Congressional Republicans are looking to change the subject, following a long, drawn out battle over cuts in 2012 taxes. They are doing so by pushing for new legislation, that they propose will promote transportation and energy projects, not only creating jobs but also cutting taxes for cash-strapped businesses.
On the other side, Democrats are hoping to continue their winning record by pushing Republicans to vote on jobs programs that would be financed by increasing taxes on the rich. During an election year, this might just be a winning strategy.
The parties’ differing uses of legislative power serve to emphasize … Read more at 2011 Tax.
Polls show the millionaire tax and spending cuts are popular.
In general, people are in favor of President Obama’s proposal to increase millionaires’ taxes, but are still more in favor of spending cuts, as shown by an Associated Press-GfK poll. This gives Republicans an advantage over Democrats in the ongoing battle over the economy.
The poll shows that while the President’s proposed millionaire tax is generally popular, the plan does not effectively change the partisan views of public towards the $1 trillion yearly deficit.
Republican and retired New Jersey Mike Whittles said in support of the tax proposal, … Read more at 2011 Tax.
On Monday the leadership of the House GOP said it planned to support a payroll tax cut extension through the end of this year. It would support the payroll tax cut without adding unrelated policies or making offsetting cuts. It is a surprising turn of events. Congress could pass a bipartisan proposal related to 2012 taxes well before deadline and without a huge debate about who pays what when. A compromise related to cuts in 2012 taxes is surprising.
This doesn’t mean that Republicans and Democrats are thrilled with each other when it comes to payroll tax cuts. Speaker … Read more at 2011 Tax.
Romney Has Big Stash in Cayman Islands
It might not be immediately obvious, but Mitt Romney has millions of his fortune in investments funds in the Cayman islands, an infamous tax refuge.
A representative for Romney says he obeys the law, and that he pays the normal taxes despite where his money is.
As Republican nominations get closer, Romney is finding it harder to keep the secrets about his wealth under wraps.
Jack Blum, a lawyer from Washington thinks Romeny’s financial situation is a disgrace to the United States tax system.
Romney recently let out that he has been … Read more at 2011 Tax.