Miccheck Archives
Tag: Taxes
Money Money Money
Tax Extenders 101
Tomorrow, the House of Representatives is expected to consider the "tax extenders" bill.
Melissa Boteach, who is Manager of Half in Ten at the Center for American Progress Action Fund, explained the tax extender provisions in the following podcast with Progress 2050. http://bit.ly/bukyup
What is the tax extenders bill?
- This legislation "provides much-needed help to American families and the economy by extending unemployment and COBRA health insurance benefits until the end of the year and providing fiscal relief to states to preserve critical health services and save jobs." [CAPAF Podcast]
Why Do We Need It
- Channeling funds to the unemployed through unemployment insurance will directly help communities as unemployed workers immediately spend this money on necessities. [CAPAF]
- Every dollar spent on unemployment insurance puts at least $1.63 back into the economy, according to Mark Zandi, chief economist for Moody’s Economy.com. [CAPAF]
Posted 11:52 AM | Wednesday, May 19th, 2010 | Permalink
Money Money Money
Taxes, Taxes, Taxes
A new USA Today analysis found that Americans paid their lowest level of taxes last year since 1950. Federal, state and local taxes — including income, property, sales and other taxes — consumed 9.2% of all personal income in 2009, the lowest rate since Harry Truman's presidency, according to the Bureau of Economic Analysis. "The idea that taxes are high right now is pretty much nuts," says Michael Ettlinger, head of economic policy at the liberal Center for American Progress. A Gallup Poll last month found that 48 thought taxes were "too high" and 45% thought they were "about right." Those saying taxes are "too high" remain near a 50-year low. [USA Today]
Posted 10:18 AM | Tuesday, May 11th, 2010 | Permalink
Money Money Money
Americans Think Taxes Are Fair
A new CBS News/New York Times poll finds that 62 percent of Americans believe the income tax they have to pay is fair, while only 30 percent called it unfair. This included Americans across all income groups, and even a majority of those identifying themselves as Tea Party supporters . Wait, we thought the whole point of the tea party was opposition to taxes? [NYT]
Posted 10:03 AM | Thursday, April 15th, 2010 | Permalink
Money Money Money
Fingerpaint your taxes in Mexico?
Things in Mexico have been very interesting lately, from swine flu to drug gangs, but this is just weird. Apparently, in lieu of paying taxes, Mexican artists can donate a piece of original art to the government. The policy has been around since 1957 and as a result, the country has a “modern art collection that would make most museum curators swoon.” Just like when paying regular taxes, the more you make, the more you owe. For example, artists who produce more that 21 paintings a year must give the government six, selling five pieces means you owe the government just one. [Arizona Republic]
Posted 3:31 PM | Tuesday, April 13th, 2010 | Permalink
Money Money Money
Tax Time
Appalling fact of the day: General Electric generated $10.3 billion in pretax income last year, ended up owing nothing to Uncle Sam. It in fact recorded a tax benefit of $1.1 billion. Big Oil giant Exxon Mobilreported a record $45.2 billion profit, paid the most taxes of any corporation, but mostly to other countries that shelter the cash flow from Uncle Sam. Of $15 billion in income taxes that Exxon paid last year, none of it went to the IRS. [TP]
Posted 10:11 AM | Tuesday, April 6th, 2010 | Permalink
Political Junkie
Source: flickr/tracy_olson
What Does America Think About Taxes?
A new Quinnipiac poll finds that more than three quarters of Americans oppose raising income taxes on the middle class or limiting the growth of Social Security and Medicare. That'd be fine, except that 84% of Americans say the middle class will have to make financial sacrifices to reduce the federal budget deficit. Interesting: 60% believe that Americans making over $250,000 should pay more in taxes. [Quinnipiac]
Posted 9:01 AM | Monday, March 29th, 2010 | Permalink
Money Money Money
Source: flickr/tracy_olson
Show Me the Money
If you're a Tea Party Patriot, stop reading now! White House officials said Monday that tax credits launched under last year's economic recovery bill have boosted the average refund by nearly 10% from the previous year. The average tax refund for 2009 has reached $3,036, up $266 from a year ago, according to early data from the Internal Revenue Service. [CNN Money via Yahoo]
Posted 3:55 PM | Tuesday, March 23rd, 2010 | Permalink
Money Money Money
The Tax Man Cometh…And Bringeth A Big Refund Check
Thank the Obama Stimulus package when you get a little extra back from Uncle Sam this tax season. In fact, thanks to the Recovery Act, “the average income tax refund is up nearly 10% from a year ago." So far this year, according to the IRS, the average tax refund was a record $3,036, up $266 from the same time last year. [USA Today]
Posted 10:14 PM | Monday, March 22nd, 2010 | Permalink
Money Money Money
Taxation Truths
Ever think the rich are getting richer while the poor are just gettin' by? You're on to something. Thanks to blogger Matt Yglesias for finding this: "The average income reported by the 400 highest-earning U.S. households grew to almost $345 million in 2007, up 31 percent from a year earlier, Internal Revenue Service statistics show." In comparison, "according to the Consumer Expenditure Survey the 24 million households who comprise the bottom fifth of the income distribution together hauled in about $247 billion." (Oh, and then there's this: "Each household in the top 400 of earners paid an average tax rate of 16.6 percent, the lowest since the agency began tracking the data in 1992, the statistics show. Their average effective tax rate was about half the 29.4 percent in 1993, the first year of President Bill Clinton’s administration, when taxes were increased.") [Yglesias]
Posted 6:30 PM | Thursday, February 18th, 2010 | Permalink
Money Money Money
Rich Just Keep Getting Richer
IRS statistics showed that the average income reported by the 400 highest-earning U.S. households grew to almost $345 million in 2007, up 31 percent from a year earlier. That means that the top 400 householes together earned $138 billion in 2007. Each of these top 400 households “paid an average tax rate of 16.6 percent, the lowest since the agency began tracking the data in 1992.” Good thing the previous administration gave these wealthy individuals tax breaks, right? [Business Week]
Posted 9:36 AM | Thursday, February 18th, 2010 | Permalink
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