via the tax prof blog, Biden releases 10 years of tax returns, which detail his amazing scrooge-like attitude towards charitable giving.[rquoter] Joe Biden today released ten years of his personal income tax returns. I wonder, though, if the move might backfire because the returns show that the Bidens have been amazingly tight-fisted when it comes to their charitable giving. Despite income ranging from $210,432 - $321,379 over the ten-year period, the Bidens have given only $120 - $995 per year to charity, which amounts to 0.06% - 0.31% of their income: It is jarring that a couple earning over $200,000 per year would give as little as $2 per week to charity. This giving compares very unfavorably to John McCain, whose tax returns show that he gave 27.3% - 28.6% of his income to charity in 2006-2007. During the same period, the Obamas' tax returns show that they gave 5.8% - 6.1% of their income to charity. Perhaps the Obama-Biden campaign needs a new slogan: "Change You Can Believe In (As Long As Someone Else Pays For It)" Update: Independent Sector reports that 89% of American households contribute to charity, with an average contribution of $1,620 -- 3.1% of income. IRS statistics reveal that the average taxpayer with AGI over $200,000 makes over $20,000 of charitable contributions: -$15,000-$30,000 AGI: $1,916 average charitable deduction -$30,000-$50,000 AGI: $2,158 average charitable deduction -$50,000-$100,000 AGI: $2,703 average charitable deduction -$100,000-$200,000 AGI: $4,057 average charitable deduction -$200,000 or more of AGI: $20,434 average charitable deduction[/rquoter] but hey, higher taxes are Patriotic! [rquoter]Biden calls paying higher taxes a patriotic act By DOUGLASS K. DANIEL, Associated Press Writer Thu Sep 18, 9:15 AM ET Democratic vice presidential candidate Joe Biden said Thursday that paying more in taxes is the patriotic thing to do for wealthier Americans. In a new TV ad that repeats widely debunked claims about the Democratic tax plan, the Republican campaign calls Obama's tax increases "painful." Under the economic plan proposed by Democratic presidential candidate Barack Obama, people earning more than $250,000 a year would pay more in taxes while those earning less — the vast majority of American taxpayers — would receive a tax cut. Although Republican John McCain claims that Obama would raise taxes, the independent Tax Policy Center and other groups conclude that four out of five U.S. households would receive tax cuts under Obama's proposals. "We want to take money and put it back in the pocket of middle-class people," Biden said in an interview on ABC's "Good Morning America." Noting that wealthier Americans would indeed pay more, Biden said: "It's time to be patriotic ... time to jump in, time to be part of the deal, time to help get America out of the rut." McCain released a television ad Thursday charging that Obama would increase the size of the federal government amid an economic crisis. Contending that "a big government casts a big shadow on us all," the ad features the image of a shadow slowly covering a sleeping baby as a narrator misstates the reach of the Obama tax proposal. "Obama and his liberal congressional allies want a massive government, billions in spending increases, wasteful pork," the ad says. "And we would pay — painful income taxes, skyrocketing taxes on life savings, electricity and home heating oil. Can your family afford that?" The McCain campaign said the ad is set to run nationally.[/rquoter]
That's a great question. I suspect, along with many others, that the reason why she hasn't released them yet is that she has a few amendments to make (she may have cheated on her taxes by not declaring her "per diem" she got .....for staying at home) Oh, Sarah Sarah, if you only hadn't fired...i mean, reassigned...that chef in order to cheat on your taxes you wouldn't be in this mess!
It boggles this great mind, that neither Biden or Obama have adjusted their position on fiscal matters in the face of this crisis. I guess it's just more of the same with those two -- except higher taxes. If you haven't figured it out by now, these two clowns are unfit to lead. They are followers.
you would expect the Senator who has 49th or 50th amount of wealth to give hundreds of thousands of dollars? His net worth is only around 150-250K. He's not some guy with a multi-millionaire wife that can give millions. Biden like much of America doesn't have millions to give.
Of course, it's a fungible commodity and they don't flag, you know, the molecules, where it's going and where it's not. But in the sense of the Congress today, they know that there are very, very hungry domestic markets that need that oil first. So, I believe that what Congress is going to do also, is not to allow the export bans to such a degree that it's Americans who get stuck holding the bag without the energy source that is produced here, pumped here. It's got to flow into our domestic markets first.
And therein lies the great Democratic value system -- Let other people pay for things. Promise 95% of the country that the other 5% will shoulder the burden -- that's an easy sell for voters, right (if it were actually true, which in the case of Obama it's not)? Didn't Milton Friedman, a great economist at the University of Chicago, have a famous quote on that very subject? Why yes he did. It's a shame that Obama has abandoned the principles that made Chicago's economics department so strong -- free market capitalism. Let me cut through the junk -- Obama will raise taxes on over half of Americans. It's indisputable. Capital gains and dividend tax hikes alone accomplish it. Is that what our financial markets need right now? Is it what our economy needs? No and no. It's reckless, self-serving political ambition at work, folks...
Yes, and yes, and yes....because we can not continue deficit spending...9 trillion in debt.... And a 5% hike in long term capital gains is not that bad.....20% is a very low tax rate. It is amazing that we are funding our government with borrowed money.....BALANCE THE FRICKEN BUDGET !! DD
anyone still arguing for tax cuts for the wealthy is an idiot. how much of a financial crisis do you need to realize its a flawed policy. they do not reinvest in america, unless you count buying more yachts edit: bush's tax cut was just a give back, not funds for reinvestment
See, now you are speaking my language....a consumption tax....would be awesome if they could implement it in place of the income tax. DD
Higher tax rates, particularly on capital gains, lead to less tax receipts. History has proven that. That alone invalidates your argument, as it would lead to a greater budget imbalance. Second, there are two ways to balance a budget, son. 1) Increase tax receipts. 2) Decrease spending. I suggest focusing on the 2nd point.
this is a lie history shows tax receipts are higher the year before they are raised because when you raise capital gains taxes everyone cashes out on their investments the year before capital gains taxes are increased. its skewed data.
Of course you have to decrease spending.....but balancing the budget is not good enough we need to pay down the debt. Never before in history has this percentage of people had access to the stock market, there are more people in the US invested in it....a 5% hike in capital gains will generate more $$$ in taxes.... DD
