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n2doc

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Home country: USA
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Member since: Tue Feb 10, 2004, 01:08 PM
Number of posts: 42,435

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Environmental Scientist

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Tax rates are finally on the rise for the top 1 percent, CBO says



The rich are still getting richer, and income inequality is still on the rise. But President Obama appears to have achieved at least one of his goals for the nation's pocketbook: The very richest Americans are finally shelling out a bit more in federal taxes.

According to a new report from the nonpartisan Congressional Budget Office, the top 1 percent of earners paid an average tax rate of about 33 percent last year -- up sharply from an average of 29 percent in 2011.

The report documents a turning point in federal tax policy -- and not just for wealthy Americans. After falling steadily since the late 1990s, federal tax rates are on the rise for people at all income levels, due primarily to changes in tax law made during the 2012 showdown over the so-called "fiscal cliff."

That deal cancelled much of the massive tax increase that would have occurred had tax cuts enacted under former president George W. Bush been allowed to expire in their entirety. But some taxes went up nonetheless. In the biggest change, the wealthiest households saw the top two rates on income rise from 33 percent and 35 percent to 36 percent and 39.6 percent. Households further down the income spectrum lost an array of smaller tax breaks. Even the very poorest households saw taxes go up: They lost a temporary reduction in the payroll tax enacted at Obama's request in 2010.

more

http://www.washingtonpost.com/blogs/wonkblog/wp/2014/11/12/tax-rates-are-finally-on-the-rise-for-the-top-1-percent-cbo-says/

Veto looms for U.S. Congress’s push to approve Keystone

Bipartisan efforts to force U.S. President Barack Obama to approve the controversial Keystone XL pipeline face a near-certain veto, the White House signalled Thursday, setting the stage for more drama and delay over the plan to funnel Alberta crude across the United States to Gulf refineries.

As Congress readied bills demanding passage of the long-delayed (and now far-more-expensive) $8-billion pipeline with the President away in Asia, a confrontation loomed.

Mr. Obama “has taken a dim view of these kinds of legislative proposals in the past,” Josh Earnest, the White House spokesman said in Naypyitaw, capital of Myanmar. “Our dim view of these kinds of proposals has not changed,” he said, making clear a veto was probable. “The President’s senior advisers at the White House have recommended that he veto legislation like that,” Mr. Earnest added, referring to past congressional maneuvering to take the decision out of the President’s hands. “That has continued to be our position.”

The new flurry of Keystone XL activity on Capitol Hill comes as Democrat Senator Mary Landrieu, who is backing a Senate bill on the pipeline, makes a last-ditch effort to win her seat in a Louisiana runoff scheduled for Dec. 6. Her Republican opponent, Bill Cassidy, currently sitting in the House of Representatives, has introduced nearly identical legislation in the lower house.

more

http://www.theglobeandmail.com/news/world/veto-looms-for-us-congresss-push-to-approve-keystone/article21569991/

U.S. Expects $5 Billion PROFIT From Program That Funded Solyndra

By Justin Doom

The U.S. government expects to earn $5 billion to $6 billion from the renewable-energy loan program that funded flops including Solyndra LLC, supporting President Barack Obama’s decision to back low-carbon technologies.

The Department of Energy has disbursed about half of $32.4 billion allocated to spur innovation, and the expected return will be detailed in a report due to be released as soon as tomorrow, according to an official who helped put together the data.

The results contradict the widely held view that the U.S. has wasted taxpayer money funding failures including Solyndra, which closed its doors in 2011 after receiving $528 million in government backing. That adds to Obama’s credibility as he seeks to make climate change a bigger priority after announcing a historic emissions deal with China.

A $5 billion return to taxpayers exceeds the returns from many venture capital and private equity investments in clean energy, said Michael Morosi, an analyst at Jetstream Capital LLC, which invests in renewable energy.

more
http://www.bloomberg.com/news/2014-11-12/u-s-expects-5-billion-from-program-that-funded-solyndra.html

I'm sure the media will be quick to pick this one up and apologize for all of the negative Solyndra stories...

Thursday TOON Roundup 4- The Rest

Net Neutrality








KKK



Ferguson






Science



Plastic



Mexico





Thursday TOON Roundup 3- War and Vets

War






Vets




Thursday Toon Roundup 2- GOP and Politics













Politics













Thursday Toon Roundup 1- Climate














Tom The Dancing Bug TOON: Who will help Lucky Ducky?

Even the Chinese have ODS

critics, Obama keeps chewing gum in China

By LUCY MCCALMONT

He’s getting chewed out by critics, but President Barack Obama is still smacking gum during his visit to China.

Pool reports and footage of Obama’s trip have shown the president chewing gum — possibly Nicorette, which Obama is known to use — entering a dinner for the summit, which has ignited a backlash from the Chinese press which said it was disrespectful.

The latest gum-spotting came when Obama entered a Wednesday meeting with Zhang Dejiang, chairman of the National People’s Congress — China’s legislative body, according to the pool report.

Some Chinese bloggers also took issue with the president’s habit.
“We made this meeting so luxurious, with singing and dancing, but see Obama, stepping out of his car chewing gum like an idler,” wrote Yin Hong, a professor of journalism at Beijing’s Tsinghua University, according to USA Today.


Read more: http://www.politico.com/story/2014/11/obama-china-visit-gum-chewing-112811.html

Luckovich Toon- Unbearable

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