income tax

Low Income Households Have Expenses More Than Twice Their Income

A shocking claim was made by various press sources that those at the bottom of the American economic pile have living expenses which are double their income.

The bottom fifth of the U.S. income distribution -- 24.4 million households -- on average earned $10,074 in after-tax annual income and spent $22,001 last year,

Saturday Reads Around The Internets - We're Pretty Darn @&*)...Oops, Censored

shocknews
Welcome to the weekly roundup of great articles, facts and figures. These are the weekly finds that made our eyes pop.

 

We're Pretty Darn F@#&ed

Seems Economist Christina Romer, former Council of Economic Advisers chair, let her hair down and called it on the S&P downgrade.

Killing Social Security

On Monday, December 13, the US Senate will vote on a bill that represents the destruction of Social Security. The measure reduces the employee payroll tax by 33% (from 6.2 to 4.2%). Social Security is in good shape right now but this reduction will starve the Trust Fund and give the excuse to say - "Look, it's broke. We have to privatize it."

Save Social Security - call or write your US Senators and tell them to vote no on reducing funding for Social Security - period. No compromises at all.

United States Senate Email/Web and Phone contact.

UPDATE: The Senate passed a cloture resolution limiting debate on the presidents proposal (aka sell out) to give millionaires huge tax breaks and hammer the people by putting Social Security at risk. That assures passage of the legislation in the Senate. Sen. Bernie Sanders has a Show Filibuster last Friday but it wasn't for real. Today - before the "cloture vote" - would have been the time. Bernie benched himself and his gal pal, Sen. Mary Landrieu, who helped last Friday, said that filibuster was only for the tax cuts for millionaires, not the entire package." We are nothing to them.

Michael Collins

We are at a unique moment in our history. The decadence of those in charge has reached menacing proportions.

(Washington, Dec 10) Bill Clinton showed up at the White House for an "impromptu" press conference to discuss the president's tax compromise with the Republicans. Clinton disclosed that "I make a lot of money now" and, as a result, he would benefit from the program. Then he endorsed the compromise calling it the best deal Obama could make. Clinton was particularly high on the Social Security payroll tax reduction. "According to all economic analysis, [this is] the single most effective tax cut you can do to support economic activity. This will actually create a fair number of jobs. I expect it to lower the unemployment rate and keep us going." (Image)

Across town, United States Senator Bernie Sanders was telling the simple truth that Obama and Clinton avoided.