Posts tagged ‘Tax Cuts’

Thousands in Spain protest to defend pensions



Thousands in Spain protest to defend pensions (via AFP)

Whistles blowing and horns honking, thousands of people demonstrated Monday in Madrid to defend their pensions from the austerity policies of the right-wing government of Mariano Rajoy. Spain's government broke a key election commitment in November by saying it would fail to raise pensions in line…

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Senator Schumer ‘very heartened’ by Boehner’s ‘fiscal cliff’ speech; let them become distincted



Senator Schumer 'very heartened' by Boehner's 'fiscal cliff' speech (via The Christian Science Monitor)

New York Sen. Charles Schumer, a key political strategist for his party, says he was “very heartened” by the tone of House Speaker John Boehner’s remarks Wednesday indicating he could accept a budget deal that included new federal revenue if it were linked to tax reform. “I was heartened, very…

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News Wrap: Paul Ryan Attacks President Obama’s Economic Record in Iowa | PBS NewsHour | Sept. 5, 2012 | PBS


News Wrap: Paul Ryan Attacks President Obama's Economic Record in Iowa | PBS NewsHour | Sept. 5, 2012 | PBS.

Transcript

KWAME HOLMAN: Republicans today offered their own critical take on the Democratic Convention. In Adel, Iowa, vice presidential candidate Paul Ryan said tonight’s main speaker, former President Bill Clinton, will try to shift attention from Mr. Obama’s economic record.

REP. PAUL RYAN (R-Wi.), Vice Presidential Candidate: We’re going to hear a lot of things in Charlotte, but we’re not going to hear a convincing argument that we’re better off than we were four years ago.
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We’re going to hear from President Clinton tonight in Charlotte. My guess is, we will get a great rendition of how good things were in the 1990s, but we’re not going to hear much about how things have been in the last four years.

KWAME HOLMAN: Meanwhile, Republican presidential nominee Mitt Romney continued debate preparations at a private home in Vermont. However, he took a quick trip to an appliance store in nearby Lebanon, New Hampshire, where he spoke with supporters about the needs of small business.

Wall Street hesitated today, after a profit warning from the shipping giant FedEx. The company says it’s being hurt by a slowdown in business, the latest sign that the global economy is dialing back. That was enough to keep stocks in check. The Dow Jones industrial average gained 11 points to close at 13047. The Nasdaq fell five points to close at 3069.

The passage of Hurricane Isaac has exposed oil from the 2010 spill along the Louisiana and Alabama coastline. BP acknowledged today that the oily tar came from its record-breaking leak at a Gulf well site. The tar balls and mats had been buried under sand since then, but reappeared after the hurricane caused severe beach erosion. Louisiana has closed one stretch of beach and restricted fishing.

The government of Syria came under new pressure today from two former allies. Turkish Prime Minister Recep Tayyip Erdogan accused the Syrian regime of terrorism. He also criticized the

United Nations for not doing enough to stop the killing of Muslims.

RECEP TAYYIP ERDOGAN, Turkish Prime Minister (through translator): The regime has become one of state terrorism. It is now in that situation. Since March 2011, the number of those who have been massacred and martyred in Syria is now almost 30,000. In Syria, the massacres that are empowered by the indifference of the internal community, especially the U.N. Security

Council, are continuing increasingly.

KWAME HOLMAN: In Cairo, Egypt’s President Mohammed Morsi also denounced Syria. He called again for President Bashar al-Assad to step down. Meanwhile, The New York Times cited reports that Iraq is again allowing Iran to use its airspace to fly weapons to the Syrian regime.

The Iraqis had shut down the air corridor earlier this year, under U.S. pressure.

A former police chief who touched off a major scandal in China has been charged with defection, taking bribes and abusing his power. State media announced the charges against Wang Lijun today. In February, Wang briefly took refuge at a U.S. Consulate after being demoted as police chief in a city in Southwestern China. That led to the ouster of Bo Xilai, his former boss, as Communist Party leader there. Bo is still under investigation.

Last month, Bo’s wife, Gu Kailai, was given a suspended death sentence for the murder of a British businessman.

In Afghanistan, the military announced today it has arrested or expelled hundreds of soldiers, as part of an effort to stop so-called insider attacks on foreign troops. The attacks come as the U.S. tries to continue its plan to transition out of Afghanistan.

Margaret Warner has the story.

MARGARET WARNER: On a pre-convention swing through Virginia yesterday, President Obama again touted his plans to end the Afghan war.

PRESIDENT BARACK OBAMA: This November, you get to decide the future of the war in Afghanistan. By the end of this month, I will have brought home 33,000 troops.

(CHEERING AND APPLAUSE)

PRESIDENT BARACK OBAMA: I have said we will end this war in 2014.

MARGARET WARNER: But a linchpin of that promise, to train Afghan forces to take over the fight, faces a new challenge; 45 NATO troops have been killed this year by Afghan troops, 15 just last month, all this just two years before a planned handover of security to full Afghan control.

U.S. and Afghan officials have vowed to fix the problem. And, in Kabul today, a Defense Ministry spokesman said hundreds of Afghan forces have been fired or detained for showing links with insurgents.

GEN. MOHAMMAD ZAHIR AZIMI, Spokesman, Afghan Defense Ministry (through translator): All the Afghan security forces were ordered to use all of their resources in hand to prevent these kinds of incidents.

MARGARET WARNER: And last weekend, the U.S. military suspended training for 1,000 new recruits in special village-based Afghan local police units being tutored by American special forces.

U.S. Army Lieutenant General James Terry said today about a quarter of the insider attacks can be blamed on insurgent infiltrators or their sympathizers. The rest, he said, stem from personal vendettas and cultural miscommunication.

LT. GEN. JAMES TERRY, Commander, ISAF Joint Command: We also understand that a lot of grievances and dispute resolutions are done, frankly, at the barrel of a gun out there.

MARGARET WARNER: Though the U.S. is re-vetting all 16,000 Afghan local police forces, it’s unclear how many of the total 350,000 Afghan troops will be re-screened.

Shocker: Paul Ryan’s budget means more big tax cuts for the rich. – CSMonitor.com


The tax cuts in Paul Ryan’s 2013 budget plan would result in huge benefits for high-income people and very modest—or no— benefits for low income working households. No surprise here.

By Guest blogger / March 24, 2012

House Budget Committee Chairman Rep. Paul Ryan, R-Wis., center, and others, leave a news conference on Capitol Hill in Washington, where he discussed his budget blueprint.

Jacquelyn Martin/AP

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No surprise here, but the tax cuts in Paul Ryan’s 2013 budget plan would result in huge benefits for high-income people and very modest—or no— benefits for low income working households, according to a new analysis by the Tax Policy Center.

Howard Gleckman is a resident fellow at The Urban-Brookings Tax Policy Center, the author of Caring for Our Parents, and former senior correspondent in the Washington bureau of Business Week. (http://taxvox.taxpolicycenter.org)

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TPC looked only at the tax reductions in Ryan’s plan, which also included offsetting–but unidentified–cuts in tax credits, exclusions, and deductions. TPC found that in 2015, relative to today’s tax system, those making $1 million or more would enjoy an average tax cut of $265,000 and see their after-tax income increase by 12.5 percent. By contrast, half of those making between $20,000 and $30,000 would get no tax cut at all. On average, people in that income group would get a tax reduction of $129. Ryan would raise their after-tax income by 0.5 percent.

Nearly all middle-income households (those making between $50,000 and $75,000) would see their taxes fall, by an average of roughly $1,000. Ryan would increase their after-tax income by about 2 percent.

Ryan would extend all of the 2001/2003 tax cuts, and then consolidate individual rates to just two—10 and 25 percent. In addition, he’d repeal the Alternative Minimum Tax, reduce the corporate rate from 35 percent to 25 percent, and kill the tax provisions of the 2010 health reform law.

Earlier this week, TPC projected the tax cuts in Ryan’s budget would add $4.6 trillion to the federal deficit over the next decade, even after extending the 2001/2003 tax cuts, which would add another $5.4 trillion to the deficit.

Ryan argues that eliminating or scaling back deductions, credits, and exclusions ought to be part of the GOP fiscal plan. But he won’t say how.

Cuts in those tax preferences could make a big difference in determining who wins and who loses from the tax portion of his budget. But until House Republicans describe which they’d cut, there is no way to estimate what those base-broadeners would mean.

In truth, unless Republicans raise taxes on capital gains and dividends, it is hard to imagine the highest income households getting anything other than a windfall from this budget. Other tax preferences, such as the mortgage interest deduction, are just not that valuable to them.

And since no high-profile Republicans want to raise taxes on gains and dividends (and many would cut investment taxes even further) this budget would likely result in a huge tax cut for those who need it least.  That’s not a great way to start an exercise whose stated goal is to eliminate the budget deficit.

The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers’ own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. To add or view a comment on a guest blog, please go to the blogger’s own site by clicking on taxvox.taxpolicycenter.org.

 

 

Shocker: Paul Ryan’s budget means more big tax cuts for the rich. – CSMonitor.com.

Rev Jesse Jasckson On The Big Bank Break Them Up


$422,320 for a College Degree? With Tuition Skyrocketing, It is Time to Rethink Higher Education


That’s what The Daily, News Corp. and Apple’s daily news outlet for the iPad, calculated a college education could cost members of the class of 2034—children born this year, for the most part—if they attend one of the nation’s priciest schools. But even an average public university will cost $81,000 for four years if tuition hikes continue at current rates—which are increasing much faster than inflation. As tuition continues to go up, and even the president calls for solutions, some are looking at radical possibilities for keeping tuition down—or even eliminating it.

The Daily found that tuition has been increasing even faster at public schools than private—4.5 percent a year for public universities and only 3.5 percent for private. According to Jane Wellman of the Delta Project, which studies the cost of higher education, public schools have been relying on tuition rather than endowments to make up for state education budget cuts..

That last statement shouldn’t be surprising—with the Age of Austerity upon us, cuts have been coming fast and hard to state university budgets. Last year, the University of California system saw a $500 million reduction in the support it gets from Sacramento, a 16.4 percent drop.

With support for public universities dwindling in the ongoing economic slump, the cost of college is falling on the shoulders of families and on the students themselves, who are increasingly forced to mortgage their future on student loans that will follow them for the rest of their lives.

Family incomes certainly haven’t kept up with the rise in college costs—The Daily notes that family incomes, adjusted for inflation have only grown by 1 percent since 1987, and the median family wage is down from 2009. Poverty is at an 18-year high. And while Rick Santorum might be attempting to burnish his working-class credentials telling audiences that President Obama is a “snob” for saying that he wants everyone to go to college, Catherine Rampell at the New York Times notes that college graduates’ incomes are actually going up in comparison to those of high school grads.

A professor that Rampell interviewed, Philip Babcock from the University of California at Santa Barbara, noted that perhaps it’s less that incomes are going up for people with degrees and more that incomes are stagnating or dropping for those without them. Rampell wrote, “Additionally, some public policies that helped support the earnings of lower-skilled workers have become less generous over time. The minimum wage, for example, has not kept pace with inflation.”

The decline of unions, the outsourcing of manufacturing jobs that used to provide a solid middle-class income and benefits, and conservative politicians refusing to maintain the minimum wage against inflation have all contributed to a situation where a college education is seen, despite Santorum’s posturing, as the best way for young people to guarantee a good future. Yet if the price of a college education continues to rise above and beyond what working families can afford, we end up with two results: one, that the children of the already-wealthy get the benefits of advanced degrees without debt (how many families can afford to spend $20,000 a year putting a kid through school without taking out loans?) and two, that big banks and student lenders will continue to reap the rewards, raking in interest as they dish out loans to “the 99%.”

An Alternative Plan?

Last month, President Obama and education secretary Arne Duncan met with a group of college presidents (mostly from public universities) and others, including the Delta Project’s Jane Wellman, to discuss ways of keeping college tuition down and improving graduation rates.

Teachers Decide To Work For Free After Budget Cuts Leave Pennsylvania School District Without Funds For Salaries


manader on Jan 6, 2012 at 3:55 pm

A teacher at Chester Upland Schools
The Chester Upland School District in Delaware County, Pennsylvania suffered a serious setback when Gov. Tom Corbett (R) slashed $900 million in education funds from the state budget. The cuts landed hardest on poorer districts, and Chester Upland, which predominantly serves African-American children and relies on state aid for nearly 70 percent of its funding, expects to fall short this school year by $19 million.

Faced with such a shortage of funds, the school district informed its staff that it will not be able to pay their salaries come Wednesday. So the teachers decided to work for free. As one teacher put it, students “need to be educated, so we intend to be on the job”:

At a union meeting at Chester High School on Tuesday night, the employees passed a resolution saying they would stay on “as long as we are individually able.”

Columbus Elementary School math and literacy teacher Sara Ferguson, who has taught in Chester Upland for 21 years, said after the meeting, “It’s alarming. It’s disturbing. But we are adults; we will make a way. The students don’t have any contingency plan. They need to be educated, so we intend to be on the job.”

The school board and the unions separately begged Corbett to provide financial aid for the district, but Corbett turned each request down. Pennsylvania’s Education Secretary Ron Tomalis told the board that it “had failed to properly manage its finances and would not get any additional funds.” Chester Upland was forced to lay off “40 percent of its professional staff and about half of its unionized support staff before school began last fall.” That leaves 200 professionals and 65 support staff to manage a school with class sizes of over 40 students.

Chester Upland is not the only district desperately trying to stay afloat. Corbett’s cuts forced one school district to enforce wage freezes and cut extracurricular activities and another turned to actually using sheep instead of lawnmowers to cut grass at two of its schools. As ThinkProgress’s Travis Waldron pointed out, Corbett could relieve school districts if he let special interest groups like tobacco and the oil and gas industry go without their tax breaks. But he seems to prefer allowing teachers to go without pay.

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