Tag Archives: corporate-tax

Republican Budget Would Slash Taxes, Establish Two-Bracket Tax System And Scrap AMT

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While it has no chance of passage, the GOP 2013 budget, details of which have been leaked by the WSJ , proposes slashing corporate and individual tax rates, collapsing the current six tax bracket system into just two tiers (10% and 25%), lowering top corporate tax rate to 25% and scrapping the anachronism that is the AMT, or Alternative Minimum Tax. Finally, the proposed plan would nearly eliminate… Broadcasting platform : YouTube Source : zero hedge Discovery Date : 19/03/2012 18:15 Number of articles : 2

Republican Budget Would Slash Taxes, Establish Two-Bracket Tax System And Scrap AMT

CBS’s Attkisson Finally Exposes Fannie Mae’s Dirty Laundry

Some investigative reporters still live up to their job descriptions. On the July 20 edition of “CBS Evening News,” reporter Sharyl Attkisson exposed how government-sponsored entity (GSE) Fannie Mae and mortgage lender Countrywide “scratched each other’s backs” while their toxic loans fueled America’s mortgage crisis. Attkisson revealed new documents showing that Countrywide gave “very important person” loans to dozens of Fannie Mae executives while American taxpayers forked over $84 billion to bail out the GSE. Among the VIP loan recipients were Fannie Mae CEO Jim Johnson, who received $10 million, former Vice Chair Jamie Gorelick and former CEO Franklin Raines, whose total amounts received remain unknown. Attkisson reported the loans, but did not mention Raines, Gorelick, and Johnson all have ties to Democrats , from Bill Clinton to John Kerry to President Obama. Attkisson showed 42 Fannie Mae officials took 153 VIP loans from Countrywide. Additionally, Attkisson revealed an e-mail from Countrywide to Fannie Mae’s then Chief Operating Officer Dan Mudd attempting to cover their tracks: “Make sure the branch, and RVP, understand the sensitivity of this deal,” the first part of the e-mail read. “We already are taking a loss, it would be horrible to add a service complaint on top and lose any benefit we generate.” Attkisson concluded her report with an interview with U.S. Rep. Darrell Issa, R-Calif., and stated that Issa would like a congressional probe of Mudd and other Fannie Mae CEOs to see if they violated any ethical codes. However, CBS News anchor Katie Couric didn’t allow Attkisson to elaborate and swiftly moved on the next story. Attkisson broke the seemingly unwritten media code of not covering the Fannie Mae or Freddie Mac debacles . Ironically, her story was aired on the evening before President Obama was scheduled to sign the massive financial reform bill that fails to include any GSE reform . 

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CBS’s Attkisson Finally Exposes Fannie Mae’s Dirty Laundry

AP Touts Stimulus in German Recovery, Ignores Tax Cuts

If it worked for Germany, it should work for the United States, right? In a July 21 story , AP writer Geir Moulson praised government stimulus for helping Germany “bounce back” from the recession. Moulson highlighted two government stimulus packages totaling $104 billion and a government-sponsored program that cut back workers’ hours instead of laying them off as reasons for Germany’s endurance: “The various government measures are all part of the upswing.” However, nowhere in Moulsion’s 25-paragraph story did he acknowledge tax cuts over the past decade as a reason for Germany’s success. As reported in Deutsche Welle , a German media outlet, the European Union’s statistical office indicated Germany’s corporate tax rate was cut to 29.8 percent in 2010, a 42-percent decrease from the 51.6-percent rate in 2000. Germany has also cut income taxes by 3.6 percent over the past ten years. Moulson did acknowledge Germany’s role in the world economy as a factor, but for the most part, he took every opportunity to praise the government stimulus: “The main driving force for Germany, a major exporter, remains the growing world economy, the Bundesbank said. Still, there’s general agreement that the way to recovery was paved in part by government spending.” The AP story is only the latest example of media outlets championing government stimulus packages as a solution to economy woes while downplaying the benefits of tax cuts and other conservative solutions.

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AP Touts Stimulus in German Recovery, Ignores Tax Cuts