Taxes, Santorum, Part Of The Solution Or Part Of The Problem

The Republican candidate Rick Santorum has a tax plan that would cut taxes, for Americans, but increase the budget deficit by nine-hundred billion in a year. This was reflected in a recent study. The more the deficit increases, the less the American dollars is worth. His plan is a short term fix, with no long term benefits.

The taxes 2012 Santorum plan would create a substantial tax cut of approximately seven-thousand and eight-hundred dollars for about sixty-nine percent of Americans. The problem with his proposal is that the households, which would benefit the most, are the richest ones in the … Read the rest

The Republican candidate Rick Santorum has a tax plan that would cut taxes, for Americans, but increase the budget deficit by nine-hundred billion in a year. This was reflected in a recent study. The more the deficit increases, the less the American dollars is worth. His plan is a short term fix, with no long term benefits.

The taxes 2012 Santorum plan would create a substantial tax cut of approximately seven-thousand and eight-hundred dollars for about sixty-nine percent of Americans. The problem with his proposal is that the households, which would benefit the most, are the richest ones in the country. Individuals, who make more than one-million a year, might receive a tax cut package of approximately four-hundred and forty-two, thousand dollars. Most households with an income of fifty-thousand to seventy-five thousand would receive about two-thousand and sixty-two dollars.

Santorum’s tax cuts are extremely beneficial to corporations, by cutting their taxes in half. Corporation that now pay thirty-five percent in taxes, would only pay around seventeen percent. The wealthy would get a lower tax rate on their investment income from fifteen percent to twelve percent. He would get rid of the marriage tax penalties and increase aid for dependent children. Single parent families would conversely receive tax increases. However, none of these tax changes would be fully established until 1215.

Rick Santorum’s budget will increase the deficit, benefit corporations, and the wealthy. It is time to stop writing checks on an empty account. The last thing this country needs is another short-sighted economic agenda.

Congress Urged By A Group Of Millionaires To Increase Their Taxes

On June 6, a day before the 10th anniversary when Bush tax cuts in 2001 were enacted, a group of rich Americans recommended that taxes be raised on individuals who earn beyond $1 million.

A conference call to House Speaker Boehner (R-OH) was made by a group of patriotic millionaires suggesting that the Bush tax cuts should be terminated for those who earn more than $1 million. With this, tax rates would increase. These tax cuts were extended in 2010 and to expire within two years.

The group further argued that revenues generated from this tax cuts expiration could then … Read the rest

On June 6, a day before the 10th anniversary when Bush tax cuts in 2001 were enacted, a group of rich Americans recommended that taxes be raised on individuals who earn beyond $1 million.

A conference call to House Speaker Boehner (R-OH) was made by a group of patriotic millionaires suggesting that the Bush tax cuts should be terminated for those who earn more than $1 million. With this, tax rates would increase. These tax cuts were extended in 2010 and to expire within two years.

The group further argued that revenues generated from this tax cuts expiration could then be used for paying down government debt and for investing in modern infrastructures. Paul Egerman, eScription, Inc. founder, said that helping the country by cutting expenses as suggested by House Speaker Boehner and other Republicans is such a crazy idea. According to him, if the country is really broke, then how could it continue giving tax breaks to wealthy Americans?

Addressing the country’s budget deficits has been the subject of debate in the congress. Most Democrats favor revenue increases, while Republicans contended that spending cuts alone are enough. The group, however, foresees that the fiscal problems of the government will not be alleviated by spending cuts, which is a limiting action.

“Sometimes, I think John Boehner and the Republicans have a hard time doing the arithmetic,” according to Egerman. He further added that to understand the idea that a deficit is composed of expenses and revenues does not require a major in mathematics. Eliminating Bush tax cuts to increase revenue is one plausible way of solving the problem, he concluded.

Bush Tax Cuts Do Not Need a Tax Extension

According to the Economic Policy Institute (EPI) it has been ten years since the tax cuts from former President George W. Bush were passed into law, and people are still unhappy about the outcome of the tax reductions.  People believe that the tax cuts were useless, very expensive, and not fair to all Americans.

EPI wants what is best for the economic status of the middle- and low-class Americans.  While doing some research, they found ten things about the Bush Tax Cuts that are important to know and understand.

1. The tax cuts helped out the wealthy more than anyone, … Read the rest

According to the Economic Policy Institute (EPI) it has been ten years since the tax cuts from former President George W. Bush were passed into law, and people are still unhappy about the outcome of the tax reductions.  People believe that the tax cuts were useless, very expensive, and not fair to all Americans.

EPI wants what is best for the economic status of the middle- and low-class Americans.  While doing some research, they found ten things about the Bush Tax Cuts that are important to know and understand.

1. The tax cuts helped out the wealthy more than anyone, and they are the ones that needed help the least.

2. Low-income families only received around 1% of the tax cut benefit, and some of these families did not see any improvement at all in their overall tax situation.

3. Wages were lowered and there was no trickle down of opportunities like there was hoped to be.

4. The stimulus was very poorly designed.

5. The economic growth that was likely to happen was not long-term and the recession increased as time passed.

6. The tax cuts were so widespread that it made the national debt even greater than previously anticipated.

7. The cuts were more expensive than they promised to be.

8. They were more expensive than promised, and they still continue to be expensive.

9. Much Federal revenue was reduced by these tax cuts as estate taxes were removed.

10. Finally, the cuts have increased interest spending by America, even today. Much of the new debt is required to pay the interest on the new debt accumulated.

Political Revenge? GOP donors reap the benefits from the biggest tax breaks.

Political Revenge? GOP donors reap the benefits from the biggest tax breaks.

The largest tax break introduced by Gov. Rick Scott and the Republican-controlled legislature will allow many homeowners in Palm Beach County to save money by cutting $28 from property taxes 2010 owed in the coming year.

For many of the biggest companies in the state to include those who were big contributors to GOP election campaigns last year, the tax reduction will save these companies a lot of money. Most are expected to save well into the hundreds of thousands in terms of dollars and some may even … Read the rest

Political Revenge? GOP donors reap the benefits from the biggest tax breaks.

The largest tax break introduced by Gov. Rick Scott and the Republican-controlled legislature will allow many homeowners in Palm Beach County to save money by cutting $28 from property taxes 2010 owed in the coming year.

For many of the biggest companies in the state to include those who were big contributors to GOP election campaigns last year, the tax reduction will save these companies a lot of money. Most are expected to save well into the hundreds of thousands in terms of dollars and some may even save over $1 million.

Leading Republicans say the tax cut is part of an on-going effort to boost Florida’s weak economy, but some environmentalists agree that the decrease in government tax income will wreak havoc on protection programs for water, land, and floods.

In agreement with many Democrats, conservationists view this tax cut mostly from a political point of view, interpreting it as a show of gratitude from Republicans to many of their big campaign contributors.

For most homeowners, this tax cut is a small savings. The average homeowner in Palm Beach County will only save roughly $28. For big corporate giants like Walt Disney, Florida Power & Light, BellSouth, and Universal, these companies will save well into the millions of dollars.