Sweet Land of Subsidy: Wondering which states give more than they take in from the federal government? There’s a map for that.
Maps are awesome.
"We could call it the Reagan Rule instead of the Buffett Rule. I’m not the first president to call for this idea that everyone has to do their fair share."
— President Barack Obama • During a speech before a group of executives at the White House, the second pitch he’s made for the policy in as many days. The President said he agreed with critics who claim the policy doesn’t put a large enough dent in our debt, saying that the absence of a complete fix was not an excuse for inaction, and that it would be “something that will get us moving in the right direction.” Obama also took aim at Republican opposition, saying, “If Republicans in Congress were truly concerned with deficits and debt, then I’m assuming they wouldn’t have just proposed to spend an additional $4.6 trillion on lower tax rates….for every millionaire in America.”source (via • follow)
Oh Ezra, my heart.
Husband material.
Ezra’s the kind of guy who has his taxes done in January because he he couldn’t wait to finish them.
There is nothing wrong with doing your taxes in January.
(Source: waitingonoblivion, via shortformblog)
![CNN:
New CNN Poll: Majority want tax increase for wealthy and deep spending cuts
Washington (CNN) - Most Americans want a special congressional committee tasked with drafting a long-term solution to the nation’s mounting federal deficits to include tax hikes for the wealthy and businesses and deep cuts in domestic spending, according to a new national survey.
A CNN/ORC International Poll released Wednesday also indicates that the public doesn’t want the super committee to propose major changes to Social Security and Medicare or increase taxes on middle class and lower-income Americans.
Read full results (PDF).
Under the debt ceiling deal passed by Congress and signed by President Barack Obama last week, a panel of 12 legislators - six Democrats and six Republicans, equally divided between the House and Senate - will be created to try to work out $1.5 trillion in deficit reduction after an initial round of more than $900 billion in spending cuts.
If the committee fails to reach agreement or Congress fails to pass whatever package it recommends, a trigger mechanism will enact further across-the-board cuts in government spending, including for the military.
[Read More]](http://25.media.tumblr.com/tumblr_lpq1ozNHMn1qa41ozo1_500.png)
CNN:
New CNN Poll: Majority want tax increase for wealthy and deep spending cuts
Washington (CNN) - Most Americans want a special congressional committee tasked with drafting a long-term solution to the nation’s mounting federal deficits to include tax hikes for the wealthy and businesses and deep cuts in domestic spending, according to a new national survey.
A CNN/ORC International Poll released Wednesday also indicates that the public doesn’t want the super committee to propose major changes to Social Security and Medicare or increase taxes on middle class and lower-income Americans.
Under the debt ceiling deal passed by Congress and signed by President Barack Obama last week, a panel of 12 legislators - six Democrats and six Republicans, equally divided between the House and Senate - will be created to try to work out $1.5 trillion in deficit reduction after an initial round of more than $900 billion in spending cuts.
If the committee fails to reach agreement or Congress fails to pass whatever package it recommends, a trigger mechanism will enact further across-the-board cuts in government spending, including for the military.
Reuters Retracts Column Saying News Corp. Got Billions In Tax Refunds
NPR:
Reuters just posted this:
“Please be advised that the David Cay Johnston column published on Tuesday stating that Rupert Murdoch’s U.S.-based News Corp made money on income taxes is wrong and has been withdrawn. News Corp’s filings show the company changed reporting conventions in its 2007 annual report when it reversed the way it showed positive and negative numbers. A new column correcting and explaining the error in more detail will be issued shortly.”
That advisory is referring to this column (we can’t guarantee how much longer that link will work).
On Morning Edition today, Johnston made the case that News Corp. had utilized “off shore [tax] havens” to report “a theoretical loss” — and that the company did not do anything illegal. Apparently, he did not factor in the change in the way the company reports its results.
Rupert Murdoch’s News Corp. is at the center of a media firestorm, of course, because of the scandal over information that some of its British news outlets allegedly illegally collected about thousands of people, from the royal family and prominent politicians to victims of the 9/11 attacks.
Update at 3:40 p.m. ET: NPR says that “Johnston is expected to appear on Morning Edition Thursday to offer further clarification. We will provide updates as they become available.”
![pantslessprogressive:
“The financial disclosure report [Rep. Paul] Ryan filed with Congress last month and made public this week shows he and his wife, Janna, own stakes in four family companies that lease land in Texas and Oklahoma to the very energy companies that benefit from the tax subsidies in Ryan’s budget plan.
Ryan’s father-in-law, Daniel Little, who runs the companies, told Newsweek and The Daily Beast that the family companies are currently leasing the land for mining and drilling to energy giants such as Chesapeake Energy, Devon, and XTO Energy, a recently acquired subsidiary of ExxonMobil.
Some of these firms would be eligible for portions of the $45 billion in energy tax breaks and subsidies over 10 years protected in the Wisconsin lawmaker’s proposed budget.”
Exclusive: Ryan’s Shrewd Budget Payday
I’m shocked, shocked to hear that a Republican is trying to secure deals for his energy company friends.](http://25.media.tumblr.com/tumblr_ln4bh0yb361qzr73ro1_500.jpg)
“The financial disclosure report [Rep. Paul] Ryan filed with Congress last month and made public this week shows he and his wife, Janna, own stakes in four family companies that lease land in Texas and Oklahoma to the very energy companies that benefit from the tax subsidies in Ryan’s budget plan.
Ryan’s father-in-law, Daniel Little, who runs the companies, told Newsweek and The Daily Beast that the family companies are currently leasing the land for mining and drilling to energy giants such as Chesapeake Energy, Devon, and XTO Energy, a recently acquired subsidiary of ExxonMobil.
Some of these firms would be eligible for portions of the $45 billion in energy tax breaks and subsidies over 10 years protected in the Wisconsin lawmaker’s proposed budget.”
I’m shocked, shocked to hear that a Republican is trying to secure deals for his energy company friends.
(via pantslessprogressive)
"The legislature passed a new law that sought to balance the budget by kindly asking citizens to donate money to the “I Didn’t Pay Enough Fund” (their phrase, not mine). If, as the name suggests, you feel like you haven’t paid enough in taxes, you can choose to pay a little bit extra, which the state will then put to good use—say, for buying tanks to break up cockfighting rings. Per the Phoenix New Times, the law is expected to chip about $2,500 off of the $2.5 billion state deficit, leaving only $2.4999975 billion to go. Baby steps, people; baby steps."
— MJ’s Tim Murphy explores Arizona’s new plan to finance a border security fence entirely with private donations. (via motherjones)
How many burritos would your taxes buy? Fun and informative ways of understanding how the feds spend your money.
Cool.
Sadly, that’s not entirely accurate. If you collect unemployment compensation, you will have to pay taxes on it. From IRS.gov:
Topic 418 - Unemployment Compensation
Unemployment compensation is includible in gross income. You must report unemployment compensation on line 19 of Form 1040, line 13 of Form 1040A, or line 3 of Form 1040EZ.
Unemployment compensation generally includes any amounts received under the unemployment compensation laws of the United States or of a state. It includes state unemployment insurance benefits and benefits paid to you by a state or the District of Columbia from the Federal Unemployment Trust Fund. It also includes railroad unemployment compensation benefits, disability benefits paid as a substitute for unemployment compensation, trade readjustment allowances under the Trade Act of 1974, and unemployment assistance under the Disaster Relief and Emergency Assistance Act of 1974. Unemployment compensation does not include worker’s compensation.
In 2009, the American Recovery and Reinvestment Act allowed for the exemption of up to $2400 of unemployment benefits from being taxed.
That’s not the case anymore.
(via motherjones)
