Tax Loopholes for Millionaires are “Crazy”

Pop quiz: Who said this?

“We’re going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share. … They sometimes made it possible for millionaires to pay nothing while a bus driver is paying 10 percent of his salary—and that’s crazy.”

It’s not President Obama. That’s conservative hero President Reagan, speaking—to great applause—in 1985 (check out the great video footage below that Think Progress uncovered).

Twenty-six years later, it’s President Obama and Democrats (as well as 73 percent of Americans) who are fighting for the same commonsense position as President Reagan on the issue of tax cuts for the wealthiest Americans. President Reagan’s fellow Republicans are bending over backward to keep the taxes of millionaires, billionaires, and corporations to a minimum—putting the economy at risk simply to hurt President Obama and appease Tea Party extremists.


Obama for America Memo: “Republican candidates support policies that the American people oppose”

Obama campaign press secretary Ben LaBolt released a memo Monday morning underscoring just how out of step with average Americans the 2012 Republican presidential candidates have become in their quest to pander to the extreme right-wing Tea Party.

LaBolt writes:

“From economics to immigration, Governor Perry, Governor Romney, and the Republican field have embraced policies that the American people oppose. The campaign to win the Republican nomination has become a campaign to win the hearts and minds of the Tea Party. They would return to policies that have been tried before and done nothing to improve economic security for the middle class, rewarding special interests who can afford to pay for lobbyists instead of looking out for working families.

“While the President is fighting to create jobs and put money in the pockets of middle-class Americans, the Republican candidates have proposed extending tax breaks for large corporations and tax cuts for the wealthiest while allowing special interests to write their own rules.”

Read the memo here

October 3: News Roundup

  • Republican attempts to pass laws establishing more stringent voting lawscould make it significantly harder for more than five million eligible voters to cast ballots in 2012,” according to a study by the Brennan Center for Justice at the NYU School of Law. Eligible poor voters, young voters, and African-American voters in particular may be discouraged or barred from voting under these regulations.
  • Mitt Romney may be exactly the type of millionaire that President Obama refers to when advocating the need for the “Buffett Rule.” TIME reports that a large chunk of Romney’s income comes in the form of long-term investments that allow him and other wealthy investors to pay a lower tax rate than middle-class Americans do.Romney entered politics from the corporate world promising to cut government interference with business. Instead, he implemented new corporate taxes as governor of Massachusetts. Only in the wake of a possible run for president did Romney cut back on some of his tax enforcement policies for fear of retribution from conservative groups.
  • There’s more GOP voter suppression going on in Colorado as Republican Secretary of State bars active duty military personnel from casting ballots in 2012. There’s more at the Colorado Independent.
  • DNC Chair Debbie Wasserman Schultz was in Iowa this weekend touting the President’s American Jobs Act, which would cut payroll taxes for small-business owners and provide new jobs for 1,700 construction workers in the state. Rep. Wasserman Schultz also criticized Republicans for opposing the jobs plan for their own political gain rather than focusing on the well-being of the U.S. economy.
  • Koch Industries violated the law to sell petrochemicals to Iran, Bloomberg reports.
  • The storm continues for Rick Perry. The one-time Republican frontrunner is caught between a racist rock and toxic mortgages, NPR reports.