Money can't buy happiness, or an election | Synopsis

Money can't buy happiness, or an election

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The top donors to super PACs in 2012 did not fare well — casino magnate Sheldon Adelson, the No. 1 super PAC contributor with more than $53 million in giving, backed eight losers at this writing. Adelson was top backer of the pro-Mitt Romney Restore Our Future super PAC, with $20 million in donations. Romney lost to President Barack Obama. In addition, Adelson's contributions to super PACs backing U.S. Senate candidates in Florida, Virginia and New Jersey were also for naught.

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Sheldon Adelson

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President Barack Obama

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Romney

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Money can't buy happiness, nor can it buy an election, apparently. The top donors to super PACs in 2012 did not fare well — casino magnate Sheldon Adelson, the No. 1 super PAC contributor with more than $53 million in giving, backed eight losers at this writing.

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Money can't buy happiness, or an election

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Full Content: http://openchannel.nbcnews.com/_news/2012/11/08/15001252-money-cant-buy-happiness-or-an-election?lite

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Limiting Tax Deductions: The Reality of the Math | Redux

Limiting Tax Deductions: The Reality of the Math

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In his Budget, the President proposes to raise $1. 56 trillion in revenue from high-income households, including $1 trillion from the expiration of the Bush high-income and estate tax cuts and additional revenue from limiting tax expenditures for high-income households as a part of reforming the tax system to make it simpler, fairer and more efficient. Some have suggested that limits on high-income tax expenditures could substitute for rate increases and that it would be possible to raise $1 trillion or more while keeping the top income tax rate at 35 percent. But a careful look at the math of these types of caps and limits shows that, once one takes into account the reality of their impact on middle-class families and on charitable donations, plausible limits raise only a fraction of the $1 trillion or more some have suggested.

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Organization: Tax Policy Center

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Organization: Congressional Budget Office

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In his Budget, the President proposes to raise $1.56 trillion in revenue from high-income households, including $1 trillion from the expiration of the Bush high-income and estate tax cuts and additional revenue from limiting tax expenditures for high-income households as a part of reforming the tax system to make it simpler, fairer and more efficient. Some have suggested that limits on high-income tax expenditures could substitute for rate increases and that it would be possible to raise $1 trillion or more while keeping the top income tax rate at 35 percent. But a careful look at the math of these types of caps and limits shows that, once one takes into account the reality of their impact on middle-class families and on charitable donations, plausible limits raise only a fraction of the $1 trillion or more some have suggested.Consider the example of a $25,000 cap on itemized deductions, which some claim would raise in the range of $1 trillion or more from high-income households:read more

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Limiting Tax Deductions: The Reality of the Math

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Full Content: http://www.whitehouse.gov/blog/2012/11/29/limiting-tax-deductions-reality-math

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