Tuesday, January 31, 2012
GOP Declares Obama Plan That Taxes Banks To Help Homeowners ‘Dead On Arrival’
GOP Declares Obama Plan That Taxes Banks To Help Homeowners ‘Dead On Arrival’: pWith the housing crisis still strangling a full economic recovery, President Obama used his State of the Union speech last week to call for further assistance to homeowners who have been able to stay current on their mortgages. The loosely-outlined plan would allow homeowners to refinance their mortgages at current low interest rates and would [...]/p
How Tax Cuts Are Causing Our Current And Future Budget Deficits
How Tax Cuts Are Causing Our Current And Future Budget Deficits: pThe Congressional Budget Office today released its latest budget projections, which show that the deficit in 2012 is expected to exceed $1 trillion and that economic growth is likely to slow over the next two years. Predictably, Republicans jumped to blame the large deficit on President Obama’s spending. “The President and his party’s leaders have [...]/p
Elizabeth Warren's 30-Second Destruction Of Mitt Romney
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The Financial Services Sector Bankrolls Spencer Bachus’ Campaign Account
The Financial Services Sector Bankrolls Spencer Bachus’ Campaign Account: pIn the fourth quarter of 2011, Rep. Spencer Bachus (R-AL) reported raising $388,895.26 in campaign contributions. According to a ThinkProgress analysis, at least 44 percent of that came from political action committees and individuals connected to real estate, insurance, banking, and finance industries — areas overseen by the House Financial Services committee Bachus chairs. According [...]/p
ExxonMobil Made $41.1 Billion In 2011, But Pays Estimated 17.6 Percent Tax Rate
ExxonMobil Made $41.1 Billion In 2011, But Pays Estimated 17.6 Percent Tax Rate: pExxonMobil had the largest profits of the Big Five oil companies in 2011, raking in $41.1 billion for the year. This 35 percent jump from last year is driven in large part by record-high oil prices. Today, the oil giant announced its fourth quarter profits of $9.4 billion, a 2 percent increase since 2010. Here [...]/p
Sunday, January 29, 2012
Friday, January 27, 2012
Thursday, January 26, 2012
Two-Thirds Of American Investors Support Closing Romney’s Tax Loophole
Two-Thirds Of American Investors Support Closing Romney’s Tax Loophole: pTwo-thirds of American investors support eliminating a tax break that helped former Massachusetts Gov. Mitt Romney (R) pay just 13.9 percent of his income in taxes last year, according to a survey conducted by Bloomberg. Just 27 percent of investors say the break that taxes so-called carried interest at a lower rate than regular income [...]/p
Wednesday, January 25, 2012
Billionaire Bill Gates Calls For Increasing Taxes On The Rich: ‘That’s Just Justice’
Billionaire Bill Gates Calls For Increasing Taxes On The Rich: ‘That’s Just Justice’: pLast night in his State of the Union address, President Obama once again urged Congress to pass the Buffett rule, noting that 25 percent of American millionaires pay less in taxes that millions of families in the middle-class. Republicans were quick to dismiss his request as “the politics of envy and division.” However, multi-billionaire Bill [...]/p
Five Good Economic Policy Ideas From Obama’s State Of The Union
Five Good Economic Policy Ideas From Obama’s State Of The Union: pDuring last night’s State of the Union, President Obama unveiled a series of proposals aimed at addressing growing income inequality, a shrinking middle class, and abuses by the nation’s biggest banks. “We will not go back to an economy weakened by outsourcing, bad debt, and phony financial profits. Tonight, I want to speak about how [...]/p
EXCLUSIVE: Romney Profited From Mortgage Lenders Foreclosing On Thousands Of Floridians
EXCLUSIVE: Romney Profited From Mortgage Lenders Foreclosing On Thousands Of Floridians: pA ThinkProgress examination of Mitt Romney’s presidential personal financial disclosures from May 2011 reveal that the former Massachusetts governor and his wife own or owned millions of dollars worth of a Goldman Sachs investment fund invested heavily in mortgage-backed obligations. And the current owners of those mortgage debts began foreclosure proceedings against thousands of Floridians. [...]/p
In State Of The Union, Obama Calls For Minimum 30 Percent Tax On Millionaires
In State Of The Union, Obama Calls For Minimum 30 Percent Tax On Millionaires: pDuring tonight’s State of the Union, President Obama — noting that one quarter of millionaires are able to pay less in taxes than millions of middle class families — called for a minimum 30 percent income tax rate for millionaires. Obama also took on the favorite Republican talking point that calling for millionaires to pay [...]/p
Tuesday, January 24, 2012
REPORT: What The Consumer Financial Protection Bureau Has Done For You Already
REPORT: What The Consumer Financial Protection Bureau Has Done For You Already: pRichard Cordray will make his first appearance on Capitol Hill today since President Obama recess appointed him as the first director of the Consumer Financial Protection Bureau. Senate Republicans blocked Cordray’s nomination — and promised to block anyone nominated for the director’s position — but now that the fledgling agency has a director, it can [...]/p
Tax Loophole For Wealthy Money Managers Lowered Romney’s Taxes By $2.6 Million In Last Two Years
Tax Loophole For Wealthy Money Managers Lowered Romney’s Taxes By $2.6 Million In Last Two Years: pMitt Romney’s newly released tax returns show that he made about $20 million in each of the last two years, while paying a 13.9 percent tax rate in 2010. He anticipates paying about 15 percent for 2011. Romney is able to drive his tax rate down below that of many middle class families because, as [...]/p
6 Facts About Mitt Romney’s Tax Returns
6 Facts About Mitt Romney’s Tax Returns: pAfter weeks of refusals and equivocation, Mitt Romney finally released his tax returns last night to a handful of media outlets, showing that he made $21.7 million in 2010 and $20.9 million last year. He only actually released one year of returns, 2010, and his estimated return for 2011, even though many have called on [...]/p
Monday, January 23, 2012
VIDEO: Mitt Romney’s Greatest Hits — Sympathy For The Corporation
VIDEO: Mitt Romney’s Greatest Hits — Sympathy For The Corporation: pUp until now, former Massachusetts Gov. Mitt Romney has been the presumed frontrunner of the GOP presidential candidates. But the recent focus on Romney’s tenure as head of the private equity firm Bain capital — a position which went a long way towards making Romney the approximately $190 to $250 million he’s now worth — [...]/p
Gingrich Used Gimmick To Avoid Paying Taxes On Millions In Income
Gingrich Used Gimmick To Avoid Paying Taxes On Millions In Income: pFormer House Speaker Newt Gingrich (R) caused a stir during last week’s Republican presidential primary debate when he released his 2010 tax return and revealed that he had paid a 31.5 percent tax rate on $3.14 million in income. The release came amid widespread calls for Gingrich’s fellow candidate, former Massachusetts Gov. Mitt Romney (R), [...]/p
British Members Of Parliament Call For Closure Of Romney’s Cayman Islands Tax Haven
British Members Of Parliament Call For Closure Of Romney’s Cayman Islands Tax Haven: pFormer Massachusetts Gov. Mitt Romney (R) admitted last week that his tax rate was about 15 percent because his income mainly comes from investments that are taxed at lower rates than normal income. Romney’s income is also bolstered by the fact that several of his investments — worth millions of dollars — take advantage of [...]/p
Saturday, January 21, 2012
Friday, January 20, 2012
Mitt Romney Says He'll Stuff Capitalism 'Down President Obama's Throat'
Mitt Romney Says He'll Stuff Capitalism 'Down President Obama's Throat'
To be clear, what Mitt Romney is defending isn't capitalism. It's financialism. Here's a good summary of what financialism is:
“…financial instruments become progressively further removed from their role in supporting commerce in the real world and develop a life of their own, a weird shadow dimension, a hall of mirrors, a distorted alternate reality that intersects and reacts with the real economy in unpredictable and destructive ways.”
To be clear, what Mitt Romney is defending isn't capitalism. It's financialism. Here's a good summary of what financialism is:
“…financial instruments become progressively further removed from their role in supporting commerce in the real world and develop a life of their own, a weird shadow dimension, a hall of mirrors, a distorted alternate reality that intersects and reacts with the real economy in unpredictable and destructive ways.”
Meet The 40 Members Of The Congressional Koch Caucus
Meet The 40 Members Of The Congressional Koch Caucus: pFive senators and 40 congressional representatives received a perfect 100 percent score from the Koch brothers’ astroturf group Americans For Prosperity for the first half of the 112th Congress. AFP judged Congress on their votes to protect the Koch brothers’ right-wing petrochemical empire on such issues as the repeal of President Obama’s new health care [...]/p
Romney Loses his Cool with Occupier | Common Dreams
Romney Loses his Cool with Occupier | Common Dreams
Mr. .001% Wrong year for a Wall Street lackey like this clown to run.
Mr. .001% Wrong year for a Wall Street lackey like this clown to run.
Thursday, January 19, 2012
Study: States With Higher Taxes Are Better For Children
Study: States With Higher Taxes Are Better For Children: pIt may seem intuitive that states that invest more in public services are better places for children to grow up, but the Foundation for Child Development now has the numbers to prove it. The foundation is out with a new study that confirms the “strong relationship” between higher state taxes and children’s health. The study [...]/p
Two-Thirds Of Small Business Owners Say Citizens United Ruling Hurts Them
Two-Thirds Of Small Business Owners Say Citizens United Ruling Hurts Them: pTomorrow is the two-year anniversary of the Supreme Court’s historic decision in Citizens United v. FEC, which opened the door for unlimited corporate spending to influence the outcome of elections. On the eve of the anniversary, a new survey reveals that small business owners overwhelmingly say the ruling hurts their business: Two-thirds of American small [...]/p
Romney Invests In Several Bain Funds That Use Offshore Tax Havens To Boost Profits
Romney Invests In Several Bain Funds That Use Offshore Tax Havens To Boost Profits: pMitt Romney yesterday admitted for the first time that his tax rate is about 15 percent, lower than the rate paid by millions of middle class families. Romney is able to pay such a low rate (even though the top income tax rate is 35 percent) because his income comes overwhelmingly from investments and he [...]/p
Report: The Recovery Act Saved Thousands Of Americans From Homelessness
Report: The Recovery Act Saved Thousands Of Americans From Homelessness: pThe Great Recession has steadily eaten away at the economic security of many Americans. Facing stagnant wages, growing unemployment, and rising health care costs, nearly 50 percent of Americans are slipping from the shrinking middle-class into low-income status or even poverty. In 2009, President Obama signed the American Recovery and Reinvestment Act (ARRA) in order [...]/p
Wednesday, January 18, 2012
Tuesday, January 17, 2012
Romney Admits His Tax Rate Is About 15 Percent, Lower Than Many Middle Class Families
Romney Admits His Tax Rate Is About 15 Percent, Lower Than Many Middle Class Families: pCitizens for Tax Justice a few months ago estimated that Mitt Romney, due to most of his income coming from investments, pays a tax rate of around 14 percent, a far cry from the 35 percent top income tax rate. Romney then confirmed that the bulk of his income does, indeed, come from investments (and [...]/p
Monday, January 16, 2012
Saturday, January 14, 2012
Thursday, January 12, 2012
Survey: Illegal Corporate Campaign Contributions Up 400%
Survey: Illegal Corporate Campaign Contributions Up 400%: pIn 2009, just 1 percent of respondents to National Business Ethics Survey — a large industry study funded by major corporations like Walmart — said they had witnessed illegal corporate political donations. This year, that number quadrupled to 4 percent. Management-level employees at large, publicly traded companies were most likely to see the illegal activity, [...]/p
Obama Administration Chief Economist: Talking About Income Inequality Is Not ‘An Issue About Envy At All’
Obama Administration Chief Economist: Talking About Income Inequality Is Not ‘An Issue About Envy At All’: pYesterday, 2012 GOP presidential frontrunner Mitt Romney dismissed those concerned with the nation’s growing income inequality (which may be worse than the inequality in Ancient Rome) by saying such concerns are “about envy.” “I think it’s fine to talk about those things in quiet rooms and discussions about tax policy and the like. But the [...]/p
Economists: Romney’s Economic Plan Fails To Deal With ‘Main Drags’ On U.S. Economy
Economists: Romney’s Economic Plan Fails To Deal With ‘Main Drags’ On U.S. Economy: pFormer Massachusetts Gov. Mitt Romney’s (R) economic plan has become the centerpiece of his presidential campaign. Though his proposals are often vague, analyses of the plan shows that it would provide huge tax breaks for the wealthiest Americans while raising taxes on low-income families. And though Romney claims to be concerned about the federal budget [...]/p
Five U.S. Senators Are Perfect Koch Servants, Americans For Prosperity Reports
Five U.S. Senators Are Perfect Koch Servants, Americans For Prosperity Reports: pFive senators and 39 representatives received a perfect 100 percent score from the Koch brothers’ Astroturf group Americans For Prosperity for the first half of the 112th Congress. AFP judged Congress on their votes to protect the Koch brothers’ right-wing petrochemical empire on such issues as the repeal of President Obama’s new health care law, [...]/p
Wednesday, January 11, 2012
GOP Establishment Rushes To Defend Romney’s Vulture Capitalism From Populist Backlash
GOP Establishment Rushes To Defend Romney’s Vulture Capitalism From Populist Backlash: pIn a potentially game-changing shift, Republican presidential candidates, including former Utah Gov. Jon Huntsman, former House Speaker Newt Gingrich, and Texas Gov. Rick Perry, have tapped into the populist anger of the 99 percent, tearing into former Massachusetts Governor Mitt Romney’s tenure at the financial firm Bain Capital, which made billions while bankrupting a quarter [...]/p
Republican National Committee Files Brief Seeking To Allow Corporate Funding Of Campaigns
Republican National Committee Files Brief Seeking To Allow Corporate Funding Of Campaigns: pOne of the few remaining limits on corporations’ power to buy and sell American elections is that corporations are not allowed to give money directly to federal candidates. Citizens United frees them to spend billions of dollars running ads or otherwise trying to change the result of an election to suit their interests, but corporations [...]/p
Tuesday, January 10, 2012
Monday, January 9, 2012
Friday, January 6, 2012
Thursday, January 5, 2012
Santorum Mocks Obama For Extending Health Care Coverage To ‘Everybody’
Santorum Mocks Obama For Extending Health Care Coverage To ‘Everybody’: pRick Santorum touted his opposition to the Affordable Care Act early this morning during an event in Manchester, New Hampshire and drew a clear distinction between his long-standing opposition to universal health care and the past positions of Mitt Romney and Newt Gingrich. “I’ve never been for government-run health care, never. Unlike the other two [...]/p
Now That We Have A CFPB Director, It’s Time To Ban Corporate-Owned Courts In The Financial Industry
Now That We Have A CFPB Director, It’s Time To Ban Corporate-Owned Courts In The Financial Industry: pOne of the most important, if overlooked, provisions in the law creating the new Consumer Financial Protection Bureau is a provision allowing the agency to push back against one of the most egregious errors committed by the Supreme Court in recent years — a line of decisions allowing companies to force their consumers into a [...]/p
Corporate Profits Have Rebounded To Pre-Recession Levels, But Corporate Tax Revenue Hasn’t
Corporate Profits Have Rebounded To Pre-Recession Levels, But Corporate Tax Revenue Hasn’t: pOver the last few decades, U.S. corporate tax revenue plunged to historic lows, falling from about 6 percent of GDP in the 1950s to barely more than 1 percent of GDP today. Obviously, part of the recent low level has to do with the Great Recession and its effect on businesses and their profits. But [...]/p
Wednesday, January 4, 2012
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