Posts tagged ‘US tax dollars’

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 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!

December 1, 2011

1% Hide That They Are Richer Than Ever

Even though the housing market bubble burst in 2008, the apartments and homes of the super rich have done nothing but gone up in worth!

However, they try to hide their spending behavior by pretending to downsize. Read more about this at the Daily Beast!

November 3, 2011

Demand Financial Transaction Tax Now!

We must show solidarity in demanding a tax on trades of stocks, bonds, derivatives, and other financial transactions so that large banks and investment firms can be held more responsible for their of their leading roles in the Great Recession.

The E.U currently has a financial transaction tax, and we in the United States had a financial transaction tax from 1914 to 1966. The “Robin Hood Tax” is supported by Bill Gates, the National Nurses Union, and many others.

Today over 150 Massachusetts nurses joined hundreds of protesters at the US Treasury Department to demand that Timothy Geithner and President Obama support financial transaction taxes on Wall Street. “The economic decline is literally making our patients sick,” said a U.S. nurse, “We see more and more children with conditions related to poor nutrition and stress.” Nurses around the globe believe that taxing a small percentage of Wall Street transactions could generate enough revenue to address basic human needs that have gone ignored. Protests also took place in Cannes, France, where the G-20 Summit is taking place.

So far, the US is saying “No” to the Transaction Tax, leaving the people no choice but to demand it!

August 28, 2011

Hurricanes, Earthquakes & Why We Need Government

Some Americans seem to want to eliminate  our government, promising adamantly that the private sector can do it all! I am sure that businesses could figure out how to provide for-profit education and health insurance at ridiculously high prices, but there are some things they can’t do – and that is care about the basic well-being of American citizens. Why? Businesses are entities that create profit – and protecting and caring for citizens does not accomplish this goal.

The reason we have a government is to make sure that the basic needs of our people are met, that they are protected from other countries and mother nature, and that we are provided a voice against large interest groups (such as corporations). This is because we the people believe that we stand stronger united as one.

We don’t seem to understand that corporations don’t care if we live or die unless of course they are making a profit off our life or death (e.g. Rick Perry’s “Dead Peasant Insurance“). Corporations don’t care about the well-being of US citizens, and why should they? It is the government’s job to look out for the people’s basic needs and safety. Things like FEMA, meteorology, the army, prisons, education and health care simply can’t be provided only by the private sector – as, again, caring and profit often get in each other’s way. Infrastructure, too, is something that is difficult to profit from. Bridges, tunnels, roads, and trains are all extremely expensive to build, yet don’t bring in a whole lot of cash. Profit isn’t, and can’t be, the only driving force for a nation.  As we recuperate from hurricane Irene and the recent earthquake, lets celebrate the fact that we enjoy having, and desperately need, a functional government!

June 20, 2011

385%

385%.  That’s how much the incomes of the top 1% has grown since the 1970’s.   Compare that to the 1% decline in the average income for everyone in the bottom 90%.

June 10, 2011

Surprise, Surprise: Our Economy Still Sucks!

Gas prices are up because of questionable speculation practices and Wall Street is still deregulated. The national debt is up because of huge tax cuts to corporations and the rich, and unemployment is up because the middle class and its purchasing power are being eliminated. Yet, government seemed surprised when recent job numbers were released.

Well, of course.

We no longer have a capitalist economy. The US economy is now controlled by centralized corporate monopolies. These conglomerates have been slowly reducing the rights of workers by funding politicians, and have over time reduced our purchasing power. At first, husband and wife solved this problem by both getting a job. But wages kept decreasing. Next, families started borrowing money: credit cards, loans and mortgages. But, wages kept going down. Now, corporate-funded government wants to reduce social safety nets, teachers, researchers, and students, while banks and health insurance companies continue to make record profits.

Trickle-down economic theory is clearly not very predictive of reality. Even though profit margins have been through the roof, jobs continue to be slashed. If we don’t increase purchasing power and strengthen the middle class, the economy will not get better. Period. However, government refuses to introduce legislation that would empower the middle class.

These huge and powerful corporations have a legal duty to make profit for their shareholders. That’s it. They will continue to make a profit until American workers are treated like those in China. Let’s return to 12-hour workdays for a few cents a day. Maybe we should allow child labor again so that we can stay competitive!

Until we stop the downward spiral of corporate power and control, our economy will not get better. It just won’t. Our job numbers will remain low, unemployment high, and education underfunded. Yet, politicians keep pretending that everything will just magically get better with time. We the people need to take back control of our government and cut the many corporate strings that are destroying our economy.

May 28, 2011

Two Independent Studies: US Taxpayers Spend $11 Billion Annually on Unintended Pregnancies

 

The Guttmacher Institute, which was designated an official Collaborating Center for Reproductive Health in 2009 by the World Health Organization, released a statement that the June issue of their journal Perspectives on Sexual and Reproductive Health, will publish 3 articles: “The Public Costs of Births Resulting from Unintended Pregnancies: National and State-Level Estimates,” “Unintended Pregnancy and Taxpayer Spending,” and “Unintended Pregnancy Rates at the State Level.”

The first two studies independently came to the same rough estimate of $11 billion taxpayer dollars each year for unintended pregnancies, while the third publication provides first-ever estimates of unintended pregnancies by state. Guttmacher Institute cautioned that $11 billion is a conservative estimate and only includes publicly funded health insurance costs associated with pregnancy and the baby’s first year of health care bills.

It is clear that a significant amount of taxpayer money could be saved by collectively reducing unintended pregnancies in all states. Several politicians have recently attacked Planned Parenthood and women’s reproductive rights in the name of “debt reduction,” by limiting funding and passing legislation making abortions close to impossible to attain in some states. Yet these three journal articles, which were peer-reviewed and independently conducted, provide good evidence that debt is actually increased by restricting women’s rights.

Read the full statement here.

 

 

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