Tag: millionaires

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Politics

President Obama on The Buffett Rule – “Not Just About Fairness, It’s Also About Growth”

President Obama urges Congress to pass the Buffett Rule — which asks those who make more than $1 million a year to pay at least the same percentage of their income in taxes as middle class families — as a principle of fairness.

And as many Americans rush to file their taxes this weekend, it’s worth pointing out that we’ve got a tax system that doesn’t always uphold the principle of everyone doing their part.

Now, this is not just about fairness.  This is also about growth.  It’s about being able to make the investments we need to strengthen our economy and create jobs.  And it’s about whether we as a country are willing to pay for those investments.

The president then goes on to explain what the Buffett Rule is and who it will affect if members of Congress – namely Republicans – pass that bill this week.

As Warren points out, that’s not fair and it doesn’t make sense.  It’s wrong that middle-class Americans pay a higher share of their income in taxes than some millionaires and billionaires.

This week, Members of Congress are going to have a chance to set things right.  They get to vote on what we call the Buffett Rule.

It’s simple:  If you make more than $1 million every year, you should pay at least the same percentage of your income in taxes as middle-class families do.  On the other hand, if you make less than $250,000 a year — like 98 percent of American families do — your taxes shouldn’t go up.

Categories
Politics

What’s Wrong With Millionaires Paying The Same Rate You Pay?

President Obama once again called on Congress to pass the Buffett Rule – a policy initiative being pushed by Democrats that requires millionaires and billionaires to pay “their fair share” in taxes. The president admitted that although millionaires and billionaires paying more in taxes will not solve the budget crisis, he said the extra revenue would help reduce the federal debt and pay for government investments in programs like education.

“One in four millionaires pays a lower tax rate than millions of hardworking middle-class households,” the president said. “It’s just plain wrong that middle-class Americans pay a higher share of their income in taxes than some millionaires and billionaires.”

The Senate will vote on the Buffet Rule next week.

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Mitt Romney Politics Tax returns

Where Are Your Tax Returns Willard?

We all know that Mitt Romney is a ga-zillionaire trying to convince Americans that he is just an average Joe, someone you can sit and have a beer with. His financial deals at Bain Capital  – where he mainly bought smaller business, fired the employees and shipped those jobs overseas because of cheap labor markets – are no secret.

Yes, his record is clear. So why not release his tax returns?

Mr. Romney made the statement in an interview with MSNBC on Wednesday, but the network did not show that part of the interview. Mr. Romney, a multimillionaire who made his fortune running a private equity firm, was asked whether he planned to release his tax return.

“I doubt it,” Mr. Romney said, according to a transcript of the interview provided by NBC News. “I will provide all the financial info, which is an extraordinary pile of documents which show investments and so forth.”

“But you won’t do the tax returns?” asked Chuck Todd, host of “The Daily Rundown.”

“I don’t intend to release the tax returns. I don’t.”,  Mr. Romney responded.

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democrats Politics

Lifestyle Of The Rich And Famous – In Congress

“Few federal lawmakers must grapple with the financial ills –unemployment, loss of housing, wiped out savings — that have befallen millions of Americans,” said Sheila Krumholz, the Center for Responsive Politics’ executive director. “Congressional representatives on balance rank among the wealthiest of wealthy Americans and boast financial portfolios that are all but unattainable for most of their constituents.”

That was taken from a new report on the rich folks in Congress. You know, the ones we hire through our votes to represent us. They are supposed to be the folks working for our best interests, for a better America. But this report by the Center for Responsive Politics confirmed what every American already knew – that politicians, both Democrats and Republicans, are members of the MeFirst Society.

The report continues;

When averaging lawmakers’ minimum and maximum potential wealth for 2009, Rep. Darrell Issa (R-Calif.) tops the list with holdings exceeding $303.5 million. Issa (pictured right) is followed by a fellow Californian, Rep. Jane Harman (D-Calif.), with $293.4 million. Sen. John Kerry (D-Mass.) places third at $238.8 million.

Issa, Harman and Kerry realized wealth gains of nearly 21 percent, 19.8 percent and 14.3 percent respectively.

Sen. Mark Warner (D-Va.), Rep. Jared Polis (D-Colo.), Sen. Herb Kohl (D-Wis.), Rep. Vernon Buchanan (R-Fla.) and Rep. Michael McCaul (R-Texas) round the list of lawmakers who in 2009 recorded an average wealth of at least $100 million.

So where is all this income coming from. At a time when the American people are losing their homes, their jobs and their families because of a lousy economy, and at a time when congressional approval is at an all time low of 9%,  how are these same leaders making all this money?

They do it by serving and catering to their true constituents – no, not you the people, but Corporations… the people.

Corporations spends tens of millions yearly to lobby their favorite politician. They also provide amazing stock options these politicians find irresistible.

With 82 current members of Congress invested, General Electric tops this list. It’s followed by Bank of America (63), Cisco Systems (61), Proctor & Gamble (61) and Microsoft (54).

Apple, with 42 current congressional investors, edges IBM, with 41. Coca-Cola’s 39 congressional investors pop it a notch above PepsiCo, with 36.

And at least 20 current members of Congress were also last year invested in companies that found themselves the subject of congressional or federal agency inquiries, including Goldman Sachs and BP.

Furthermore, the companies behind a number of lawmakers’ favorite investments played key roles in lobbying Congress on two of the most critical legislative initiatives of the past two years: health care reform and financial regulatory reform.

Among health care-related companies, at least 20 current lawmakers reported owning stakes in Pfizer (49), Johnson & Johnson (39), Merck (27), Abbott Laboratories (25), CVS/Caremark (23), Bristol-Myers Squibb (22) and Amgen (20).

As for financial firms, Bank of American and Goldman Sachs are joined by Wells Fargo (45), JPMorgan Chase (38) and Citigroup (24).

Champagne wishes and Caviar dreams.

These ladies and gentlemen, are the people who feel your pain. They are the ones who know the devastation you face as you lose your home.

These millionaire politicians from the MeFirst Society, are looking out for your best interest.
Sure!

Categories
Politics Texas

Rich Donors To Rick Perry Get Extra, Extra Special Treatment

Large donors to the Rick Perry campaign for governor of Texas are beginning to reap the benefits of their donations, or more appropriately, investments. Reports have shown that numerous individuals and couples who’ve invested in Perry, are getting multi-million dollar contracts and subsidies from the state of Texas, and some even get jobs in the Perry administration.

The LA Times reports that over the last 10 years, Rick Perry received $37 million from just 150 people, and of these “donors,” nearly half have received “hefty business contracts, tax breaks or appointments under Perry, according to a Los Angeles Times analysis.” The Times investigation found “donors” like billionaire Harald Simmons, who invested $1.2 million dollars in Perry. Simmons was rewarded with “permission to build a low-level radioactive waste disposal site in Texas, a project that promises to generate hundreds of millions of dollars.”

Other Investors:

Auto magnate B.J. “Red” McCombs, who contributed nearly $400,000 to the governor, is the primary financial backer for a Formula One racetrack to be built near Austin. The state has pledged $25 million a year in subsidies to support the project.

The Houston-based engineering firm of James Dannenbaum, who gave more than $320,000 to Perry, received multiple transportation contracts from the state. In 2007, Perry appointed Dannenbaum to a coveted post on the University of Texas’ board of regents.

A Mississippi-based poultry company run by Joe Sanderson, who gave $165,000 to Perry, received a $500,000 grant from a state business incentive fund championed by Perry to open a chicken hatchery and processing plant in Waco.

With its mix of big-money industries like oil and campaign finance rules that allow unlimited political donations, Texas has a reputation for monied campaigns. And its elected officials have long sought to elevate their political patrons.

Cal Jillson, a professor of political science at Southern Methodist University in Dallas, said donors had benefited more under Perry’s administration than they did under recent governors such as Democrat Ann Richards and Republican George W. Bush, Perry’s predecessor.

Now, Rick Perry is trying to take his investment company called the Rick Perry Presidential Campaign, nationwide, but in order for him to succeed, he must come to the little people to get their votes. Vote for Perry, the millionaires and billionaires need more hand-outs!

Categories
Politics taxes

I.R.S – 1400 Millionaires Paid Zero Taxes in 2009

If the family struggling to put food on the table, or keep a roof over their heads make a mistake on their tax returns and is audited, the taxman will bring out the army to make sure that family pays all the taxes they owe. But if you’re a millionaire, you could get away with paying nothing, while your income reflects six or more digits.

A new report issued by the IRS shows that over 1400 people who earned more than 1 million dollars in 2009,  paid zero in taxes. Credit this effort to keep the rich happy to two things;

  1. The raping of the tax system through tax loopholes set up to primarily pacify the greedy;
  2. A lobbying group voted into Congress by the American people. This group of lobbyists is called the Republican Party.

But let’s not forget the Republican’s claim, that providing the rich with more tax cuts in the form of Corporate loopholes and welfare, is the only way to create jobs. With this ideology, no one would have expected the unemployment rate to balloon to 10.2% in 2009 and now stands at 9.2%

It is time that Americans and Republicans face the truth – extra tax cuts and tax loopholes that benefits the rich does nothing for everyday middle-class America, and the Bush Administration supports this conclusion when massive trillion-dollar tax cuts were given to the wealthiest people in America, resulting in 700,000 people a month losing their jobs at the end of his term.

At a time when middle class America is being asked to give up the shirts off their backs to keep the economy from falling into total destruction, the millionaires and billionaires in this country should at least be asked to pay something back. Maybe not 90% like they paid in the 1950’s, or the 50% they paid under the Reagan administration. But having millionaires pay zero in taxes should be unheard of, especially in this economic crisis.

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