Archive for January, 2012

January 21, 2012

“The rich have always objected to being governed at all”

“The poor have sometimes objected to being governed badly. The rich have always objected to being governed at all.”

English essayist (1874-1936)
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January 20, 2012

Mitt’s Unconventional IRA: Doesn’t Add Up

In an article titled, “The End of Romney” Huffington Post’s John Talbot wrote today,

“For Mitt Romney to have accumulated $20 to $100 million in his IRA suggests that somehow he had found a way around this $2,000 a year limit to contributions as there is no way contributing $2,000 a year could ever grow to $20 million in one’s lifetime, much less $100 million, regardless of how good an investor one is.

One method Mitt Romney may have employed is to have made his initial investments in a 401(k) plan on a pre-tax basis because 401(k) plans allowed up to $30,000 a year in annual contributions back in the 1980’s without the payment of ordinary income taxes. But even with making $30,000 contributions each year, it is hard to see how a $20 to $100 million fortune could be amassed in such a short time.

This suggests, and the Wall Street Journal article hints at this, that Romney was not making cash contributions to his IRA but rather parking equity shares of his companies’ investment funds there, or quite possibly putting shares of private companies that his firm bought into his 401(k).”

And regardless of whether Romney’s unconventional IRA is legal or not, he clearly represents the interests of the 1%  and appears to support a further division between rich and poor by way of tax loopholes.  

Read more

This is not the type of President we need right now.

January 19, 2012

So True! Political Cartoon Illustrates GOP games

This political cartoon is great!

Found on Sick of the Slant Facebook Page.

January 17, 2012

Romney Admits to 15% Tax Rate

Former Massachusetts governor Mitt Romney admitted today that he pays “close to the 15% rate” in taxes, and that most of his income are from investments.

The middle class, stuck with increased costs and decreased pay, are the suckers paying around 30% of their income to taxes.

Read more at USA today!

January 11, 2012

Competition with China

Foxconn employees in China are threatening to commit mass suicide over low pay and inhumane conditions, which follows 14 other mass suicides. Foxconn provides products to companies such as Apple, Microsoft and Sony.

There are a couple of reasons why China will most likely outpace the growth of our economy: 1) they have three times as many people, and 2) they have almost no worker’s rights whatsoever and are able to push sweatshop employees to death.

Please keep this in mind when politicians speak about competing with China.

Read more at the Huffington Post

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