#taxes

New York added nearly 2,000 millionaire tax filers in a single year, according to newly released IRS data. The agency’s 2023 Statistics of Income (SOI) data show the number of New Yorkers reporting more than $1 million in income grew about 3%, shortly after the state raised its top tax rate on high earners. Far from triggering the millionaire exodus warned about, the new figures cut at the heart of one of the most persistent arguments against millionaire surtax proposals.

The main reason to hike top tax rates, in this view, isn’t to keep the deficit in check; it’s simply to keep individuals from becoming too wealthy, because inequality is itself toxic for society.

Mitt Romney has said, in effect, “I’m rich and I don’t apologize for it.” Nobody wants you to, Mitt. What some of us want—those who aren’t blinded by a lot of bullshit persiflage thrown up to mask the idea that rich folks want to keep their damn money—is for you to acknowledge that you couldn’t have made it in America without America.

Rosalind S. Helderman / Washington Post:Senate blocks $60 billion infrastructure plan, another part of Obama jobs bill  —  The Senate shot down another piece of President Obama's $447 billion jobs bill Thursday, as a stalemated Congress goes through the motions of attempting legislation to spur...

The bottom line: A family with an income level of $40,000 to $50,000 would pay $3,407 more a year in taxes, while families making $500,000 to $1 million a year would pay on average $80,315 less, according to the Tax Policy Center.

Two-thirds of likely Iowa Republican caucus goers earning less than $50,000 a year believe they personally would be better off or in the same situation under Herman Cain’s 9-9-9 tax plan, The Des Moines Register’s new Iowa Poll shows. Research-group reviews of the plan have found that most families making $100,000 or less would pay thousands of dollars more each year.

Nancy Cordes / CBS News:Boehner: Debt deal will include new tax revenues  —  House Speaker John Boehner addressed one of the biggest sticking points for the 12 member Congressional “supercommittee” today, acknowledging that any bipartisan agreement will need to include some new tax revenue.

"So my conclusions: The ignorance (willful or otherwise) is deep. The anger (justified or otherwise) is high. Teabagger solutions are silly at best and dangerous at worst. But what bothers me more is that our side has been so woefully inadequate at laying out these facts. These are not sophisticated concepts and the words can be small."

"I make a good living, and I suspect that I will end up paying more taxes under Barack Obama than I would have under John McCain. I am delighted to pay those taxes. My father worked his entire life for the federal government. My brother, who has cerebral palsy, lives on Social Security. Much of what I know about the world I learned in public schools and libraries. I cannot possibly repay the government for all they have done for me, but I am happy to do my share."

"People should remember that while they have the right to their opinion, they are not entitled to be taken seriously. That only comes from having credibility gained by the correct presentation of facts and analysis and a willingness to be even-handed--criticizing one's own side when it is wrong and not only speaking up when the other party does the same thing."

"Obama's plan gives the biggest cuts to those who make the least, while McCain would give the largest cuts to the very wealthy. For the approximately 147,000 families that make up the top 0.1 percent of the income scale, the difference between the two plans is stark. While McCain offers a $269,364 tax cut, Obama would raise their taxes, on average, by $701,885 - a difference of nearly $1 million."

"Southeast Michigan's creative business community will get a boost as a result of Governor Granholm's signature on a series of bills that would make creative businesses eligible for state MEGA tax credits."

"The creative and intellectual property service industries in Michigan (software developers, graphic designers, technical artists and writers, dance and music teachers) may be particularly hit hard."

"Repealing the estate tax is like erecting protectionist barriers around the hereditary elite. It is anti-meritocratic and unfair -- and antithetical to this nation's best traditions."

"If figuring out your taxes were easy, why would anyone bother to hire H&R Block?"

I thought we got tax cuts? "A flood of income tax payments pushed up government receipts to the second-highest level in history in April, giving the country a sizable surplus for the month."

"The president told us that we needed to fight in Iraq to save lives here at home, and yet -- after moving billions of domestic dollars to the Persian Gulf -- there are bodies floating through the streets of Louisiana. What does George W. Bush have to say

"and while we've got your attention, let's consider what else $5 billion might be doing..."

"In fact, by analyzing income and tax data, it appears that the higher up the income ladder you climb, the less subject you are to paying taxes in the United States."

"DiscoverTax is a powerful suite of tools designed to reduce the tax gap."

Some very scary graphs concerning US economy and taxes

Starting to think that I'm on my own here...