Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Economy
In reply to the discussion: STOCKMARKET WATCH -- Wednesday, 11 July 2012 [View all]Demeter
(85,373 posts)48. Every Single Media Outlet Is Misreporting Obama’s Tax Proposal (OBAMA'S TO BLAME) By Dan Amira
http://nymag.com/daily/intel/2012/07/obama-tax-cuts-250000-bush.html
NOTHING THIS MAN DOES SURPRISES ME ANY MORE...EMPHASIS MINE
Obama is not proposing that families making up to $250,000 a year keep their tax cuts while families making more than that don't. He's proposing that every family keep their tax cuts on their first $250,000 of taxable income (which is not the same as "income" or "earnings," by the way).
That includes families with taxable income of $260,000, $1 million, $5 billion, $3 trillion, or whatever Jay-Z and Beyonce make in a year. Everyone would continue to pay a lower tax rate on their first $250,000 of taxable income under Obama's plan. To report that Obama only wants to maintain tax cuts for families making less than $250,000 is simply false.
If you're wondering how literally the entire media could get this story wrong, look no further than Obama himself, who is framing his own tax proposal inaccurately. "Im calling on Congress to extend the tax cuts for the 98 percent of Americans who make less than $250,000 for another year," he said in an East Room speech earlier this afternoon.
Normally, a president would want to publicize that he's trying to cut taxes for everyone in the country. But Obama actually has an incentive this time to downplay the number of Americans who would benefit from his tax plan. His proposal is, at its heart, a political maneuver meant to force Mitt Romney to defend tax cuts for the wealthy. It's more effective, then, for it to be seen as a cut solely for the middle class. The reality is that Obama's proposal would also keep Warren Buffett's taxes lower, if only a little bit.
NOTHING THIS MAN DOES SURPRISES ME ANY MORE...EMPHASIS MINE
Obama is not proposing that families making up to $250,000 a year keep their tax cuts while families making more than that don't. He's proposing that every family keep their tax cuts on their first $250,000 of taxable income (which is not the same as "income" or "earnings," by the way).
That includes families with taxable income of $260,000, $1 million, $5 billion, $3 trillion, or whatever Jay-Z and Beyonce make in a year. Everyone would continue to pay a lower tax rate on their first $250,000 of taxable income under Obama's plan. To report that Obama only wants to maintain tax cuts for families making less than $250,000 is simply false.
If you're wondering how literally the entire media could get this story wrong, look no further than Obama himself, who is framing his own tax proposal inaccurately. "Im calling on Congress to extend the tax cuts for the 98 percent of Americans who make less than $250,000 for another year," he said in an East Room speech earlier this afternoon.
Normally, a president would want to publicize that he's trying to cut taxes for everyone in the country. But Obama actually has an incentive this time to downplay the number of Americans who would benefit from his tax plan. His proposal is, at its heart, a political maneuver meant to force Mitt Romney to defend tax cuts for the wealthy. It's more effective, then, for it to be seen as a cut solely for the middle class. The reality is that Obama's proposal would also keep Warren Buffett's taxes lower, if only a little bit.
Edit history
Please sign in to view edit histories.
75 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
RecommendedHighlight replies with 5 or more recommendations
It appears ole Yahweh has a honker ascribed by bigots to a certain ethnic background.
Fuddnik
Jul 2012
#9
REPORT: JPMorgan To Show $5 Billion 'Whale' Loss, And Will Claw Back Money From Departed Execs
xchrom
Jul 2012
#23
Every Single Media Outlet Is Misreporting Obama’s Tax Proposal (OBAMA'S TO BLAME) By Dan Amira
Demeter
Jul 2012
#48
Suffocating Austerity: The West's Folly in Greece Repeats Old Patterns RIGHTEOUS RANT
Demeter
Jul 2012
#59