Further proof that Republican-voting seniors (and near-seniors) were duped

Raw Story: “Sen. Tom Coburn (R-OK) is encouraging Democrats to cut Social Security and Medicare benefits because the programs are “things we don’t absolutely need.”

“Speaking to ABC’s George Stephanopolous on Sunday about the so-called fiscal cliff, Coburn said that he would be willing to accept tax hikes for the top 2 percent of earners if Democrats and President Barack Obama agreed to reform Social Security and Medicare.

“The ABC host pointed out that Obama’s health care reform law had already achieved about $716 billion in Medicare savings and many Republicans — including former Republican presidential nominee Mitt Romney — ran against those cuts.

“The $700 billion in savings doesn’t save the government a penny because what it does is takes that $700 billion and spends it on other people,” Coburn insisted. “We’ve seen the president demand that we’re going to solve 7 percent of this problem [with tax hikes on the rich] but he’s totally inflexible on the other 93 percent.””

Think Progress: “On Sunday, Sen. Bob Corker (R-TN) conceded that Democrats have won the debate on raising taxes on the richest Americans and said that he would likely vote to increase rates on the top 2 percent of Americans in order to shift the debate to cutting entitlement programs and improve the GOP’s leverage in the debate over how to avert the so-called fiscal cliff…

“CORKER: The Republicans know they have the debt ceiling, that is coming up around the corner, and, the leverage is going to shift, as soon as we get beyond this issue. The leverage is going to shift, to our side where hopefully we’ll do the same thing we did last time and that is if the president wants to raise the debt limit by $2 trillion we get $2 trillion in spending reduction and, hopefully, this time, it is mostly oriented towards entitlement and with no process. [...]“

If you voted Republican to ‘save’ Social Security and Medicare from big, bad Barack Obama, consider yourself had. Consider yourself a base rube.

U.S. corporate income tax too high? Not quite. Are corporations job creators or extortionists?

“Once upon a time, the corporate income tax generated a significant share of tax revenues; now, it’s bumping along in the 2%-of-GDP range. Yes, the marginal rate of corporate income tax is high, at 35%. But U.S. companies are extremely good at not paying that.”Felix Salmon

Update: Kevin Drum creates the chart I should have led with: corporate taxes as a percentage of pretax profit.

And while you’re at it… this chart, too, showing corporate income tax as a percentage of GDP.

Feds send checks to millionaires for not working

A leading Senate conservative is taking aim at tax breaks that he says amount to welfare for millionaires, a line of critique that usually comes from liberal Democrats. Sen. Tom Coburn (R-Okla.) released a report detailing special tax breaks for wealthy income earners that could give members of the supercommittee common ground for raising tax revenues.

GE Filed 57,000-Page Tax Return, Paid No Taxes on $14 Billion in Profits

General Electric, one of the largest corporations in America, filed a whopping 57,000-page federal tax return earlier this year but didn’t pay taxes on $14 billion in profits. The return, which was filed electronically, would have been 19 feet high if printed out and stacked.

The fact that GE paid no taxes in 2010 was widely reported earlier this year, but the size of its tax return first came to light when House budget committee chairman Paul Ryan (R, Wisc.) made the case for corporate tax reform at a recent townhall meeting. “GE was able to utilize all of these various loopholes, all of these various deductions—it’s legal,” Ryan said. Nine billion dollars of GE’s profits came overseas, outside the jurisdiction of U.S. tax law. GE wasn’t taxed on $5 billion in U.S. profits because it utilized numerous deductions and tax credits, including tax breaks for investments in low-income housing, green energy, research and development, as well as depreciation of property.

“I asked the GE tax officer, ‘How long was your tax form?’” Ryan said. “He said, ‘Well, we file electronically, we don’t measure in pages.’” Ryan asked for an estimate, which came back at a stunning 57,000 pages. When Ryan relayed the story at the townhall meeting in Janesville, there were audible gasps from the crowd.

With all of this profit and constantly decreasing tax obligation for U.S. corporations and the rich, where are the jobs, Republican Teaparty?  Are we looking at job creators or simple political extortionists?

Sen. Tom Coburn on “welfare for the well-off” or “subsidies of the rich and famous”

As the congressional “super committee” works to overcome divisions on a deficit reduction deal, a leading conservative lawmaker is blasting billions wasted on “welfare for the well-off.”

Oklahoma Sen. Tom Coburn (R-Okla.), who served on the president’s bipartisan fiscal commission and has been a member of the so-called Gang of Six, released a report Monday detailing the kinds of subsidies and loopholes that he says benefit those least in need of a government safety net.

Coburn calls his 37-page report, which features a number of charts along with clip art of the Monopoly man, “Subsidies of the Rich and Famous.”

“We should never demonize those who are successful. Nor should we pamper them with unnecessary welfare to create an appearance everyone is benefiting from federal programs,” Coburn writes.

LATimes via: DemocraticUnderground

Related:

IN YOUR FACE, McConnell (and McCain)!

Last-ditch McConnell ‘don’t ask’ amendment blocked

A last-ditch effort by Senate Minority Leader Mitch McConnell (R-Ky.) to complicate the repeal of the “don’t ask, don’t tell” policy was blocked Tuesday night after Sen. Joe Lieberman (I-Conn.) objected, Senate aides said.

Meanwhile, Sen. Tom Coburn (R-Ok) is threatening to block the 9/11 responders health care bill, because of ‘costs.’ It’s okay that the wealthy get more tax cuts, though — we can just put that on the nation’s tab.

I just can’t wait for the new and improved teabag-filled 112th Congress next month, can you?

UPDATE:

nprfreshair:  Saying that the action will strengthen the nation and end a practice  that forced some members of the military to lie about themselves,  President Obama this hour signed legislation that repeals the “don’t  ask, don’t tell” law that bars openly gay men and women from serving in  the U.S. military.

nprfreshair:

Saying that the action will strengthen the nation and end a practice that forced some members of the military to lie about themselves, President Obama this hour signed legislation that repeals the “don’t ask, don’t tell” law that bars openly gay men and women from serving in the U.S. military.

We are not a nation that says ‘don’t ask, don’t tell.’ We’re a nation that says ‘out of many we are one.’ (via)