Tag Archives: income tax

Bite of the Apple

 

130521-apple-levin-cartoon-Apple CEO Tim Cook was dragged to the U.S. Senate to apologize for his success. While his company paid $6 billion in U.S. taxes last year it paid little if anything on it’s overseas stash. All perfectly legal. Even the president doesn’t pay more than he owes.

Rand Paul said the Senate ought to apologize for the dog and pony show, but Carl Levin was having none of that as he took a crack at American pensions and 401ks by insisting that Apple send more money to foreign countries.

It’s Complicated

 

HHS Secretary Sebelius says "I didn't know Obamacare would be so complicated." A man reading his 1040 tax return says "tell me about it."HHS Secretary Sebelius admitted that ObamaCare is complicated. Senator Jay Rockefeller calls it “the most complex piece of legislation ever passed by the United States Congress”. And he helped design it.

Meanwhile the ACLU says IRS is reading your email.

 

Immigration for Millionaires

 130131immigration_tax_mickelson

While Congress debated how to keep out illegal immigrants, Phil Mickelson had the temerity to suggest he might immigrate the other way. The reason – his 60% total tax bill. In the ensuing uproar over his greedy desire to keep more of his money, he caved, and also apologized for  having kept his opinions.

Romney’s 47 Percent

Romney says 47% of voters depend on government and should be written off to Obama.

In 2008 Obama said that blue collar voters “cling to their guns and religion”.

Slate’s William Saletan says it’s not the same because in the end “Obama tells his audience not to write off any group”.

Thomas B. Edsall of the NYT missed that memo when he wrote last November that the Obama campaign would abandon the white working class vote:

“For decades, Democrats have suffered continuous and increasingly severe losses among white voters. But preparations by Democratic operatives for the 2012 election make it clear for the first time that the party will explicitly abandon the white working class.”

As for Romney, it’s true that almost half the population doesn’t pay federal income tax. But his 47% isn’t a permanent class of government serfs. It includes retired people and people just starting out, or starting over, who may hope one day to join the evil 1% who pay 38% of all federal income taxes.

Mitt should take Obama’s earlier advice.

Fairness Doctrine

In a 2008 debate, Charlie Gibson asked Barack Obama if he would raise capital gains rates knowing it would cause a decrease in federal revenue.  The Occupy White House candidate said,”yes”. Out of fairness.

The Buffet Rule is supposed to force all millionaires to pay a minimum 30% rate, but, according to IBD, the seven figure set could still shift their wealth to tax free municipal bonds.

 Buffett Rule or not, the fattest fat cats still pay, by far, the most income taxes.