DAILY NEWS ROUNDUP- AUGUST 27TH, 2012
By Morgan Currier
In today’s news highlights, being goosed gets a whole new meaning, we learn why not to cry for the richest 2 percent of Americans, and 60 Minutes breaks down Norquists’ GOP puppet show.
The Pilot, Fred Wolferman, 8/24/2012
There is a lot of hissing going on in America at present, and a lot of political palaver about tax fairness.
Well, let’s tax those who do have enough – the rich. At the federal level (I’m not paid enough to try to figure out state and local), the top 1 percent of wage earners currently pay about 36 percent of all income taxes. The top 10 percent pay 70 percent, and the top 50 percent pay 98 percent. You can argue that they should pay more because they have more, but at some point that fairness discussion becomes unavoidable.
Then there is the corporate debate. Those darned rich corporations aren’t paying their fair share. Well, talk to Congress. The laws are such a chaotic mess of exemptions and loopholes that corporations are able to find perfectly legal ways to minimize their taxes, which, by the way, is their obligation to their shareholders.
The Telegraph, 8/21/2012
To those who shed tears for the superwealthy supposedly paying an unfairly high portion of federal income taxes, consider: These people make so much money that if it were not for the special tax advantages created and designed by them and snuck through Congress by their lobbyists, they should probably be paying more to be fair.
Those who pay little or no federal income taxes are largely elderly, infirmed and mostly the hard-working poor who earn so little as not to reach the threshold for income taxes (based on our long-standing, humane progressive tax system designed to limit poverty).
But the working poor do pay local and state taxes, as well as federal payroll taxes (Social Security and Medicare). And the working poor and most middle-class taxpayers pay the full Social Security tax rate on every penny they earn, while those earning more than about $106,000 don’t pay any Social Security tax on any amount above that. That’s a very clear tax advantage for the very wealthy.
So, readers, don’t be suckered into feeling sorry for the so-called unfairness of our tax system to the superwealthy. Listen to them and their advocates, and you are being snookered.
CBS News, 8/26/2012
Today is a great day to start following Americans for Tax Fairness on Twitter and Facebook because the fight to end Bush tax cuts for the richest 2 percent is still raging on. And be sure to check back here every day as we bring you only the best in tax updates.