His Royal Highness Mitt Romney Wants To Be President So He Can Give Himself an $80 Million Dollar Tax Cut

His Royal Highness Mitt Romney Wants To Be President So He Can Give Himself an $80 Million Dollar Tax Cut

The U.S. tax code may be difficult to grasp, but understanding the presidential candidates' plans for it doesn't have to be. President Obama wants to raise his own taxes, while Mitt Romney wants to dramatically reduce the already small slice he pays to Uncle Sam.

Of course, that simplification doesn't shed light on just how dramatic President Romney's windfall for his family would actually be. Mitt's plan, which the nonpartisan Tax Policy Center forecast would cut taxes for the richest five percent of earners while increasing the tax bill for the other 95 percent of Americans, could slash his own annual IRS payment by almost half. And by eliminating the estate tax, the $250 million man would potentially divert $80 million (and possibly more) from the United States Treasury to his own heirs

On Friday, Governor Romney defended his mystery finances, declaring, "I have paid taxes every year. A lot of taxes. A lot of taxes." But when he announced Sunday that he wants "something dramatic" to boost the economy, he must have been speaking about his own.

Here's why.

At the end of 2012, the Bush tax cuts of 2001 and 2003 will expire. Among other changes to the tax code, President Obama wants to let the top 35 percent tax rate for income over $250,000 to return to its Clinton-era level of 39.6 percent and implement the Buffett Rule guaranteeing millionaires pay a minimum 30 percent effective tax rate. Obama would also end the "carried interest exemption" that allows Mitt Romney and other similar financiers to pay under 15 percent to Uncle Sam each year. In contrast, Romney would not only make the Bush tax cuts permanent, but deliver a 20 percent across-the-board tax cut. Upper income taxpayers would not only see their rate slashed to 28 percent, but would benefit by the elimination of the Alternative Minimum Tax (AMT).

While conservatives and their friends in the media have decided we have a deficit problem, we in fact still have a revenue problem. They are at their lowest level since the Reagan years - the last time we had a major recession. The major reason conservatives want to frame the issue this way is to make everyone believe we can cut spending to balance the budget. The only way to do that is to gut the safety net programs like Medicare.

Why Does Mitt Romney Want To Restrict Voting Rights For More Than 900,000 Ohio Veterans?

Scott Brown (R-MS) has a well deserved reputation for being lazy. So lazy that he is letting his buddies at the Anti-American Fox News do his attacking for him, REPORT: Fox Spends Over 43 Minutes Smearing Elizabeth Warren. Why is Scott Brown afraid of doing his own dirty work. Would making these kinds of false smears ruin little Scotty's fabricated image as a nice guy.

Mitt Romney Wants To Stack His Administration With The Same Corrupt Plutocrats Who Crashed The Economy. Republicans See Corruption As A Virtue

Mitt Romney Wants To Stack His Administration With The Same Corrupt Plutocrats Who Crashed The Economy. Republicans See Corruption As A Virtue

In May, Mitt Romney suggested a new eligibility test in the U.S. Constitution requiring that the President first "spend at least three years working in business." It was bad enough that America's would-be second Harvard MBA President forgot the disastrous record of the first. Now, Mitt has chosen the worst possible week to announce that President Romney's Cabinet will feature people who had "real jobs" and "have experience in the real world, in the private sector." After all, while Romney's campaign was getting battered by mounting questions over his AWOL tax returns and mysterious tenure at Bain Capital, some of the biggest banks on both sides of the Atlantic were revealed to be cheats, gamblers and frauds. And as it is turns out, recent studies suggest those abysmal business ethics are not exceptions to the rule.

To be sure, the Republican nominee and his former firm weren't the only ones to be on the receiving end of headlines like "50 Shades of Bain" and "Did Romney Make a False Statement on His Financial Disclosure?" The mushrooming scandal over Barclay's rigging of the crucial London Interbank Offered Rate (LIBOR) came to the U.S. with word that the New York Fed knew of manipulation in the UK dating back to 2008. (That scandal has already claimed the job of Barclay's CEO Bob Diamond, a man who was to have co-hosted Mitt Romney's upcoming fundraising event in London.) On Friday, JP Morgan once again found itself the under the microscope as the bank reported its growing losses from bad bets placed by the notorious "London whale" may have cost the firm $7 billion. That same day, the New York Times reported that "MasterCard, Visa and major banks, including JPMorgan Chase and Bank of America, agreed to pay more than $6 billion to settle accusations that they engaged in anticompetitive practices" in processing credit card payments to retailers. Meanwhile, the nation's largest bank, Wells Fargo, beat earnings expectations on Friday even as it announced a $175 million settlement with the Justice Department over "accusations that it discriminated against some minority homeowners seeking loans from 2004 to 2009."

Reflecting on the LIBOR scandal, University of San Diego Law School professor Frank Partnoy lamented, "I wish I could say I'm shocked, because it is shocking, but regulators have not been particularly effective or aggressive in the past two decades of finance." Simon Johnson summed up the banking scandal that may have impacted $800 trillion worth of business and consumer credit transactions with this powerfully simply headline:

    "Lie More, as a Business Model."

Conservative Republicans like Mitt have be successful in repealing most of the financial regulation that would have prevented the Great Recession. What regulation we had left they were negligent about enforcing. If terrorists had done this much damage to the USA conservatives would be back in shrill paranoid mode. Instead they're asking to help elect more congressmen, senators, governors and a president so they can commit some more domestic terror on working and middle-class America's finances.

Fox's Latest Attempt To Deflect Blame For Recession Away From GOP

Republican Weenie of the Day, Scott Brown (R-MA)

Republican Weenie of the Day, Scott Brown (R-MA)

Senator Scott Brown said he will accept a debate at the ­Edward M. Kennedy Institute but only on the condition that Vicki Kennedy stay neutral in the election and that MSNBC not be included as a broadcast partner.

The Brown campaign said in a press release that it would agree to allow former NBC ­anchor Tom Brokaw to moderate.

Elizabeth Warren has already accepted the Sept. 27 debate, but Brown had previously not committed. The candidates are jointly committed to two other televised debates so far, one in the Boston market and a second one in Western Massachusetts.

....Brown has agreed to two ­radio debates, including one moderated by Dan Rea, a conservative-leaning talk show host, and another hosted by Margery Eagan, a Boston Herald columnist, and Jim Braude, a Democrat and former Cambridge city councilor.

Brown is a afraid that at some point he will have to honestly answer some tough questions, instead of being tossed fuzz balls by spineless conservative puppets like Dan Rea. Once again brown is inadvertently sending the public a message about his character and courage - he admits he is a weenie, that he has plenty to hide and has no respect for the democratic process.