Also read and watch:
- Where the Money Lives: Vanity Fair Report Reveals Loopholes, Offshore Havens Behind Romney’s Fortune
Republican presidential hopeful Mitt Romney is on the hot seat over where he stashes his vast personal fortune, estimated at up to $250 million. We speak with reporter Nick Shaxson, whose new Vanity Fair article, "Where the Money Lives," delves into the murky world of offshore finance and reveals loopholes that allowed Romney to skirt tax laws and store millions in foreign tax havens. The article has sparked the latest round of questions about Romney’s taxes and offshore accounts, amplified by Romney’s refusal so far to release more than one year’s worth of tax returns.
According to the financial site NerdWallet, the 10 most profitable U.S. companies paid an average federal tax rate of just 9 percent last year. The group includes heavyweights Exxon Mobil, Apple, Microsoft, JPMorgan Chase and General Electric. (Hat tip: Barry Ritholtz.)
Read more about the Extended Tax Cuts for the Rich :
The House votes pitted a straight extension of all the expiring Bush tax cuts against a Democratic plan, passed by the Senate, that would allow taxes on income, capital gains and dividends to rise on earnings over $250,000, increasing revenues by around $100 billion. It was not close. The Democratic plan failed 170-257, with 19 Democrats voting no. The Republican plan passed 256-171, again with 19 Democrats throwing in their support. One Republican, Representative Timothy V. Johnson of Illinois, who is retiring, opposed it.
- Bush Tax Cuts Have Provided Extremely Large Benefits to Wealthiest Americans Over Last Nine Years — Center on Budget and Policy Priorities
The tax cuts first enacted under President Bush in 2001 and 2003 have made the tax code less progressive and delivered a large windfall to the highest-income taxpayers. Tax Policy Center estimates for the years 2004 to 2012 (the years for which TPC provides data that are comparable from year to year) give us a sense of the cumulative effect of these tax cuts:
In what year did the federal government of the United States collect the most tax revenue in its history? Would you guess it occurred before, or after, the Bush tax cuts (final round effective in 2003)?The answer is 2007. The most revenue over collected in our history was $2,568 billion, and that happened in Fiscal Year 2007 - four years after Bush's final round of tax cuts.