In Wake of Super Committee Collapse, is a Sea Change in store for the GOP?

Categories: Economy, Featured, Politics, Tax Policy
In Wake of Super Committee Collapse, is a Sea Change in store for the GOP?

Former Senator Judd Gregg articulates an evolving Republican position on debt and taxes

As Tax Rascal predicted, the super committee’s negotiations failed. After months of dramatic, closed-door democracy, the panel of twelve congressmen came up empty handed.

No one was surprised.

Still, it may not have been all in vain. Of notable significance, not to say a foreshadowing of a potential sea change in Republican fiscal policy, was republican senators Toomey and Hensarling’s willingness to “raise revenue” – aka raise taxes…

And alarm bells of change are now sounding from other corners too.

Judd Gregg, a former Republican governor and senator who served as chairman of the Senate Budget Committee from 2005 to 2007, has been articulating anRead more…

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Mitt Romney’s Tax Plan is Flat but Not in the Way You’d Think

Categories: Economy, Featured, Politics, Tax Policy
Mitt Romney’s Tax Plan is Flat but Not in the Way You’d Think

Mitt Romney is betting on a boring tax plan to keep him ahead of the pack in 2012

There was a time when tax policy actually had the starring role in the 2012 Republican Presidential race.

That was before Sharon Bialek dolled up for the hungry cameras, while her attention-grubbing attorney punned lamely about “stimulus packages”, and related the tale of citizen Cain slipping a hand up her skirt and pulling her head toward his crotch.

That was also before Rick Perry fumbled the presidential pigskin once again as he let the Department of Energy slip from his addled brain with an epically infantile “Oops”.

All anyone could talk about then were Cain’s 9-9-9Read more…

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Super Committee Kicks Debate over U.S. Debt from Frying Pan into Fire

Categories: Economy, Featured, Politics
Super Committee Kicks Debate over U.S. Debt from Frying Pan into Fire

The super committee deadline draws near. Congress looks no closer to a compromise

The drama on Capital Hill ratchets up this week as the super committee nears the November 23 deadline by which time it must come up with $1.2 trillion in savings.

The latest development comes as Pennsylvania Senator Pat Toomey, a Republican on the super committee, offers up a GOP plan to raise $290 billion in taxes over the next ten years. That’s not a typo: a Republican senator proposes to raise taxes.

His plan cuts deductions for mortgage interest, charitable donations, and state and local taxes, targeting those who itemize deductions for a tax hike. Hardest hit will be taxpayers in the top two income brackets, thoseRead more…

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GE Paid Zero Taxes in 2010, Despite $14.2 Billion in Profits

Categories: Business, Economy, Featured, Politics, Tax Policy
GE Paid Zero Taxes in 2010, Despite $14.2 Billion in Profits

GE’s accounting and lobbying prowess exemplifies the influence of corporations over government

Jack Donaghy, the irrepressible network executive of 30 Rock played by Alec Baldwin, may have moved to Kabletown last season, but it doesn’t sound like the real General Electric is doing too bad without him, especially in light of the news last March that GE paid zero taxes in 2010.

The top corporate marginal tax rate in the United States is 35%, nominally one of the highest in the world. And yet, thanks to corporate tax loopholes, GE paid absolutely nothing in taxes for 2010, making their effective tax rate the equivalent of zero. Not only did the company not pay taxes, they earned a $3.2… Read more…

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Occupy Wall Street Could Learn a Thing or Two from Tip O’Neill

Categories: Economy, Featured, Politics, Tax Policy
Occupy Wall Street Could Learn a Thing or Two from Tip O’Neill

The right wing Tea Party protests may ultimately pack more of a punch than Occupy Wall Street

Now that Occupy Wall Street is approaching the two month benchmark (and has even survived its first snowstorm), it has become common for pundits to draw comparisons between it and the Tea Party movement. Both were born of populist anger over the recession and government bailouts of U.S. banks and both have expressed that anger through showy protests that garnered considerable media attention.

Even our esteemed Vice President, never one to leave anything to subtlety, has made the connection between the two movements. Speaking of Occupy Wall Street he said, “Look, there’s a lot in common with the Tea Party. TheRead more…

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