Flake hiding in the bunker, will not debate Carmona

September 23, 2012

Posted by AzBlueMeanie: The Arizona Daily Star took up my challenge to use some of its campaign advertising windfall to host a debate for the U.S. Senate race, but Rep. Jeff Flake is hiding in the bunker and refuses to debate Dr. Richard Carmona. The Star today says it has provided six dates in early October for a … Read more

Arizona Democratic Party 2012 Hall of Fame Dinner

September 23, 2012

Posted by AzBlueMeanie: Announcement from the Arizona Democratic Party: 2012 Hall of Fame Dinner Hall of Fame Dinner October 10th, 2012with Keynote Speaker Sacramento Mayor Kevin Johnson Sheraton Downtown Phoenix Hotel340 North 3rd Street Phoenix, AZ 85004 6:00p.m. VIP & General Receptions, Registration7:00p.m. Dinner DINNER SPONSORSHIP LEVEL$25,000 Dinner Sponsor(10 VIP and Dinner Tickets, Priority Seating, … Read more

Bracket Creep Upside Down: The 47% Discussion We Should Be Having

September 22, 2012

Posted by Bob Lord

On "Real Time" last night, Bill Maher made a comment that went to something I've been ruminating about since Romney's 47% remarks went viral, something I've given a lot of thought to over the last five years. The focus of our discussion should be why the income of 47% of Americans is so low that they pay no income tax. 

Essentially, we are experiencing what I'll refer to as bracket creep upside down. Up until the '80s, Americans faced a phenomenon known as bracket creep. Although their incomes in real dollars were not increasing, but merely keeping pace with inflation, they'd feel as if their taxes were increased, because they would "creep" into higher tax brackets, because the brackets were defined in nominal dollars, not real dollars. For the most part, bracket creep was eliminated by the indexing of tax brackets to changes in the consumer price index. So, if your income simply kept pace with inflation and nothing more, your marginal tax bracket would stay the same. 

Since 1980, however, and especially since 2000, the incomes of most Americans have not kept pace with inflation (while the income of those at or near the top has skyrocketed). As a result, we're experiencing the opposite of bracket creep or "bracket creep upside down." As the tax brackets adjust to account for changes in the cost of living, the income of most Americans is not keeping pace with inflation. Thus, most Americans are creeping down the tax brackets over the years. Prior to 1980, nominal incomes increased due to inflation, while tax brackets remained constant, resulting in bracket creep. Since 1980, tax bracket inflection points have increased due to inflation, while incomes have not kept pace with inflation, resulting in bracket creep upside down. And, by the way, the stated level of inflation we've experienced, based on the consumer price index, almost undoubtedly is less than real inflation. For a discussion of this, read "Bad Money," by Kevin Phillips. If tax brackets had kept pace with the real level of inflation, over 50% of Americans would be paying no income tax.

27th Annual Farm Aid Concert

September 22, 2012

Posted by AzBlueMeanie: The 27th Annual Farm Aid Concert is today, from Hershey, Pennsylvania. Web site Family Farmers, Good Food, A Better America – Farm Aid. About the Concert: Join us at Hersheypark Stadium on September 22. Click here for information about the concert, including details on our webcast, Farm Aid 2012: A Backstage Pass. … Read more

GOP-friendly Purple Strategies Poll: Arizona presidential race down to 3 points

September 22, 2012

Posted by AzBlueMeanie: OK, this may be the only time you will ever see me cite a Purple Strategies Poll (crap), but I thought I would give the Obama camp something to cheer about in Arizona, and maybe attract the attention of the Obama campaign as a possible swing state — one of the goals … Read more

Brewer is selling Arizona waterfront property again — this time for schools

September 22, 2012

by David Safier Trust me! Brewer says. If you don't pass that silly Prop. 204, she'll definitely help you get more funds for education. Or at least she'll be willing to talk about it. [I]f Proposition 204 were defeated, [Brewer] would be willing to talk about more funding. "I will work with everybody," Brewer said. … Read more

Sarah Silverman: Let My People Vote (NSFW)

September 21, 2012

Posted by AzBlueMeanie:

Sarah Silverman takes on the GOP war on voting through new voter suppression laws. As always, not safe for work.

Video below the fold.

Romney: ‘I have a letter from my tax accountant’

September 21, 2012

Posted by AzBlueMeanie:

So Willard "Mittens" Romney wants to end what has been perhaps the worst week of his campaign (so far) with a Friday news dump of his 2011 tax return and, get this — a letter from his tax accountant summarizing the tax rates he has paid since 1990. Is this guy for reals? Romney says he paid tax rate of 14.1% in 2011:

Romney released his 2011 tax returns at 3 p.m. Friday, as well as a summary of his effective tax rates dating back to 1990. Romney tax documents (PDF).

Mitt Romney earned $13.69 million in 2011, mostly income from his investments, and paid $1.9 million in taxes for an effective tax rate of 14.1 percent, his campaign announced Friday.

* * *

Romney’s 2011 income and tax obligation are significantly less than what his campaign estimated earlier this year. In January, the Romney campaign released an estimate saying that Romney had earned $20.9 million in 2011 and would pay about $3.2 million in taxes, for an effective rate of 15.4 percent.

Oops! Wait, it gets better:

Romney and his wife, Ann, donated $4.02 million to charity in 2011, nearly 30 percent of their income, helping to reduce their tax obligation, the campaign said.

The Romneys only claimed a tax deduction for $2.25 million of those charitable contributions to engineer a higher tax rate than they otherwise would have paid. This move was to “conform” to the candidate’s statement in August that he paid a federal income tax rate of at least 13 percent of his income in each of the last 10 years, Brad Malt, Romney’s trustee, said in a statement released by the campaign.