tax rates

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More Than 40 Millionaires Tell NY: Raise Our Taxes

Abigail Disney, Steven Rockefeller among the letter's signers

(Newser) - A group of more than 40 millionaires in New York state has written to Gov. Andrew Cuomo and top lawmakers calling on them to consider raising taxes on the state's wealthiest residents to address poverty and rebuild failing infrastructure. The letter, a copy of which was given to the... More »

Hasn't the GOP Already Won Here?

Republicans can declare victory on fiscal cliff talks: Gerald Seib

(Newser) - Republicans have been too busy fretting over their concessions on the fiscal cliff to stop and do one thing: declare victory, writes Gerald Seib at the Wall Street Journal . Headlines over top-tier tax rates have obscured the fact that at least 98% of Bush tax cuts will remain—a major... More »

Obama on Debt Ceiling: 'We're Not Going to Play That Game'

President tries to convince Business Roundtable of the need to raise rates

(Newser) - President Obama is talking a little trash ahead of the fiscal cliff deadline: In remarks before the Business Roundtable today, the president insisted that he would not allow Republicans to use the debt ceiling for leverage in the fiscal cliff negotiations. "We're not going to play that game... More »

If It Was 1980, You'd Be Paying More in Taxes

Federal taxes down, but state, local taxes up

(Newser) - Although many Americans express anger at the seemingly ever-increasing amount they have to fork over to Uncle Sam, most actually paid a lesser amount in 2010 than they would have in 1980, according to an analysis by the New York Times that took into account federal, state, and local taxes.... More »

On Fiscal Cliff, Dems and GOP Closer Than They Look

But mortgage interest deduction might be a casualty

(Newser) - Depending on who you ask, the fiscal cliff confrontation in Washington is either a massive standoff, or a massive mirage. "It is not going to happen soon," John Barrasso, the Senate's fourth-ranking Republican said yesterday. But top officials tell Politico that behind the scenes John Boehner and... More »

The Tax Rate You Paid in 2009 Was Lowest in 30 Years

Tax cuts plus falling incomes behind drop, CBO says

(Newser) - Anti-tax protesters were a major political force in 2009—which also happens to be the year Americans paid the lowest share of their income to the federal government in at least 30 years, according to the nonpartisan Congressional Budget Office. A CBO analysis released yesterday found that the average tax... More »

Is Romney's 15% Tax Rate That Crazy?

Yes and no, experts say

(Newser) - When Americans heard that Mitt Romney pays a 15% tax rate , most probably assumed that was less than they pay—and they're probably wrong. Romney, after all, wasn't talking about his tax bracket, but his effective tax rate, meaning what percentage of his income he actually winds up... More »

Don't Raise Taxes on Rich; Redirect Money to Poor

Raising taxes would only create stagnation: Barone

(Newser) - "What should be done about income inequality?" This question "underlies the arguments hashed out in the supercommittee and promises to be a central issue in the presidential campaign," writes Michael Barone in the Washington Examiner . Barone's answer, based on a recent paper by Republican lawmaker Paul... More »

Taxing Rich Won't Help Middle Class

Government has hurt Americans, not the rich, says Ross Douthat

(Newser) - You can raise taxes on the rich to fight inequality, but that will only "trim the tallest poppies" and won't do anything to help the middle class, says Ross Douthat in the New York Times . "True social mobility and broadly shared prosperity are not so easily achieved,... More »

Rich People Don't Pay Less Taxes Than Secretaries

Some do, but most don't, AP fact check finds

(Newser) - Listening to Barack Obama's speech yesterday , you might have come away with the impression that millionaires everywhere pay less in taxes than their secretaries, as Warren Buffett has oft claimed. But that's hardly the case, according to an AP fact check. The claim relies on the fact that... More »

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