Boehner’s Plan B Also Cuts Taxes on Rich, Raises Them on Poor

By: Thursday December 20, 2012 6:38 am

John Boehner may not even have the votes for today’s “Plan B,” a bill that effectively raises taxes on people making over $1 million a year. He was seen gladhanding on the House floor last night, whipping votes for his side. He can only lose 24 votes to reach 217 (there are a couple vacancies right now), on the expectation that he’ll get no help at all from the other side. It’s probably a heavy lift; even with Grover Norquist’s blessing, Boehner wants his GOP colleagues to walk the plank on a tax increase bill without any hope of it becoming law, just so they can go back and pass another bill that does the same thing.

A look at the bill’s particulars, however, actually inverts expectations.

 

White House Makes Aggressive Opening Bid in Fiscal Slope Negotiations

By: Thursday November 29, 2012 4:48 pm

In the context of doing a deficit reduction deal at all, this is an extremely strong bid that Tim Geithner delivered to John Boehner today. Now we know why Boehner whined and cried all afternoon.

Let’s walk through it.

Mitt Romney’s Low Tax Rate a Function of How US Treats Capital Gains and Dividends

By: Friday September 21, 2012 1:45 pm

Mitt Romney’s tax returns are now posted, along with that letter summarizing the previous 20 years of taxes. You can find them here.

Without delving too deeply into the return, I will say that Romney’s low effective tax rate is not a function entirely of Mitt Romney being a scoundrel as it is a function of the way the tax system is designed in America. None of Romney’s gross income came from wages or salaries or tips in 2011. All of it came from interest, dividends, a little business income, and capital gains.

Senate Democratic Tax Plan Increases Revenue By $28 Billion in 2013

By: Thursday July 19, 2012 6:20 pm

$28 billion. That’s the difference, in 2013, between the Democratic and Republican tax plans on the Bush tax cuts, which shows the narrowness of the debate.

Republicans want to extend all the Bush tax cuts permanently. Democrats have countered with a bill that would extend the tax cuts only on the first $250,000 of income for one year.

Senate Democrats Holding Firm on Strategy to Let Bush Tax Cuts Expire, Come Back in 2013

By: Wednesday July 18, 2012 8:00 am

It’s with some pride that I note the current strategy from Senate Democrats to let the Bush tax cuts expire and then, if necessary, come back with a more progressive tax cut later. I was calling for this in 2010, and pretty much nobody agreed, save for perhaps Tom Udall (D-NM). Two years later, it has congealed into conventional wisdom, exactly as I described it, and exactly as Sheldon Whitehouse described it to me at Netroots Nation.

Obama Administration Would Tax Dividends at Same Rate as Top Earnings

By: Monday February 13, 2012 11:00 am

The Obama budget is proposing to tax dividends for high-income taxpayers as ordinary income. This is not a change on capital gains, it’s on dividends, the money earned through corporate payouts of profits to shareholders. The capital gains tax rate would rise to 20% from 15% under the Obama proposal, consistent with prior years.

Tax Cut Deal Includes Monstrous Estate Tax, Dividend Concession

By: Monday December 6, 2010 2:40 pm

I don’t think we should jump on this fully until we see a full solution. But enough of the usual suspects have signaled that a tax cut deal is imminent, with the same broad contours, that we should take a look at the particulars. Here’s Jon Ward (although others have corroborated): The deal will extend [...]

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