Reuters Washington Extra – Behind the numbers
At last night’s debate, Mitt Romney said he’d be happy to release his tax returns in April. But today he disclosed a crucial piece of information as the clamor grew for him to come out with his returns. The frontrunner to clinch the Republican nomination has a tax rate that “is probably closer to 15 percent than anything.”
That’s a low rate, but it is in line with what is paid by wealthy Americans who earn much of their income from capital gains, which are taxed at 15 percent. So, now the number is out and we will see how American voters (and wage earners) react.
Another interesting number from Romney today concerned speaker fees, which he says he collects “from time to time, but not very much.” Campaign financial disclosure forms indicate that Romney was paid more than $374,000 in speaker fees from February 2010 to February 2011. Not very much, if you are Mitt Romney.
The final numbers to discuss today come from our look into the PAC attacks. The pro-Romney Restore our Future is the champ PAC with $8.1 million spent in this campaign so far. Much of that went toward attacking Newt Gingrich. Restore our Future and other PACs have spent $7.8 million to try to sink him. Compare that to the $3.2 million spent by PACs against Romney. Watch those numbers change, or rather run up, this week in the final charge in South Carolina.
Here are our top stories from Washington…
Mitt Romney may not release tax returns until April
Washington Extra – Patriotic millionaires
As Democrats and Republicans hunkered down on opposite sides of the Capitol on Wednesday, showing no signs of a compromise on slashing the deficit, a group called the Patriotic Millionaires for Fiscal Strength made its move.
Nearly 140 members wrote a letter to President Barack Obama and the U.S. Congress to “do the right thing” and “raise our taxes.” Next they hit up the bipartisan “super committee,” laboring under a Nov. 23 deadline to reach agreement on the deficit or trigger unpalatable budget cuts.
One of the corporate patriots said if Congress ended Bush-era tax cuts it would affect him and his fellow millionaires in his group “about as much as a dead fly interrupts a picnic.”
Another added “those of us who can afford it should step up. That is our message to the super committee. We hope they listen.”
Yeah, well, good luck with that. With just a week to go and members expressing some pretty serious doubts about a deal, the super committee twelve sound like they can’t even listen to each other.
Here are our top stories from Washington…
Deficit committee locked in budget stalemate
Really?
Does anyone believe this kind of propaganda anymore?
If you want to donate money to charity or the state nobody would stop you…
Washington Extra – Oppo on steroids
Welcome to the new era of opposition research — one that is supercharged by SuperPACs and flung far and wide by Twitter. YouTube is soooo 2008.
In his Special Report “The golden age of oppo research”, our correspondent Tim Reid tells us that the combination of abundant money (post-Citizens United decision ) and great technology will take opposition research to a new level in 2012. Karl Rove’s SuperPAC American Crossroads alone plans to spend $240 million on this election cycle, mostly attacking Democratic candidates.
For all those thinking about new job opportunities in this growth industry, think again. As a 32-year-old retired researcher tells Tim, this is a young person’s game, and “the hours are brutal.”
That said, old opposition research has incredible stamina. A dossier assembled by the late Sen. Edward Kennedy’s campaign when he was challenged by Mitt Romney in 1994 remains a rich source on Romney’s career at Bain Capital, where some of his takeover deals resulted in layoffs and benefit cuts. Count on the Democratic strategists to give new life to that old yarn if Romney wins the GOP nomination.
Here are our top stories from Washington…
The golden age of oppo research “The hours are brutal,” but the rules are simple: Define your opponent early. Work as many hours as it takes. Get whatever you can on the other guy – as long as it’s legal and won’t come back to haunt you. “This is a golden age” of opposition research, said Jeff Berkowitz, who dug dirt on Democratic candidates for the Republican National committee from 2002 to 2010. The sort of search tools that discovered presidential candidate Joe Biden’s plagiarism in 1987 have become more sophisticated and the outlets to shop damaging information are now virtually unlimited.
For more of this special report by Tim Reid, click here.
from David Cay Johnston:
Forget taxes, it’s wages that plague Americans
By David Cay Johnston All opinions expressed are his own.
Here is how much economic progress America has made in the 21st Century: the average taxpayer’s 2009 income was at the same level as 1997.
Average 2009 income was $54,283, just $18 more than in 1997 when you adjust for inflation, not that anyone would notice a difference of $1.50 a month in their pocket.
And compared to 2007, the last peak year of the economy, average income fell a painful $8,588 or 13.7 percent in real terms. Having $716 less each month is something most people would notice.
These figures come from the newest tax return data issued by the Internal Revenue Service. You won’t find the numbers above at the IRS website, just raw numbers that I use to calculate changes in incomes, taxes paid and related information.
You also won’t find this data analyzed in most of the mainstream press because our major newspapers and broadcast outlets are too focused on what politicians stay instead of what they do and what the official measures of economic performance tell us.
When you hear politicians saying the cure for what ails our economy is to cut taxes, and that high-income Americans are the job creators who will stop creating jobs if their taxes are not cut more, think about what the data show.
so does this data include or exclude non-wage benefits like health care?
The Rich and Taxes – Clinton’s lament
Secretary of State Hillary Clinton took what appeared to be a coded swipe at Republican refusals to consider raising taxes in U.S. debt limit talks, saying on Tuesday that all leaders must make hard decisions to put their countries on the right track.
Clinton, a Democratic candidate for president in 2008 but now “out of politics” as top diplomat for her one-time rival President Barack Obama, sounded pointedly political as she recounted a meeting with an unnamed president facing serious fiscal challenges.
“Often times leaders are struggling to get the political support they need to make the hard decisions,” Clinton said at meeting on government transparency at the State Department.
“I met with a president of a country who’d been trying so hard to raise the tax revenues of his country and basically the rich of his country refused to pay anything for schools, for hospitals, for infrastructure. They just said no,” Clinton said.
“And this president is trying so hard because he knows that he will never be able to lift his people out of poverty, put them on the right track, give them opportunities, have an open opportunity society, unless he can deliver results.”
Clinton’s comments came as Obama and U.S. lawmakers wrestle over spending cuts and tax hikes to reach a formula that will allow a deeply divided Congress to increase the government’s borrowing authority by Aug. 2.
Republicans, under pressure from fiscal conservatives in their party, have rejected any tax hikes, complicating efforts to make a deal to raise the $14.3 trillion debt ceiling.
When we end Bush-era tax cuts (we will) just on the $250,000-a-year set, after 2012, we raise only $700 billion over a decade (today’s Wall street journal FYI)-less than half of this years deficit spending!! Also, the deficit projection for the next 10 years are $10 Trillion and cutting even 4 Trillion means we end up 125% (see Greece) of GDP-probably best case too (falling revenue everywhere)!There is no substitute for deep spending cuts for years-wish there was! Republicans are far from perfect (understatement), but they’re the party of less government! Big government is the problem, not the solution! Honesty is the best policy and time for change!
Republicans seek more “skin” to tax
When it comes to reaching a deal to reduce the nation’s $14.3 trillion debt, Republicans say they won’t go along with raising taxes — except maybe for the 50 percent of Americans who they say pay no federal income taxes.
Two senior Republicans said this week that those folks on the lower end of the income scale need to have “skin in the game” and should pay their fair share of federal income taxes.
“I would not impose a significant tax on the lower half or certainly not the lower 10 percent,” explained Senator Jon Kyl in a Senate speech. “But I think it’s important for all Americans to know that we all have a stake in this and that more than half of the people can’t just expect the so-called wealthy to bear all of the burdens of government.”
House Republican Leader Eric Cantor said House Republicans plan to push for tax reform that lowers rates for corporations and individuals, reduces a number of tax breaks and broadens the tax base.
“We have got nearing 50 percent of the people in this country who don’t pay income taxes,” Cantor told reporters. “I think most people would say everybody should have some skin in the game and pay their fair share.”
Raising taxes on middle and lower income people while lowering tax rates for corporations and higher income people might be a tough sell to voters. Public opinion polls show that a strong majority want to raise taxes on the wealthy to reduce deficits and debt.
Democrats have called for raising taxes on the wealthy and note that wage earners pay Social Security and other payroll taxes even if they don’t make enough to pay income taxes.
“We have got nearing 50 percent of the people…” are you kidding me? This guy is House Republican Leader?? Yikes!!
Let’s hope he includes ExxonMobil, Chevron, GE, Valero Energy, and many more in his “50%” category, or maybe start a new one–they not only paid no federal tax, but received refunds, as well!
Washington grow up? Don’t hold your breath
President Barack Obama said he wants a mature discussion between politicians of all stripes as the White House and members of Congress try to make tough decisions on spending and taxes necessary to run the government and deal with a ballooning budget deficit.
“My hope is that what’s different this time is, is we have an adult conversation where everybody says here’s what’s important and here’s how we’re going to pay for it,” Obama told a news conference Tuesday.
Don’t hold your breath.
Obama campaigned for the presidency in 2008 with a pledge to seek common ground between Democrats and Republicans, but his time in office has been marked by bitter fighting and few issues garnering bipartisan support.
Obama’s healthcare overhaul — dismissed as ”Obamacare” by Republicans — passed with no Republican votes. His economic stimulus plan had only minimal backing from the rival party. The Democratic president released his latest budget proposal Monday, but Congress never passed last year’s spending bills and some Republicans have vowed to shut down the government if Obama does not support their plans to cut spending.
Political discourse during Obama’s presidency has also been marked by name-calling such as Obama’s references to “Wall Street fat cats” during his fight to pass financial regulatory reform, and precedent-breaking incidents such as a Republican congressman shouting, “You lie!” at Obama as he addressed a joint session of Congress.
Democrats and Republicans worked together to pass several pieces of legislation in December during the “lame-duck” session of Congress that followed the Republicans’ sweeping victory in legislative elections in November.
A Senate Christmas tale
(UPDATES with new Reid comments).
Christmas bells are ringing. But Senate Majority Leader Harry Reid doesn’t seem to be listening. Much to the chagrin of staffers and more than a few senators, Reid is threatening to keep the Senate in session until Christmas Eve and beyond to finish all the legislative work that Congress failed to complete before the November elections.
That amounts to just about a whole year’s worth of lawmaking. Congress never got around to passing any of the 12 spending bills that fund the government. So the Senate is expected to take up a $1.1 trillion omnibus spending bill after senators voted to extend Bush-era tax cuts by two years and extend jobless benefits for the long-term unemployed for a year.
Reid earlier this week said “…we are going to complete our work, no matter how long it takes, in this Congress.”
Republican Leader Mitch McConnell vowed to fight the spending bill and Senator Jon Kyl suggested a Christmas reality check.
“It is impossible to do all of the things that the majority leader laid out … frankly, without disrespecting the institution and without disrespecting one of the two holiest of holidays for Christians and the families of all of the Senate, not just the senators themselves but all of the staff,” Kyl said.
Reid was not about to take questioning of his Christmas spirit quietly.
You can say what you want…and you can spin it, as usual, to your point of view…after all, you are paid for your diatribes…
As you know, this is the worst slaughter for the democrats since the 1930′s. No matter who you spin it, the American people do not want government to intrude in their lives…and they spoke loud and clear…
You have been wrong for over two years. You were so smug and confident for so long. I told you what the American people would do and they did it. They totally rejected this congress and this president. If the American people wanted this progressive agenda, they would have kept this bunch in power…they didn’t…
You are wrong..about everything you have written. I was right and I am right.
So long chump.
Seneca Nation has message for Obama on taxes
Robert Porter, president of the Seneca Nation tribe of Native Americans in western New York state, has a message for President Obama.
“I’d like to see the president not be so timid in his efforts to support and protect Indian country,” he says.
Porter is one of dozens of tribal leaders from around the United States who is to meet Obama and other administration officials on Thursday.
Many Native American reservations historically have suffered mightily from high unemployment and related problems. By contrast, the Seneca Nation is a thriving economy, operating casinos and tobacco businesses, Porter says.
Instead of government handouts, he says the Seneca people would benefit from tax relief — a message he will carry to this week’s meeting.
“The core of our economy and mentality is one of self-sufficiency. We’re not looking for extensive appropriations programs. We’re looking for tax relief,” Porter told Reuters.
He says it is absurd for the government to tax Native Americans and then send the money back to them in the form of grants.
White House podium turns time machine for Bill Clinton redux
Bill Clinton took the White House press corps on an unexpected journey back in time on Friday afternoon with an impromptu trip to the briefing room podium, where he held forth for half an hour, obviously loving every minute.
The former president didn’t rise to the bait when he was asked whether he enjoyed coming in and offering advice more than running the country. Clinton, like his fellow Democratic President Barack Obama, grappled with crushing losses to Republicans in mid-term congressional elections two years into his presidency.
The two Democratic presidents called the surprise news conference after an Oval Office meeting to discuss Obama’s deal with Republicans, which extends tax cuts for middle-income earners and the wealthiest Americans and includes an extension of unemployment benefits and a cut in payroll taxes. Obama has been lambasted by some congressional Democrats for reaching an agreement that they say concedes far too much to the rival party.
“I had a quite a good time governing,” Clinton said, but then allowed: “I am happy to be here, I suppose, when the bullets that are fired are unlikely to hit me, unless they are just ricocheting.”
Clinton, who famously “triangulated” toward the center after the Democrats’ 1994 congressional election losses, gave a ringing endorsement to Obama’s compromise tax deal. While he was at it, he also shouted out for several of the current Democratic president’s achievements, including financial regulatory overhaul, student loan changes and the healthcare reform plan — although Clinton said he could think of “four or five” ways to improve it.
The tax deal is the best Obama could do for the country right now, Clinton said repeatedly during his stint at the podium. Obama bowed out after 10 minutes, saying the first lady was waiting to co-host one of the White House’s annual Christmas parties.
Bill, please tell them spending must be cut dramatically and very soon! Tell them $4 Billion per day in deficit spending won’t be corrected by a $5 billion/YEAR fed pay freeze! Tell them nearly every state in the union is operating in the red big time with no sign of change! Tell them 20% of us now work in government, 10% are retired from government and another 20% live off government for a grand total of 50% +/- of us!! Tell them “ask what your country can do for you” should not be our motto! Tell em not to ganble on some sort of Madoff model or growth bubble to bail us out at the 12th hour! Tell what sort of violent civil unrest is waiting for us if we don’t get in right in a hurry! Tell em Bill, you owe us that much!!!
