What do you know about the Top Tax Rates?

How did this Report get Past Us?
Retrieved by Pat Darnell | Mar 25, 2013 | Bryan TX

As early as September, 2012, a report made by the Congressional Research Service, CRS, pointed out that taxes were not correlated to GDP in the way that Republican ideologues preach it. In fact the opposite was true.

The report was "taken down" before the elections in November, 2012. The report was re-published by Democrats HERE.

" ... The top income tax rates have changed considerably since the end of World War II. Throughout the late-1940s and 1950s, the top marginal tax rate was typically above 90%; today it is 35%. Additionally, the top capital gains tax rate was 25% in the 1950s and 1960s, 35% in the 1970s; today it is 15%. The average tax rate faced by the top 0.01% of taxpayers was above 40% until the mid-1980s; today it is below 25%. Tax rates affecting taxpayers at the top of the income distribution are currently at their lowest levels since the end of the second World War. (CRS. Thomas L. Hungerford. Specialist in Public Finance. September 14, 2012. HERE) ... "

Non-Partisan Congressional Tax Report Debunks Core Conservative Economic Theory-GOP Suppresses Study - Forbes: "“The reduction in the top tax rates appears to be uncorrelated with saving, investment and productivity growth. The top tax rates appear to have little or no relation to the size of the economic pie. However, the top tax rate reductions appear to be associated with the increasing concentration of income at the top of the income distribution.” (Rick Ungar, Contributor. 11.02.2012. HERE)"

'via Blog this'

The conclusion?

"Lowering the tax rates on the wealthy and top earners in America do not appear to have any impact on the nation’s economic growth. (Ungar. ibid.)"

Apparently, solid, well researched data no longer matters—at least not when it comes to the Congressional Republicans. They got the report pulled, somehow. Republicans didn't like some of the wording: "Bush tax cuts" and reference to "tax cuts for the rich."

This is some real sad shit.

" ... While a spokesperson for the C.R.S. refused to comment on the discussions between the Senate Republicans and her agency, she did confirm that the report was no longer in ‘official circulation’. However, the New York Times reports that a source requesting anonymity confirmed that the decision to pull the study was done against the advice of the economics division and that the author, Mr. Hungerford, stood by the report’s findings. (Rick Ungar, Contributor. 11.02.2012 HERE) ... "

Republican tax strategy? Debunked; total failure.

___________________Reference
http://www.forbes.com/sites/rickungar/2012/11/02/non-partisan-congressional-tax-report-debunks-core-conservative-economic-theory-gop-suppresses-study/
http://www.dpcc.senate.gov/files/documents/CRSTaxesandtheEconomy%20Top%20Rates.pdf
http://www.decisionsonevidence.com/2012/10/debunking-the-myth-that-tax-rates-are-at-historic-high-levels-for-the-wealthy/

Who Would Win in a Cage Match? :: No Holds Barred

By Pat Darnell  |  Aug 18, 2012  |  Bryan TX

[Picture LINK]
You've got to love Rage Against The Machine’s Tom Morello. Some dudes just talk about the issues — he acts. In recent years, he’s picketed for farm workers, thrown his support behind various boycotts, and has even been arrested with underpaid hotel workers. You have to respect that. He doesn’t talk, he ... gets out there and actually participates in nonviolent resistance.

“Paul Ryan’s love of Rage Against the Machine is amusing, because he is the embodiment of the machine that our music has been raging against for two decades,” Morello declares in an op-ed piece for Rolling Stone.

Tom Morello

--OR--

Ann Romney

[Picture LINK]  " ...  "You're so pretty, Magic," said Mrs. Romney. As if we don’t know by now, The Romney’s are not like most Americans, they invest in a rich man’s sport called dressage and some morally depraved horse trading.

The Romney’s employed a German trainer, Mr. Ebeling who continues to work for the Romney dressage business which is also used as a tax deduction. The case was settled out of court. NY Times

In an interview with NBC set to air Thursday, Ann Romney, wife of Republican presidential candidate Mitt Romney, said her husband's campaign will not release any additional tax returns to the public ahead of the election.

"We have been very transparent to what's legally required of us," Romney told reporter Natalie Morales, according to excerpts from NBC News. "There's going to be no more tax releases given."

But as for whether the campaign is trying to withhold embarrassing information, Ann Romney told NBC "there's nothing we're hiding."

___________________________Reference

http://abcnews.go.com/blogs/politics/2012/08/rage-against-the-machines-tom-morello-rages-against-paul-ryan/

http://sphotos-b.xx.fbcdn.net/hphotos-ash4/c0.0.403.403/p403x403/390925_425343670834956_800208595_n.jpg

http://www.huffingtonpost.com/2012/08/15/ann-romney-tax-returns_n_1778376.html

http://www.rollingstone.com/music/news/tom-morello-paul-ryan-is-the-embodiment-of-the-machine-our-music-rages-against-20120816?stop_mobi=yes
http://rockcenter.nbcnews.com/_news/2012/08/15/13284524-ann-romney-talks-family-finances-in-exclusive-interview-theres-nothing-were-hiding?lite
http://www.sltrib.com/sltrib/opinion/54665363-82/horse-romney-ann-dressage.html.csp
http://www.politicolnews.com/ann-romneys-horse-lawsuit-over-drugging-a-lame-horse-to-sell-it/
http://www.nytimes.com/2012/05/27/us/politics/ann-romneys-hobby-spotlights-world-of-dressage.html?_r=2&pagewanted=all

MooPig's Money Column :: "Tricky IRA Rules"

[Picture LINK] Stephen Root Milton of Office Space fame.... fruit doesn't fall far from the tree.

How to Protect Yourself From Tricky IRA Rules - SmartMoney.com: ""It's a wake-up call for anyone who has an IRA," says Martin Censor, a manager at the American Institute of Certified Public Accountants. "The government needs money. This is low-hanging fruit.""

'via Blog this'

EXCERPT | " ... Making an "excess contribution" -- meaning you contributed more than the annual limit to a traditional IRA or made a Roth contribution when your income was too high -- can cost you 6% of the amount that wasn't allowed in the account. This can add up fast in cases where an excess contribution went undetected for many years. Sometimes, excess contributions also result when a transfer of assets from one IRA to another doesn't get done in the time allowed.

Arthur Elkin, a 60-year-old retired federal-government worker in Delaware, didn't realize he and his wife had made excess contributions to their Roth IRAs for seven years until he started working with a new accountant. Their income had topped the $150,000 maximum then allowed for making contributions, but their previous accountant hadn't caught the problem.

The couple had to file seven years of amended returns, withdraw the contributions and pay thousands of dollars in penalties and interest. The worst part, Mr. Elkin says: realizing that, had he kept preparing his own tax returns, as he had in the past, the software probably would have caught the error.

_________________Reference
http://www.seaprep.org/page.aspx?pid=598
http://www.smartmoney.com/retirement/planning/how-to-protect-yourself-from-tricky-ira-rules-1340738596512/

Politics and Politicians :: A Conversation about Brinkmanship

Retrieved from faceBook by Pat Darnell | July 10, 2011 | Bryan TX

Anthony Teoli
Since the CBO says that ending the Bush ERA tax cuts would alone balance the budget by 2015, I hope that Democrats stand firm. If the Republicans trash the economy, thier friends suffer to. I doubt like hell that the Tea Baggers are going to provide the cash that the rest of thier friends do. Even the piece of shit Koch brothers will lose some dough. STAND TALL DEMOCRATS!
21 hours ago via Mobile Web · Like ·
2 people like this.

Cheryl Petrovich They ARE!!
13 hours ago · Like

Patrick Darnell Somewhere I read "entitlements and taxes" ... doesn't this belie the real players in this debate debacle? These plush pussy politicians will 'hemmm-hawww" until the cows come home. Delay tactics and acting all balustrade make me want to throw up my dinner.
The real players are people like the "sons of millionaires, and Parisk Hiltons" who make it cozy for the amber loving Politicians. Next year we will still be wondering what the frakk happened to the budget ... blistering away in here about taxes and "real entitlements" that should have been taken care of "this weekend!!!!!" BASTARDS AND TURDS.
24 minutes ago · Like

Anthony Teoli Patrick you are so right. There will suspense for a while. After the debt celing is raised, then we have the 2012 budget to look forward to. Remember the White House budget for 2011 before the right wing brinksmanship about closing down governmnet, the white house wanted to cut 50 percent out of home heating assistance. I am not jumping to conclusions, but I really think for the poor, things are going to get tougher in this country. The rich, how the hell are they going to know the difference one way or the other. The meak may be promised the Earth, but in America the meak get to choose one side of power and defend it, while demonizing the other. The joke is on us.
16 minutes ago · Unlike · 1 person

Patrick Darnell Brinksmanship ... cool word. I hate as much as anyone to be the brunt of jokers... yes I do actually hate it... the real issue is "how to micro-manage Poverty" for the next decade? as you point out.
I am caught in the MIDDLE, like a gasping newborn calf, trying to find my legs before I am devoured by wolves. YIKES!
Your summary: "The joke is on us." well said.
11 minutes ago · Like · 1 person

Patrick Darnell Q: Why is an elephant gray?

A: So we won't mistake him for a bluebird.
2 minutes ago · Like

Anthony Teoli Sometimes some blue birds have a great memory and a trunk. Thats when I get nervous.
4 minutes ago · Like

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Get Out Your Check Books !!

:: BTW, this is submitted to me via email from our favorite of favorites curmudgeonist Randall Geades.

Let's hear it!!

To B. Obama:

Note: forwarded message attached. It say: ROLL DEE DICE MON !!Alaska Gov. Sarah Palin claimed her historic spot on the Republican ticket Wednesday night, uncorking a smiling, sarcastic attack on Barack Obama and winning cheers of acceptance and approval after a tumult-filled first week on the national stage. She vowed to help presidential nominee John McCain bring real change to Washington, saying "he's a man who's there to serve his country and not just his party."

From:		Ginger Carrell
To:		Undisclosed recipients:;
Subject:		Presidential Candidate Comparisons
Date:		Tue, 2 Sep 2008 09:56:33 -0500
2008 PRESIDENTIAL CANDIDATE COMPARISON TALKING POINTS ISSUE McCain Obama Favors new drilling offshore US Yes No Will appoint judges who interpret the law not make it Yes No Served in the US Armed Forces Yes No Amount of time served in the US Senate 22 YEARS 173 DAYS Will institute a socialized national health care plan No Yes Supports abortion throughout the pregnancy No Yes Would pull troops out of Iraq immediately No Yes Supports gun ownership rights Yes No Supports homosexual marriage No Yes Proposed programs will mean a huge tax increase No Yes Voted against making English the official language No Yes Voted to give Social Security benefits to illegals No Yes CAPITAL GAINS TAX MCCAIN 0% on home sales up to $500,000 per home (couples). McCain does not propose any change in existing home sales income tax. OBAMA 28% on profit from ALL home sales. (How does this affect you? If you sell your home and make a profit, you will pay 28% of your gain on taxes. If you are heading toward retirement and would like to down-size your home or move into a retirement community, 28% of the money you make from your home will go to taxes. This proposal will adversely affect the elderly who are counting on the income from their homes as part of their retirement income.) DIVIDEND TAX MCCAIN 15% (no change) OBAMA 39.6% - (How will this affect you? If you have any money invested in stock market, IRA, mutual funds, college funds, life insurance, retirement accounts, or anything that pays or reinvests dividends, you will now be paying nearly 40% of the money earned on taxes if Obama becomes president. The experts predict that 'Higher tax rates on dividends and capital gains would crash the stock market, yet do absolutely nothing to cut the deficit') INCOME TAX MCCAIN (no changes) Single making 30K - tax $4,500 Single making 50K - tax $12,500 Single making 75K - tax $18,750 Married making 60K- tax $9,000 Married making 75K - tax $18,750 Married making 125K - tax $31,250 OBAMA (reversion to pre-Bush tax cuts) Single making 30K - tax $8,400 Single making 50K - tax $14,000 Single making 75K - tax $23,250 Married making 60K - tax $16,800 Married making 75K - tax $21,000 Married making 125K - tax $38,750 Under Obama, your taxes could almost double! INHERITANCE TAX MCCAIN - 0% (No change, Bush repealed this tax) OBAMA Restore the inheritance tax Many families have lost businesses, farms, ranches, and homes that have been in their families for generations because they could not afford the inheritance tax. Those willing their assets to loved ones will only lose them to these taxes. NEW TAXES PROPOSED BY OBAMA New government taxes proposed on homes that are more than 2400 square feet. New gasoline taxes (as if gas weren't high enough already) New taxes on natural resources consumption (heating gas, water, electricity) New taxes on retirement accounts, and last but not least....New taxes to pay for socialized medicine so we can receive the same level of medical care as other third-world countries!!! And this says nothing about stripping of the DoD, appeasement of the terrorists, and loss of US sovereignty under “world citizen” Obama’s relinquishment of US rights to the UN and World Court . Nor does it talk of loss of rights in “Fairness Laws” which are only fair to the minority. Please verify the above at the following web sites: http://money.cnn.com/news/specials/election/2008/index.html http://www.cnn.com/ELECTION/2008/issues/issues.taxes.html http://elections.foxnews.com/?s=proposed+taxes http://bulletin.aarp.org/yourworld/politics/articles/mccain_obama_offer_different_visions_on_taxes.html http://blog.washingtonpost.com/fact-checker/candidates/barack_obama/ http://blog.washingtonpost.com/fact-checker/candidates/john_mccain/