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Obama Wins New Term as Electoral Advantage Holds – NYTimes.com

America’s has chosen to stay on the path to fairness, embracing diversity and the working person … The 47% wins!

The New York Times reports Obama victory as “Mr. Etch a Sketch” goes down hard and for ever!

Mitt Catches Bad Loss … America’s 47% wins big!

“Barack Hussein Obama was re-elected president of the United States on Tuesday, overcoming powerful economic headwinds, a lock-step resistance to his agenda by Republicans in Congress and an unprecedented torrent of advertising as the nation voted to give him a second …”

More via Obama Wins New Term as Electoral Advantage Holds – NYTimes.com.

Filed under: access to education, African American, Arab Spring, Blogosphere, Culture Think, Demographic Change, Discrimination, Economic Recession, Education Policy, Education Reform, Election 2012, ethnicity in politics, Latinos, Medicare, Middle East Freedom, Minority Males, News, Public Policy, symbolic uses of politics, symbols as swords, Tax Policy, Teacher Power, The 47%!, The Western Imagination, Unemployment, Using Social Media, Vote, waging war, WeSeeReason, Women's rights, ,

Downturn and Legacy of Bush Policies Drive Large Current Deficits — Center on Budget and Policy Priorities

The Center for Budget and Policy Priorities provides strong evidence and argument about current deficit, which has hampered economic recovery for the Obama administration, has it’s roots in Republican policies under the previous Bush administration and Republican obstructionism …

 

“Some lawmakers, pundits, and others continue to say that President George W. Bush’s policies did not drive the projected federal deficits of the coming decade — that, instead, it was the policies of President Obama and Congress in 2009 and 2010.  But, the fact remains:  the economic downturn, President Bush’s tax cuts and the wars in Afghanistan and Iraq explain most of the deficit over the next ten years — according to …”

More via Downturn and Legacy of Bush Policies Drive Large Current Deficits — Center on Budget and Policy Priorities.

Filed under: access to education, Blogosphere, Economic Recession, Election 2012, National Debt, News, Tax Policy, Unemployment, Vote, WeSeeReason, , , , ,

Income Inequality May Take Toll on Growth – NYTimes.com

Income inequality has soared to the highest levels since the Great Depression, and the recession has done little to reverse the trend, with the top 1 percent of earners taking 93 percent of the income gains in the first full year of the …

More via Income Inequality May Take Toll on Growth – NYTimes.com.

Filed under: Blogosphere, Children and Poverty, consumers, Election 2012, Feminization of Poverty, News, Tax Policy, The 47%!, ,

Mitt Romneys Tax Dodge | Politics News | Rolling Stone

How does a private-equity kingpin worth at least $250 million pay a lower tax rate – just 14 percent – than many teachers and firemen? By exploiting tax loopholes that favor the rich and hiding his money in the world’s most notorious havens for tax …

More via Mitt Romneys Tax Dodge | Politics News | Rolling Stone.

Filed under: Blogosphere, Election 2012, News, Tax Policy, The 47%!, Vote, ,

The Self-Destruction of the 1 Percent – NYTimes.com

IN the early 14th century, Venice was one of the richest cities in Europe. At the heart of its economy was the colleganza, a basic form of joint-stock company created to finance a single trade expedition. The brilliance of the colleganza was that it opened the economy to new entrants, allowing risk-taking entrepreneurs to share in the financial upside with the established businessmen who …

More via The Self-Destruction of the 1 Percent – NYTimes.com.

Filed under: access to education, Blogosphere, consumers, Culture Think, Economic Recession, Education Policy, Education Reform, Election 2012, National Debt, News, Parenting, Philanthropy, Political Economy, Public Policy, social protests, Tax Policy, Teacher Power, The 47%!, Unemployment, WeSeeReason, , , , , , ,

Obama, Romney Spar Over Taxes in Presidential Debate – WSJ.com

Cutting to the heart of their differences, President Barack Obama and Republican Mitt Romney laid out contrasting visions for the federal government in their first debate in …

More via Obama, Romney Spar Over Taxes in Presidential Debate – WSJ.com.

Filed under: Blogosphere, Election 2012, News, Tax Policy, The 47%!, ,

Barack Obama and Mitt Romney on taxes: Their clearest divide | The Economist

BARACK OBAMA and Mitt Romney maintain opposing views on taxes, yet reveal few …

More via Barack Obama and Mitt Romney on taxes: Their clearest divide | The Economist.

Filed under: Blogosphere, Election 2012, Tax Policy, ,

Romney paid at least 13 percent tax rate over 20 years: letter | Reuters

Republican presidential candidate Mitt Romney fought back on Friday against Democratic charges he paid no taxes in some years, releasing a letter from his accountants saying he paid an effective federal tax rate of at least 13.6 percent annually over …

More via Romney paid at least 13 percent tax rate over 20 years: letter | Reuters.

Filed under: Blogosphere, Election 2012, News, Tax Policy, The 47%!, Vote, , , ,

Center on Budget and Policy Priorities

Statistics about the share of U.S. households that pay federal income taxes are sometimes cited as evidence that low- and moderate-income families do not pay sufficient taxes. Yet these figures, their significance, and their policy implications are widely misunderstood.

These figures ignore the substantial amounts of other federal taxes — especially the payroll tax — that many of these households pay.

Most of the people who pay neither federal income tax nor payroll taxes are low-income people who are elderly, unable to work due to a serious disability, or students, most of whom subsequently become taxpayers.

Moreover, low-income households as a group do, in fact, pay federal taxes. These households also pay substantial state and local taxes.

When all federal, state, and local taxes are taken into account, the bottom fifth of households pays about 16 percent of their incomes in taxes, on average.

Read more via Center on Budget and Policy Priorities.

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