Category Archives: Taxes

Weekly Quiz: Test Yourself on this Week’s Events

The weekly quiz is now live in Mypoliscilab. Good luck!

Advertisements

Weekly Quiz: Test Yourself on this Week’s Events

The weekly quiz is now live in Mypoliscilab. Good luck!

Weekly Poll: Your Opinion on the Norquist’s Tax Pledge

Recently, some Republicans in congress publicly stated their decision to break ties with the Norquist’s Tax Pledge in order to avoid the so called “fiscal cliff.” What do you think?

Weekly Quiz: Test Yourself on this Week’s Events

The weekly quiz is now live in Mypoliscilab. Good luck!

Weekly Quiz: Test Yourself on this Week’s Events

The weekly quiz is now live in Mypoliscilab. Good luck!

The Richest President in U.S. History

Mitt Romney

Mitt Romney (Photo credit: Wikipedia)

The nation is in the middle of a tax debate concerning the exact fairness of the current federal tax code. The American people are divided on whether or not the American wealthy is paying too much or too little in taxes.

In theory, the federal income tax rate is based on the progressive taxation system.  A progressive tax is a type of tax system in which the tax rate increases based on level of income. In essence, the wealthy pay a larger tax percentage compared to those with lower incomes. However, with extensive loopholes and exemptions the federal income tax rate is more analogous to a regressive tax in which the tax rate decreases for the extremely wealthy. Case in point, Bank of America and General Electric both paid zero taxes to the IRS in 2009 and 2010 due to tax loopholes.

Moreover, Mitt Romney, the republican nominee for president, would be one of the richest U.S. Presidents in American history if he wins the 2012 presidential election. While the average American worker pays around 33% (income and payroll taxes) in taxes, a chart below depicts the tax scenarios facing Mitt Romney. Which tax rate would you consider to be “fair?” In other words, should Mitt Romney pay a higher, similar, or lower tax rate compared to the average american worker?

— TERRANCE MULLINS

The Colbert Report: Obamacare & the Broccoli Argument