington/Congress. Not brutal, simply cruel.
Mom, it is clear that you are upset. Don't get your blood pressure up. :)
Sullyman, your racial remark was truly low and not worthy of this board. No one, in their right mind, will elect a President on one-dimension of nature. So you offering that just takes all the oxygen out of the room. :(
Once again sullen makes his racist comments accusing everyone but himself of racism.
Talk about the pot calling the kettle black!
Don't suffer from high blood pressure....one reason I say what I mean and think and I was told by my parents that it was a waste of time to suffer fools. Always took their advice. It was very wise.
Xe', a sentence out of context is a pretext. Therefore, you make no point at all. Grow up, Child.
McCain didn't get 95% of ANYTHING!
Chris he got 95% from Charles Keating remember.
BeNice2 - You finally got mad when a black man was elected President
My response: I'm sure BeNice2 only voted for obama because he is a black man and will vote for him again for the same reason...
So of course you libtards attack me for being racist because I called out BeNice2 for his/hers racist statement but don't call out BeNice2 for the racist remark he/she posted.
Your hypocrisy is glaring!
Former Ohio Governor Strickland said yesterday that the GOP supply side economics does not work. GOP supply side economics has led to widespread wealth inequality and a stagnant economic growth with little job growth as a result. Governor Stickland said that the GOP is wedded to ideology that is "divorced from the real world." The House yesterday was talking about giving the super rich in America another $160,000 per year for millionaires in tax cuts by voting to make the Bush tax cuts good for another year for all incomes. President Obama has rightly promised a veto. The economic proposals made by the GOP would not pass a basic college economics class. Governor Stickland also had a survey of 40 economists to back him. These economists recommended the following:
1. The nation needs more revenues. This means we must raise taxes, especially on the very wealthy who are paying historically low rates of income taxes.
2. We need to reject any calls to go back to the gold standard which most economists believe are farcical and absurd.
3. Reject the "Laffer curve" that says that cutting federal income taxes will actually improve tax revenues in later years. The evidence for cutting income taxes does not appear to increase tax revenues in future years to offset the costs of the tax cuts. So the "Laffer curve" is a failed idea.
4. End the drug war. We are wasting huge sums of money on the drug war. It would be far better to push hard for public education programs, drug treatement and rehabilitation programs with supervised probation, and look at decriminalization of small amounts of drugs for personal use. Legalization will never happen because drug testing by employers such as truck drivers, heavy equipment operators, commercial aviation, and most occupations are pretty standard for liability insurance and safe workplace maintenance reasons. But putting away people in the prison-industrial complex for years on end because of small amounts of drugs are simply solutions that states can not afford anymore. Some states spend as much money on incarceration as they do for public education. Many of the inmates in these states are for repeated drug offenses for relatively small amounts of drugs. As states go bankrupt increasingly more flexible options towards reducing incarceration levels for non-violent offenders is inevitable due to budget shortfalls.
Sources: Travis Waldron. July 31, 2012. "Former Dem Governor: GOP's Tax Cut Ideology is 'Divorced from the Real World.'" Think Progress. thinkprogress.org.
Jeff Spross. July 25, 2012. "40 Economists say the GOP Has Abandoned Economic Reality." Think Progress. thinkprogress.org
XEP idiot: How come conservatives bitch when the corrections bills for our overfilled prisons are driving state budgets deep into debt? Rehabilitation programs, public education programs, and strict probation are much cheaper and more productive in helping the drug offender dealing with their problems. All prisoners get let out of jail someday anyway, so if you don't treat their chemical dependency problem you are not doing much of anything to improve them to find a paying job.
I have the perfect solution for you: We can raise taxes on all the "job creators" so we can keep our prisons stuffed with ever greater numbers of non-violent prisoners. Conservatives should be happy to pay more taxes going for ever greater numbers of prisoners. So you go get that check book out when conservatives get elected because building more prisons is the "sugar high of socialism." So by saying you should lock up more and more prisoners for minor drug offenses you are saying we need to spend $50,000 per year per inmate. So when you talk about big liberal spending on a failed policy go look at the war on drugs and go look at yourself in the mirror and say to yourself: "I need to do my research before going to a public blog and making and idiot out of myself."
President Obama and General Electric are the new and improved NAFTA. The middle class tax base is being destroyed by these two yo yo's right before our very eyes and all NBC news can do is blame Romney.
Now be fair . . . no one has accused Mitt Romney of destroying the middle class tax base. He can't do that until after he's elected.
Willard, bain, swiss, china, super hit, dressage, GM,
RomneyObama Care, etc., etc., etc.. etc.damskippy, He thinks he is President already and is a shoo in.....watch for his hard landing in Nov. willard will be feeling so bad because it is not his turn.
damskippy-1635693-Nice!
President Obama inherited a $1.3 trillion budget deficit, two failing wars, and the worst economy since the Great Depression. We repealed the Glass-Steagall Act of 1932 with the GOP sponsored Graham-Leach-Bliley act of 1999 that deregulated the big Wall Street investment banks. Like kamikazes circling around Okinawa, the greed of the Big Wall Street investment banks invested heavily in highly leveraged mortgaged backed securities, which were bundled mortgages and sold as securities on the global market. When the real estate market boom went bust, the whole financial system of the United States would have been brought down and created another Great Depression II. The "too big to fail" bank phenomenon meant that the Federal Reserve and the U.S Treasury Department had to take $16 trillion in loan guarantees and other financial actions on an unprecedentedly aggressive (that's trillion with a big "T".) actions that stabilized the market.
We need to look at Canada who kept its investment banks and banking industry tightly regulated. No Canadian taxpayers had to bailout banks that made risky investments. So we can see that Canadians are much smarter about running capitalism than right winged trolls on this blog. Besides, the average Canadian makes more money than the average American simply because of Canadian governance that is not polluted with supply side economics philosophy.
As long as the gov keeps spending 100k on a one day meeting and paying 1500 a night for rooms its not going to matter. The post office cant even pay its bills Soylandry was rushed threw to make the stimulus look good nd now were out of 500 million. Look at Romney he paid 3 million in 2010 and wasnt even working and were crying about him not paying taxes. My god 3 million is alot of money to pay on interest and capital gains. However if im a fair skinned hotel employee in Hawaii I have to pay an extra 10% on my tan because I work during the day and cant get a tan any other way. If Im a sub contractor who puts my money aside to pay my medical expenses I have to pay a tax. So dont be fooled Obamas slick hes taxing the middle class too just in a different way.