Taxes

Bruce Rauner: The Everyman with the Cayman Islands Account

In last month's edition of Bruce Rauner: The Everyman, we brought you to his $100,000 parking spot in Chicago. This month,…

Rick Scott's tax returns: unearthed and searchable

Yesterday, in an attempt to give off an air of transparency, Rick Scott released a few years of tax returns. Of course, he didn't want to make it too easy on anyone who might be interested in digging through them--they were not downloadable or searchable. Luckily, American Bridge is here to help Scott take his disclosure efforts a step further. Feel free to search through his records after the jump.

Ed Gillespie & Mitt Romney's 47% Problem

As Ed Gillespie prepares to campaign with Mitt Romney in New York City this evening, Virginia voters should take a look at Gillespie's record as a surrogate for Romney's losing presidential campaign in 2012. When Romney's infamous "47 percent" comments came to light, disparaging millions of Americans like seniors who rely on Social Security and veterans who receive benefits from their service to the country, Ed Gillespie came to Romney's defense. Gillespie backed up Romney's comments when asked about it during an appearance on the Today Show, saying: "that's political analysis, that's not a governing philosophy."

Rick Scott's 2014 Budget: A Textbook Case Of Election Year Pandering

As Governor Rick Scott delivers his 2014-2015 budget address, Floridians would do well to see Scott’s budget for what it is: A textbook case of election year pandering. While Scott’s budget plans included hundreds of millions of dollars in vague tax breaks for special interests and dramatic cuts to various revenue sources, the Tea Party governor has also discovered an election year infatuation with spending on Everglades reconstruction, child welfare, and teacher pay raises. Scott’s predilection for election year pandering is nothing new, but the extent of it in his latest budget proposal is staggering. Scott Has A History Of Election Year Pandering (VIDEO). According to a news segment highlighting clips of Governor Rick Scott, Scott has a history of election-year pandering. In the clip, a FOX reporter states of Scott: “He’s the Tea Party Republican who slashed school funding then raised it as he prepared for re-election, after he tied teacher pay to performance, before giving out raises regardless of performance.”

Cuccinelli clings to Tea Party extremism in final debate

At tonight's debate, Ken Cuccinelli returned to his roots by embracing the extreme agenda of the Tea Party at every turn. Virginians are seeking a mainstream leader to boost the Commonwealth's economy and create jobs, so it's no surprise that voters are rejecting a candidate who made a name for himself by waging unpopular fights to further his extreme agenda. After three debates, voters know who Cuccinelli is and what he stands for:

• Banning abortions, even in cases of rape and incest
• Refusing to support the Violence Against Women Act
• Believes birth control is a form of abortion
• Believing homosexuality "brings nothing but self-destruction, not only physically but of their soul."
• Make it harder for people to escape bad marriages by eliminating no-fault divorce
• Directed public universities to remove discrimination protections for the LGBT community

When you stack up that extreme record next to the mainstream, bipartisan approach of Terry McAuliffe, it's easy to see why Virginians are rejecting Ken Cuccinelli.

We told you: Steve Lonegan is the face of the "new" GOP

Just over two months ago, on the night Steve Lonegan won the Republican nomination, American Bridge sent the memo below arguing that Lonegan's brand of extremism was perfectly in line with the "new" & "rebranded" Republican Party. If Washington Republicans' reckless and embarrassing behavior over the past three weeks weren't proof enough, take a look at what RNC Chairman Reince Priebus said at a Lonegan campaign rally just last night (VIDEO HERE). "I'll tell you what. Steve's been able to do something that we need a lot more of in this party. And that's unify our party, bring our party together. The Tea Party, the Republican Party, all in this together." -- Reince Priebus, RNC Chairman What Mr. Priebus doesn't seem to understand is that the Republicans' problem isn't a lack of unity with the Tea Party. This month's shutdown fiasco proves the GOP's problem is, in fact, its obedience to the Tea Party.

Bridge Briefs for tonight's VA-Gov debate

In preparation for tonight's Gubernatorial debate between Terry McAuliffe and Attorney General Ken Cuccinelli, American Bridge released the following Bridge Briefs:

Cuccinelli’s Anti-Woman Record  Cuccinelli, Personhood & Birth Control  Cuccinelli’s Anti-Gay Views & Statements  Cuccinelli’s Disastrous Tax Plan  Cuccinelli’s Opposition to Bipartisan Transportation Plan

BRIDGE BRIEF: Cuccinelli's Disastrous Tax Plan

Cuccinelli Proposed Cutting Taxes By $1.4 Billion By Reducing Income And Corporate Taxes. According to NBC Washington, “Virginia Republican gubernatorial candidate Ken Cuccinelli released his tax plan Tuesday that would cut about $1.4 billion in taxes by reducing the state’s personal income and corporate tax rate. His proposed plan, “Economic Growth and Virginia Jobs Plan,” would reduce the personal income tax from 5.75 percent to 5 percent and the corporate tax rate from 6 percent to 4 percent.” [NBC Washington, 5/8/13] More Than 75% Of The Tax Cuts Would Go To Households Earning At Least $108,000 A Year. According to the Washington Post, “The Richmond-based Commonwealth Institute for Fiscal Analysis examined one piece of that proposal — Cuccinelli’s plan to reduce Virginia’s top individual tax rate from 5.75 percent to 5 percent — and found that the state’s wealthiest citizens would benefit the most. ‘Nearly 4 in 10 Virginians (39 percent), mostly low- and moderate-income households, would see no reduction in their income tax bill,’ the institute said. ‘No Virginian earning less than $21,000 would receive a tax cut under the proposal and only half of all families earning between $21,000 and $39,000 would see their taxes reduced.’ More than three-fourths of the benefits of the tax cut would go to households earning at least $108,000, the analysis found, , while middle-class taxpayers would get a relatively small cut. [Washington Post, 5/16/13] Washington Post Editorial: Like Mitt Romney, Cuccinelli Refuses To Say How He Would Pay For His Tax Plan. According to a Washington Post staff editorial, “Like Mitt Romney, Virginia Attorney General Ken Cuccinelli II wants to cut taxes — by a lot. Like Mr. Romney, Mr. Cuccinelli, the Republican candidate for governor, promises this would not reduce government revenues by a dime, since he would also eliminate significant tax loopholes and deductions. And like Mr. Romney, Mr. Cuccinelli adamantly refuses to identify these loopholes and deductions. Why would Mr. Cuccinelli expect Virginians to fall for this?” [Washington Post, 5/9/13]

BRIDGE BRIEFING: Romney's Tax And Fee Increases

The Tax Burden In Massachusetts Increased

During Romney’s Tenure The Massachusetts Tax Burden Increased From 10 Percent To 10.6 Percent Of Per Capita Income. According to the Boston Globe, “Data compiled by The Tax Foundation, a nonpartisan research group in Washington, shows that during Romney’s four years as governor, the state and local tax burden in Massachusetts increased from 10 percent to 10.6 percent of per capita income.” [Boston Globe, 6/29/07] Factcheck.org: The Massachusetts Tax Burden Increased Under Romney. According to Factcheck.org, “In Massachusetts, the tax burden figure went up under Romney, from 5.93 percent to 6.57 percent.” [Factcheck.org, 10/12/07] State & Local Tax Burden Increased 6.5 Percent During The Romney Administration. According to The Tax Foundation, a conservative tax research organization, in 2002 (the year before Romney came to power), the state and local tax burden in Massachusetts was 9.3 percent. In 2006, Romney’s last year in office, the state and local tax burden of Massachusetts had increased to 9.9 percent. Thus, under Romney, Bay Staters saw their taxes burden increase by 6.5 percent in real terms. [The Tax Foundation, 2/23/11]

BRIDGE BRIEFING: Romney's Tax Plan

Romney’s Tax Plan Would Raise taxes on middle class families by $2000 while cutting taxes on multi-millionaires by $250,000.

Tax Policy Center: Romney Tax Plan Would Raise Taxes On Families With Children With Income Below $200,000 By $2,041. According to a Tax Policy Center analysis of Romney’s tax plan and promises, families with children that earn below $200,000 a year would see tax increases of $2,041. [Tax Policy Center, 8/1/12] Tax Policy Center: Top 0.1% Would See $246,652 Tax Cut Per Year Under Romney Plan. According to a Tax Policy Center analysis of Romney’s tax plan and promises, the top 0.1% would receive a tax cut of $246,652 per year. [Tax Policy Center, 8/1/12]

The Romney Plan Raises Taxes Of The Middle Class And Poor To Pay For Tax Breaks For The Super-Wealthy

A Brookings Study By Economists With Experience In Both Republican And Democratic Admirations Concluded That Romney’s Tax Plan Would Cut Tax Rates For The Wealthy While Leaving 95 Percent Of Americans With A Net Tax Increase. According to New York Times, “The center is a joint effort of the Urban Institute and the Brookings Institution that includes economists and tax experts with experience in both Republican and Democratic administrations. It concluded that a tax-code overhaul meeting Mr. Romney’s goal — a 20 percent cut in all rates without adding to annual budget deficits — would leave wealthy taxpayers with a large tax cut but 95 percent of Americans with a net tax increase once tax breaks for items like mortgage interest are curtailed to keep deficits in check.” [New York Times, 8/11/12] Romney’s Tax Plan Would Raise Taxes For 95 Percent Of Americans While Cutting Taxes For The Richest 5 Percent. According to The Washington Post, “Mitt Romney’s plan to overhaul the tax code would produce cuts for the richest 5 percent of Americans — and bigger bills for everybody else, according to an independent analysis set for release Wednesday. The study was conducted by researchers at the Brookings Institution and the nonpartisan Tax Policy Center, who seem to bend over backward to be fair to the Republican presidential candidate. To cover the cost of his plan — which would reduce tax rates by 20 percent, repeal the estate tax and eliminate taxes on investment income for middle-class taxpayers — the researchers assume that Romney would go after breaks for the richest taxpayers first… What would that mean for the average tax bill? Millionaires would get an $87,000 tax cut, the study says. But for 95 percent of the population, taxes would go up by about 1.2 percent, an average of $500 a year.” [The Washington Post, 8/1/12]