Topic: Taxes

Barack Obama
How many of Obama's campaign promises has he kept?
PolitiFact has compiled more than 500 promises that Barack Obama made during the 2008 and 2012 campaigns and is tracking their progress on our Obameter45 percent were kept and 25 percent were compromised.  Check it out.

Democratic Party
Could GOP bill targeting abortion require IRS "rape audits"?
The GOP-controlled House did approve, then later remove a bill, that would require rape victims who claimed a medical expense deduction for an abortion, to explain the deduction to the IRS only if her return were audited for some other reason, and only if medical expense deductions came into question.
Americans For Tax Reform
Obama has proposed 442 tax hikes, says anti-tax group
PolitiFact analysis suggests about 200 items should be knocked off of the list that is attached to this claim, because they are duplicate items that show up in multiple budgets.  Many other items were proposals that cannot be considered tax increases. Seventy percent of claims by this group are rated partly false or pants-on-fire.
Mitch McConnell, sen KY
Says a new report shows the "devastating tax hikes (in the health care law) will have on middle-class Kentuckians."
Other than an excise tax on high-cost plans, the Congressional Budget Office Report that he refers to showed how more high-income earners will have to pay taxes over time, but most of the middle class wouldn’t be affected, even 25 years from now.
Barack Obama
What has Obama accomplished as president? Which campaign promises were compromised? Which ones has he failed to keep?
PolitiFact has compiled more than 500 promises that Barack Obama made during the 2008 and 2012 campaigns and is tracking their progress on our Obameter.
Bernie Sanders VT Senate
Bernie Sanders says tax share paid by corporations has fallen from 33% to 9% since 1952.
Sanders is right if you use the official numbers, but it’s worth noting that the figure for individual income taxes now includes a significant chunk of taxes assessed on corporate profits.
Bernie Sanders Vt Senate
Bernie Sanders says tax share paid by corporations has fallen from 33% to 9% since 1952
True, however tax rates and rules have changed. Most business income is now taxed through the individual income tax code, rather than the corporate code. Between 1980 and 2010, business income income has increased fivefold, from $320 billion to more than $1.6 trillion.
Warren Buffett
Warren Buffett thinks it's a problem that some of the wealthiest Americans pay lower tax rates than their housekeepers.
Currently income earned from stock dividends and capital gains is taxed at rates far lower than ordinary income from work.  This increases income inequality and penalizes the middle and working class. Even with lucrative loopholes corporations are fleeing overseas to pay even less.
Republican Policies Questioned
Republicans For Kansas Values are backing the Democratic candidate for governor because the Republican agenda has backfired in Kansas.
This organization, supported by an extensive list of notable Republican politicians and public servants, has posted an impressive statement called, Why Sam Brownback’s Policies are Taking Kansas in the Wrong Direction. They say these Republican policies have caused deficit spending, drastic cuts in education and highway spending, hurt job growth, benefited special interests at the expense of the people, and downgrades Kansas character and creates embarrassing headlines.
Taxes
Business Insider reviews the history of taxes and economy and shares THE TRUTH ABOUT TAXES.
"Historical analysis shows that for most of the century, including some boom times, top-bracket income tax rates were much higher than they are today.".. "History shows super-high tax rates on rich people do not appear to hurt the economy.".. "Periods of very low tax rates have been followed by periods with very high tax rates, and vice versa. So history suggests that tax rates will soon start going up."
Janet Yellen Economist
Yellen, American economist and Chair of the Board of Governors of the Federal Reserve System, says "inequality is downright un-American" and has "ill effects on the economy."
"Income and wealth inequality are near their highest levels in the past hundred years." Her comments come after the Swiss bank Credit Suisse recently warned that inequality in the U.S. is at levels that have been associated with recessions in the past.
Chain Email
New tax increases that went into effect on Jan. 1, 2015, "all passed under the Affordable Care Act, aka Obamacare."
The email is flat-out wrong when it blames Democrats, and Obamacare for the increases. The bulk of the tax hikes stem from a different bill entirely -- one that received support from a large majority of Senate Republicans and a significant minority of House Republicans.
Louie Gohmert, R-TX
Says President Barack Obama has "not proposed one thing that would change" the fact that Warren Buffett pays a lower tax rate than his secretary.
In fact, Obama has on multiple occasions proposed changing the tax code so that it complies with the "Buffett rule," which attempts to ensure that high-income people pay a certain percentage of their income in taxes that is at least higher than what middle-class people pay.
Elizabeth Warren Sen Mass
"The average family not in the top 10 percent makes less money today than they were making a generation ago."
According to one measurement, the bottom 90 percent of American earners had a lower income in 2012 than they had 30 years ago. She’s arguing that middle-class wages haven’t increased enough over the past couple decades.
Barack Obama
Barack Obama's 2015 State of the Union address: annotated.
PolitiFact reviewed the state of the Union speech line by line.  Click the icon to review each point.
Dan Patrick, R-TX
Texas this fiscal year will "have more money in reserve than the other 49 states combined."
On our inquiry, Patrick acknowledged this was a misstatement. Indeed, what he celebrated turned out to be incorrect and ridiculous.
Rick Perry
Rick Perry said he “never raised taxes” in his 14 years as governor of the state.
That’s not the case. During his tenure, he increased taxes on businesses, cigarettes, fireworks, diesel equipment and insurance.
NFL
The National Football League is giving up its not-for-profit tax status.
While the league is tax-exempt, the $1 billion or so it makes a year is distributed to the 32 teams, all of which do pay taxes. Now league executives don't have to report their huge salaries, like Roger Goodell's  $35 million 2013 salary. An estimated $5.4 billion in taxpayer dollars have spent on stadiums opened since 1997. The NFL also gets $4 billion in tax breaks on the bonds used to finance stadiums.
Ted Cruz Tx
"Every year we spend and waste roughly $500 billion on tax compliance. That is roughly the budget of our entire military."
Military spending exceeded $800 billion not counting spending on conflicts abroad and other items not in the military’s nearly $500 billion base budget.  Americans spend between $107 billion in 2005 to $153 billion to prepare and file tax returns according to GAO estimation.
Hillary Clinton
Hillary Clinton said Rubio's tax plan would mean a huge tax break for millionaires.
"Sen. Rubio’s (tax plan) would cut taxes for households making around $3 million a year by almost $240,000, which is way more than three times the earnings of a typical family."
Donald Trump
Trump says, "We’re the most highly taxed nation in the world."
Depending on the measurement you use, the United States is either in the middle of the pack or on the lighter end of taxation when compared to other advanced industrialized nations.
Chris Christie
Christie said the Democrats plan "to raise your tax rates to 70 or 80 percent."
None of the three Democrats running have proposed raising taxes except of the very rich, and there is no reasonable evidence that they would.  Hillary says she wants to raise taxes on only those making over $250,00 per year.
Donald Trump
Trump claims, "There’s a tremendous tax that we pay when we (American businesses) go into China, whereas when China sells to us there’s no tax."
China has a basic Value Added Tax of 17 percent, while the United States has none. However, the VAT applies to most goods sold in China, regardless of whether they were made in China or any other country. China’s tariffs are higher than those imposed by the United States, but the Chinese exporters do face a tax when they sell in this country.
Donald Trump
Trump repeatedly says,"We're the highest taxed nation in the world."
The United States is 31st among Industrialized nations in tax revenue as percentage of GDP (26.0%).  We are 17th regarding Corporate tax revenue (2.6%). and we are 19th as percentage of GDP Tax revenue per capita ($14,204).

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