A blockbuster report detailing how California’s charter school industry has wasted hundreds of millions of taxpayer dollars by opening and building schools in communities that don’t need them and often end up doing worse than nearby public schools, is a nationwide warning about how education privateers hijack public funds and harm K-12 public schools.
The analysis starts with state and local taxes, which are often ignored by apologists for big-income tax cuts. According to the Institute on Taxation and Economic Policy, the state and local tax rate for the poorest 20 percent of individuals is double that of the top 1 percent (10.9 percent vs. 5.4 percent). New data from Thomas Piketty, Emmanuel Saez and Gabriel Zucman allows us to go further: When unrealized capital gains are included in the wealth-building of the richest 1%, the overall tax rates plunge for the super-rich, causing the poorest Americans to pay the highest rates.
BY DAVID LIGHTMAN AND KEVIN G. HALL, McClatchy Washington Bureau WASHINGTON — Republicans in the House of Representatives are expected to rally Wednesday around a business tax break that’s likely to cost the government $155.5 billion over 10 years. They’d do it without offsetting spending cuts or tax increases. Most lawmakers have long decried such deficit spending, a […]
By John Reitmeyer, The Record (Hackensack, NJ) TRENTON, NJ—The same federal tax policy that Gov. Chris Christie is now blaming for New Jersey’s $807 million budget shortfall helped save his budget last year when he was facing another sizable gap, according to a Record analysis of income tax data. Last year, budget documents show Christie boosted […]
By Stephanie Akin, The Record (Hackensack, N.J.) Tax time has been described as anxiety-inducing and unnecessarily confusing, and its inescapability has even been equated with death. Now, it’s a reason for celebration — at least for same-sex couples who for the first time can check off the box that says “married” on their 1040s. Tim Eustace […]
To the surprise of no one, a new study by Citizens for Tax Justice (CTJ) shows that the budget proposed by Rep. Paul Ryan (R-WI) will overwhelmingly benefit the United States’ top earners. CTJ is the same research institution that correctly reported just how generous Mitt Romney’s and Ryan’s tax plans would be to the […]
In a bold legislative move, Rep. Dave Camp (R-MI), chairman of the House Committee on Ways and Means, introduced legislation on Wednesday that would significantly reform the federal tax code in the United States. “I’m not satisfied with waiting,” Camp told reporters on Wednesday. “I’m not going to settle for two percent growth and median incomes […]