This just in from the White House blog: Today, the President released his 2011 federal income and gift tax returns. He and the First Lady filed their income tax returns jointly and reported adjusted gross income of $789,674. About half of the first family’s income is the President’s salary; the other half is from sales proceeds […]
“You might have heard of this,” Obama said in his remarks, before a crowd of faculty and students at Florida Atlantic University. “But Warren Buffett is paying a lower tax rate than his secretary.” [The Hill, Earlier]
As we know, inevitable GOP Presidential nominee Mitt Romney hasn't been too forthcoming with his 1040, basically saying to hell with tradition and his own son Tripp Kip Skip Flip MATT! suggested (jokingly but sorta seriously) that just as soon as Imam Obama released his birth certificate, maybe dear ol' dad would dig out the […]
You may have heard that there’s a bit of a campaign going on for the world’s worst job. For whatever reason, the process of electing the leader of our country’s government drags on like Titantic. Right around, erm, now you’re probably ready to gouge your eyes out with a rusty spoon every time you see an ad for a candidate or debate. Unfortunately we’re powerless to stop it, thanks t ycle.
ANYWAY, one of the more useful things we learn during this process is where the money comes from and who it goes to. Now, you may be screaming, “Koch Brothers!” or “George Soros!” and while they can afford to throw around some cash, these stories are old hat and are best left to political bomb throwers with jostling jowls.
For our purposes of informing you, dear GC readers, we’ll give you the lowdown on what kind of cash people from the largest accounting firms are throwing around and who they’re throwing it to. Accounting Today has a full report out today based on data available from the Federal Election Commission and here are the highlights:
• Ernst & Young – E&Y donated the most cash, with personnel contributing more than $89,000. 18% went to President Obama, Mitt Romney received 39% and Rick Perry 37%. Personally, I feel like this money would be better spent throwing it at people in Albany.
• Deloitte – Total of $57,490 in donations. Mittens received 41%; Obama 37%.
• PwC – $36,520 total donations. Romney received 51%; Obama 48%.
• KPMG – The one Obama stronghold. The President received 47% of the total $15,000 in donations. Romney received 32%; Perry 17%.
• Grant Thornton – Obama doesn’t win. GT peeps gave $23,050 and 97% went to Mitt Romney.
What about the other candidates? Well, Newt Gingrich received a grand total of zero dollars from anyone at these accounting firms. Ron Paul received less money than Jon Huntsman. Yes, I know you’ve never heard of him. It’s this guy. Google Rick Santorum just for fun. And check out Michelle Bachmann’s manicures. That’s about all you need to know.
So who gets your imaginary contributions? I imagine most of you out there in Internetland have no plans to fork over any of your meager bonuses to a Presidential candidate but IF YOU DID, who would it be? And feel free to discuss your firm’s generosity or political leanings as you see fit.
Yesterday we learned how President Obama would pay for his jobs bill. If you make more $200k ($250k for marrieds), have carried interest income, have a corporate jet or are an oil & gas company, you probably won’t be too happy with the ideas put forth.
Considering all that, Christopher Bergin at Tax.com is perplexed:
What I can’t figure out is why the Obama administration keeps trying the same thing over and over again expecting different results.
President Obama’s Tax Plan: ‘No Games, No Politics, No Delays’ — No Chance [Christopher Bergin]
To mark tomorrow night’s “Jobs Speech” by President Obama, the Ronald Reagan-possessed imps over at Americans for Tax Reform are providing some entertainment to get you through what will be, in all likelihood, a message that will be big on rhetoric with virtually no chance of anyone (Joe Biden included) breaking into song. And because most of the people that will be watching the speech will be either journalist/blabby pundit-types and people who are physically unable to remove themselves from the couch, they went with the simplest (yet oddly enjoyable) game possible. BINGO.
As you can see, ATR has studiously selected the words and phrases they think will be spoken most often by the President and have created five different cards so that you can play with your fellow lovers of liberty. They even took the trouble to define many of these terms in case you can’t keep everything straight. Based on ATR’s interpretation, you are more or less going to be listening to the President utter “tax hikes” on a loop. Of course if BINGO isn’t your thing, you simply could just turn this into a drinking game, although it’s conceivable this could result in several cases of alcohol poisoning.
The added (surely unintentional) bonus is that you can use this card as a template for tonight’s Republican Presidential candidate debate where many of these terms will applicable. You’ll have to throw in “God,” “Tax cuts,” “Small Businesses,” “Ronald Reagan,” and perhaps a few others I’m forgetting but this more or less will cover the bases.
Today, I was pleased to take another step to relieve unnecessary burdens on small businesses by signing H.R. 4 into law. Small business owners are the engine of our economy and because Democrats and Republicans worked together, we can ensure they spend their time and resources creating jobs and growing their business, not filling out more paperwork. I look forward to continuing to work with Congress to improve the tax credit policy in this legislation and I am eager to work with anyone with ideas about how we can make health care better or more affordable. [WH]
Running late as usual. At least they aren’t using whiteboard markers. Since it’s Friday and we’ve got nothing better to do, we’ll be live-blogging below.
4:02: Starting in two minutes? You’re already 12 late Mr President. We realize you’re the President but some of us have holiday cheer to spread, get with it.
4:05: Filing in. Finally. Biden in the Hizzous. Cracks about a “big deal,” without the F-bomb, this time. Shout out to half-man, half-tortoise, Mitch McConnell. Bipartisanship lives!
4:08: The big guy is up. Applause. Biden is semi-beaming. BHO gives a shout out to the Veep. Biden grins like only Biden can. Love for McConnell and Dave Camp. Shot of Larry Summers is less than flattering. Did his mother teach him anything about sitting up straight? Yeesh. Bipartisanship, bipartisanship, bipartisanship. We get it. You managed to play nice, what do you want, reelection?
4:13: Al Sharpton? Golf clapping? Can someone explain why the Rev is at this thing?
More name-dropping. Nancy, T Geith, Boehner. Sigh.
4:17: John Hancock time. Hugs, handshakes, back slapping. OUT!