Stay updated with breaking news from Tax com. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
About this on tax.com where you are a columnist. i suppose your students as syracuse, i bet they appreciate what you know about this. thank you so much. thank you. a search resumes today for a missing tennessee nursing student. what do new clues tell us about her kidnapping? he keeps talking like a candidate. donald trump spoke again last night. did he give any hints about whether he ll actually run for president. you re watching msnbc saturday. with olay challenge that and give drastic measures a rest. new regenerist night elixir gently resurfaces ....
Column nift for tax.com. good morning, david. good morning. you say there are nine things that the rich don t want you to know about taxes. walk us through them. the first one is this negotiation that poor americans don t pay taxes. i ve heard a number of people on msnbc in the past few days assert that the top 1% pay 40% of the taxes. actually the top 1% pay 40% of the income taxes which are a minority of all federal taxes. and they are only one-fifth of all the taxes americans pay. as for the poor, the bottom half of americans, they re very heavily taxed. they pay payroll taxes on their first dollar at a rate of 1r5.3%. they pay sales taxes, gas taxes. in 49 of the 50 states, the poorest fifth of families carry a heaviest burden that is a larger share of their income goes to state and local taxes than the top 1% in those states. so that s one of the critical ....
Columnist for tax.com and a former tax columnist for the new york times. leo girard, president of the united steel workers international. gentlemen, thanks for your time tonight. david cay, we ll start with you first. just how devastating would this be to the elderly, to the disabled, and the children? well, this is a plan that basically says unless you re well to do, if you get sick, then you re going to die sooner and let me illustrate something. this plan for vouchers, take care of insurance companies, would have funneledi infunding while costs go like this and this space in between if you re well to do you pay it out of your own pocket so you still pay the same costs. you just don t pay it through taxes and if you re not well to do and you get sick, well, you re not going to have the care that you need and just not going to live as long. what does this mean to working family s discretionary spending and their future? this is a devastating budget, ....
Welfare queens have taken advantage of medicaid for just too long and it s time to reform it. but if you take a look at recent distribution of medicaid dollars, you ll see a totally different story. of the 58 million medicaid recipients of 2007, nearly half of them were children. of the $300 billion in medicaid benefits the vast majority went to the elderly and the disabled. you would think it would be a bed rock of civil society to protect the elderly and disabled but ryan s budget considers them, well, welfare leeches. and it s not just medicaid. it s medicare as well. and it s a tax cut for the rich that would basically be a massive tax increase on the middle class. joining me to talk about this tonight the ryan budget, the two men who understand just how devastating this proposal will be for working class americans, david cay johnston who is a columnist for tax.com and a former tax columnist for the ....
Worried about the business climate. do you know the state cease ently increased the corporate tax rate by 2.2%? the kicker here is that he won t say that s the reason he wants to move. his spokesman said this about his employees. that the personal tax rate is going up 2% so they are talking with other states about moving the entire company. so we have a company that is making the case that it will be better for its employees if they sell their homes, leave their schools, vacate the neighborhoods, you know, uproot the families, hit the road, and it ll just be a more complete way of life for them. all of that to save 2% a year? joining me now is david cay johnston a columnist for tax.com, pulitzer prize winning author, and former tax columnist for the new york times. good evening, david. ....