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Daily News Round Up – July 19th, 2012

Temperatures remain high throughout the United States while the tax fight continues to heat up. There is encouraging polling news in Virginia and the Washington Post gives us a lesson on taxing profits from stocks. Today’s daily news clips are a scorcher.


Majority backs tax boost for $250K-plus earners

Real Clear Politics, Bob Lewis, 7/19/2012

A new statewide poll in Virginia shows a clear majority support President Barack Obama’s proposal to let tax breaks lapse for those earning more than $250,000 annually, but half still want his healthcare law repealed.

Fifty-nine percent of those surveyed in a Quinnipiac University poll released Thursday approve of allowing the tax cuts established by former President George W. Bush expire for households earning $250,000 or more if it will help cut the federal budget deficit.

 

Lots of ordinary Americans hold stocks. But lowering taxes on their profits helps the rich much more.

Washington Post, Suzy Khimm, 7/18/2012

[…]But while many ordinary Americans profit from dividend income, the benefits go overwhelmingly to the wealthiest Americans. On average, the average American with investment income — which includes both dividends and capital gains — will have $26,054 in taxable income in 2012.  But middle-class Americans profit considerably less: Those with personal incomes between $40,000 and $50,000 will earn an average of $2,325 through these investments, taxed at $174 under the Bush rates, according to the Tax Policy Center.