PJTV: Obama IRS Scandal Uncovers the Ugly Side of Income Taxes
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Tag Archive: Income Tax
Obamas’ Tax Return Shows Lower Earnings
” President Barack Obama and First Lady Michelle Obama paid $112,214 in federal income taxes in 2012 on adjusted gross income of $608,611, an effective rate of 18.4%, the White House said Friday.
The first family’s income declined from the $789,674 in adjusted gross income they reported in 2011. That year they paid total federal taxes of $162,074, an effective rate of 20.5%. Their 2012 income continues a steep decline from 2010 when they reported $1.7 million in adjusted gross income, the bulk of which was royalties from sales from books written by Mr. Obama.
Meanwhile, Vice President Joe Biden and wife Jill Biden reported adjusted gross income of $385,072 in 2012, the White House said. The Bidens paid $87,851 in total federal tax for 2012, a further $13,531 in Delaware income tax and $3,593 in Virginia income tax. The Bidens contributed $7,190 to charity in 2012.”
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Tax Foundation: Rich Pay Staggering Share Of Total Income Taxes
” The top 10 percent of taxpayers paid more than 70 percent of the total income tax revenue collected in 2010, according to research from the D.C.-based Tax Foundation. “That’s up from 55% in 1986,” CNN notes.
The remaining 90 percent paid just 30 percent, with 47 percent having no income tax liability.”
Related articles
- Tax Foundation: Tax Equity and the Growth in Nonpayers (taxprof.typepad.com)
- The Rich Pay Majority of U.S. Income Taxes (fox8.com)
- The rich pay majority of U.S. income taxes (money.cnn.com)
- The rich pay majority of U.S. income taxes (finance.yahoo.com)
- 10 States With The Best Tax Breaks For The Wealthy (businessinsider.com)
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The New York Times
“[The Income Tax is] a vicious, inequitable, unpopular, impolitic and socialist act “
‘Wall St.’ Flees NY For Tax-Free Fla.
” The city’s hedge-fund executives are flying south — and it’s not for vacation.
An increasing number of financial firms, especially private equity and hedge funds, are fed up with New York’s sky-high city and state tax rates and are relocating to the business-friendly climate in Florida’s Palm Beach County.
And they’re being welcomed with open arms — officials in Palm Beach recently opened an entire office dedicated to luring finance hot shots down south.
“Florida is a state of choice,” said Thalius Hecksher, global development chief for Apex Fund Services, who moved many of his operations to Palm Beach. “It’s organically grown. There’s no need to drag people down here. It’s a zero-income-tax jurisdiction.”
Related articles
Courtesy Of Turbo-Tax
Visit The Site For Other Interesting Facts And Infographic World Creations Like These :
DESPITE TAX INCREASE, CALIFORNIA STATE
REVENUES IN FREEFALL
” California State Controller John Chiang has announced that total state revenue for the month of November 2012 fell $806.8 million, or 10.8%, below budget.
Democrats thought they could hammer “the rich” by convincing voters to pass Proposition 30 to create the highest state income tax in the nation. But it now appears that high income earners have already “voted with their feet” by moving themselves and their businesses out of state, resulting in over $1 billion shortfall in corporate and income taxes last month and the beginning of a new financial crisis.”
Related articles
- The Buzz: California misses its November revenue target, thanks to Facebook and corporate refunds (sacbee.com)
- TurboTax – What are State Income Taxes? (turbotax.intuit.com)
- Abolish the state income tax (greensboroguardian.com)
- Alex Rodriguez May Have Played His Way Out of New York, Into Significant Tax Savings (forbes.com)
- There Is No Party of Principle (americanthinker.com)
- Fiscal cliff threatens California’s recovery, jobs (sacbee.com)
RICH PAID MORE REVENUE UNDER BUSH TAX CUTS
” According to IRS data, the “richest 1% paid $84 billion more in taxes in 2007 than they had in 2000,” a 23% increase. In addition, their “share of the overall income tax burden grew, climbing from 37% in 2000 to 40% in 2007.” All this occurred even though their rates went down. “
Related articles
- White House Data Debunks Myth Bush Cuts Built Deficit (treeofmamre.wordpress.com)
- INVESTOR’S BUSINESS DAILY: White House’s Own Data Debunk Myth Bush Cuts Built Deficit. While Pre… (pjmedia.com)
- If top 5% paid 40% of taxes, what is their ‘fair’ share? (conservativebyte.com)
“The 54 percent of Americans who pay the federal income tax should not want the 46 percent to pay income tax just like them. They should want to pay no federal income tax just like the 46 percent. The progressive income tax is an injustice, and people who love freedom should seek its abolition rather than its expansion.”
I’ve always thought that they too should have some “skin in the game” but this article presents a different point of view that I must say , I agree with .
