DAILY NEWS ROUNDUP- AUGUST 6TH, 2012
By Morgan Currier
In today’s news highlights, labor groups come out with a national ad criticizing tax breaks for the wealthy, Senator Landrieu puts her 140 twitter characters to good use as she takes a stand in support of tax fairness, and one study breaks down the magic behind the Republican tax plan.
Labor hits congressional Republicans on voting to give ‘Donald Trump a tax break’
The Hill, Cameron Joseph, 8/06/12
The labor-tied liberal group Americans United for Change and AFSCME are running ads blasting five Republicans in tough races for voting to extend all of President George W. Bush’s tax cuts for “big corporations and the richest two percent.”
“In America everyone should have a fair shot at success. So why are the Republicans trying to tip the scales even more for the big corporations and the richest two percent?” The Republicans just voted to give people like Donald Trump a tax break worth $150,000 a year while raising taxes on 25 million working families,” the national version of the ad says as coins pile onto one side of a scale. “That way the Republicans’ rich friends just keep getting richer. And the rest of us…”
The ad is running nationwide on CNN and MSNBC. Watch the national version of the ad.
Sen. David Vitter criticizes Sen. Mary Landrieu over Bush-era tax cuts
[New Orleans] Times-Picayune, Bruce Alpert, 8/4/2012
Landrieu, along with most other Senate Democrats, voted to continue the tax cuts for Americans earning up to $200,000 for individuals and $250,000 for couples. Landrieu and other Democrats said that to continue all the tax cuts would add too heavily to the already huge federal deficit.
A few days before Vitter’s email, Rep. John Fleming, R-Minden, also criticized Landrieu on Twitter: “Mary Landrieu voted yesterday to stand w/Pres. Obama in raising taxes, just as she warned she would earlier this month.”
Here’s what Landrieu said after her Senate vote to continue the Bush tax cuts for middle class Americans. “Today’s vote is a strong step in the right direction in that it will allow middle class families who are still struggling in this challenging economy to count on an extension of these key tax cuts. By the way it was designed, this bill targets the bulk of the relief to middle class families, but in fact is a tax cut for every American on the first $250,000 of adjusted gross income. We made important progress today, and I urge our colleagues in the House to join us in our efforts to protect middle class families while reducing our deficit.”
Editorial: Romney’s tax plan crunches middle class
Tampa Bay Times, Editorial Board, 8/6/2012
Lower taxes on the rich and higher taxes on the middle class is how a nonpartisan analysis summed up Mitt Romney’s tax plan. The study cuts through the magical thinking surrounding the presumptive Republican presidential nominee’s promise to lower taxes without adding to the budget deficit.
According to the Tax Policy Center analysis, Romney’s plan to extend the Bush tax cuts for everyone, lower marginal tax rates by 20 percent, eliminate the alternative minimum tax and estate taxes and get rid of taxes on investment income for most taxpayers, while not adding to the deficit, would be a boon for top earners alone. People making $1 million or more would see an average tax cut of $87,000. But people making under $200,000 would see their taxes go up. Those earning between $75,000 and $100,000 per year would see their taxes increase $884.
As a result, the tax burden would shift by $86 billion from high-income taxpayers to middle- and lower-income taxpayers, the center found. The numbers speak volumes about the Romney campaign’s priorities. While President Barack Obama is proposing that taxes rise on the wealthiest Americans by letting the Bush tax cuts lapse only for those with incomes of $250,000 or more, Romney would flip that formula and give further breaks to the nation’s millionaires, people who are already paying the lowest effective tax rate in 60 years.