The New Republic

The New Republic

Timothy Noah on the GOP’s misdirected Obamacare anger “Republicans would rather kick up a fuss about a pipsqueak tax on health-insurance-shirkers, most of them probably lower-income, which means they’re an unlikely bet to vote Republican. Maybe it’s because they don’t really think of payroll taxes as taxes. (Grover Norquist has said he has no problem with raising them.) Maybe it’s because they got burned fighting with Obama over his payroll (i.e., OASDI) tax cut late last year, which possibly left them never wanting to speak the words “payroll tax” ever again, even if it’s to point out that Obama is now raising them (albeit only on people in the top 5 percent of incomes nationwide; but it wouldn’t be unprecedented for Republicans to leave that part out). For whatever reason, the GOP is spending remarkably little effort on fighting Obamacare’s most significant tax hike. As a liberal, I find this pleasing. As a journalist, I find it puzzling.” –– Timothy Noah, “The Real Obamacare Tax Increase”
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Timothy Noah on the GOP’s misdirected Obamacare anger

“Republicans would rather kick up a fuss about a pipsqueak tax on health-insurance-shirkers, most of them probably lower-income, which means they’re an unlikely bet to vote Republican. Maybe it’s because they don’t really think of payroll taxes as taxes. (Grover Norquist has said he has no problem with raising them.) Maybe it’s because they got burned fighting with Obama over his payroll (i.e., OASDI) tax cut late last year, which possibly left them never wanting to speak the words “payroll tax” ever again, even if it’s to point out that Obama is now raising them (albeit only on people in the top 5 percent of incomes nationwide; but it wouldn’t be unprecedented for Republicans to leave that part out). For whatever reason, the GOP is spending remarkably little effort on fighting Obamacare’s most significant tax hike. As a liberal, I find this pleasing. As a journalist, I find it puzzling.”

–– Timothy Noah, “The Real Obamacare Tax Increase”

Does Mitt Romney have a fifteen percent problem? Mitt Romney equivocated in last night’s debate when asked whether he would release his tax returns. This morning, Romney went ahead and confirmed the most salient fact in the returns: that he pays a rate of only about 15 percent. Would it be possible for Mitt Romney to handle the problem of his tax returns any worse than he already has? For more on Romney’s tax debacle, read Alec MacGillis’s analysis in “Romney’s Fifteen Percent Problem.” Photo courtesy of the Daily Caller.
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Does Mitt Romney have a fifteen percent problem?

Mitt Romney equivocated in last night’s debate when asked whether he would release his tax returns. This morning, Romney went ahead and confirmed the most salient fact in the returns: that he pays a rate of only about 15 percent. Would it be possible for Mitt Romney to handle the problem of his tax returns any worse than he already has?

For more on Romney’s tax debacle, read Alec MacGillis’s analysis in “Romney’s Fifteen Percent Problem.”

Photo courtesy of the Daily Caller.

Victory for Occupy Wall Street? Governor Cuomo reached an agreement today with legislative leaders to raise taxes on New York State’s wealthiest residents as part of a deal to overhaul the tax rates. The tentative agreement would also cut taxes for the middle class, by creating four new tax brackets and tax rates. The officials said the tax rate changes would generate $1.9 billion in annual revenue for the state. “This would be lowest tax rate for middle class families in 58 years,” Mr. Cuomo said in a statement. “This job-creating economic plan defies the political gridlock that has paralyzed Washington and shows that we can make government work for the people of this state once again.” Will other states follow suit and implement a “millionaires tax”? Is this the result of Occupy Wall Street’s focus on income inequality? Courtesy of the New York Times.
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Victory for Occupy Wall Street?

Governor Cuomo reached an agreement today with legislative leaders to raise taxes on New York State’s wealthiest residents as part of a deal to overhaul the tax rates.

The tentative agreement would also cut taxes for the middle class, by creating four new tax brackets and tax rates. The officials said the tax rate changes would generate $1.9 billion in annual revenue for the state.

“This would be lowest tax rate for middle class families in 58 years,” Mr. Cuomo said in a statement. “This job-creating economic plan defies the political gridlock that has paralyzed Washington and shows that we can make government work for the people of this state once again.”

Will other states follow suit and implement a “millionaires tax”? Is this the result of Occupy Wall Street’s focus on income inequality?

Courtesy of the New York Times.