On the heels of a State of the Union that promises to address income inequality and a broken tax system, National Journalreports on the Democratic plan to revive a surtax on annual incomes greater than a million dollars:
Democratic members of a conference committee working on a long-term extension of a payroll-tax holiday and other programs will urge a surtax on incomes of more than a million dollars a year to pay for the bill when talks officially start today, said Senate Majority Leader Harry Reid, D-Nev., on Tuesday.
“Hi. I’m Jerry. I’m a person,” said Jerry Greenfield, co-founder of Ben and Jerry’s Homemade Ice Cream, as he introduced himself to the crowd with an ingratiating smile. “Ben and Jerry’s Homemade Ice cream: not a person.” Everybody chuckled.
Mitt Romney has now disclosed that he paid only 14.5 percent of his reported income in federal income taxes in 2010. That’s no surprise. My group, Citizens for Tax Justice, predicted as much last fall, based on Romney’s previous disclosure that almost all of his 2010 income came from capital gains and dividends taxed at the low 15 percent top rate.
Newt Gingrich insists that this is not fair. Touting his own “flat tax” proposal on January 17, Newt said, “I think we ought to rename our flat tax, we have a 15 percent flat tax, so this would be the ‘Mitt Romney flat tax.’ All Americans would pay the rate Mitt Romney paid. I think it’s terrific.”
Mitt Romney cruised through 2011 on the idea that he was the most electable conservative candidate. And, for the first two weeks of 2012, it looked as if he were about to prove it. He won a narrow victory in the conservative stronghold of Iowa and a landslide in the more moderate New Hampshire.
Mitt Romney's reluctance to reveal his income and tax information received center-stage attention once again at last night's debate. After weeks of immense scrutiny and criticism from his opponents, Romney caved and agreed to release his tax returns from 2010 and the projections for his 2011 return.
Whether intentionally or not, NBC News handicapped Newt Gingrich by asking the audience to stay quiet during the Republican presidential debate in Tampa, Florida. In South Carolina, the audience was a source of energy for Gingrich. With their whoops and hollers, they emboldened the former House speaker and cowed his competitors.
By contrast, without an obvious sign of support from the crowd, Gingrich was surprisingly vulnerable to Mitt Romney’s attacks on his record. And as the candidate with the most to lose in Florida, Romney was relentless, aggressively pressing Gingrich on his ties to Freddie Mac. Here’s the exchange in full:
The whuppin’ Mitt Romney took in South Carolina made one thing abundantly clear: The man desperately needs a new rationale for his candidacy. “Electability” doesn’t cut it when your own party starts rejecting you. And in a time of renewed class consciousness, neither does touting yourself as a grand master of private equity. “He can’t run for CEO any more,” writes Michael Walsh at NRO. So what can he run as? If his campaigning in Florida today was any indication, the Romney people have no answer as yet. At a rally in Ormond Beach, Romney went whole-hog negative against Gingrich.
Mitt Romney had little reason for concern heading into Saturday's primary in South Carolina. Sure, it looked as if Newt Gingrich would eke out a victory in the state, but Romney's status as the inevitable front-runner would remain unchallenged. The Florida primary at the end of the month would likely prove his knockout blow; he has held a massive lead in Florida polls—often topping 20 percent—and also has a resource advantage over Gingrich and a steady flow of support from popular establishment Republicans eyeballing a position in a Romney administration.
The Republican party has a very big problem on its hands, in the person of one Newton Leroy Gingrich. With his win in South Carolina, he has an actual shot at becoming their nominee for president, which, as the clear-headed among them know, would be a disaster. Just look at these poll results. Over the last six weeks or so as the spotlight turned on the presidential race, Gingrich's unfavorable ratings have shot up, presumably because Americans are being reminded of why they disliked him so much back in the 1990s. He's now viewed unfavorably by an average of 58.6 percent of the public, and favorably by only 26.5 percent.
Although Newt Gingrich has dominated the headlines since Saturday night, what happened in the South Carolina primary is less about Gingrich’s rise than it is about Mitt Romney’s fall. The right's determination to find anyone other than Romney—illustrated over the last eight months by the hot flashes of support for Michele Bachmann, Rick Perry, and Herman Cain—has become desperate to the point that evangelicals supported a twice-divorced man who, by the account of one of his discarded spouses, aspired to manage a small harem. Moreover, they’re so frantic to be rid of Romney that they implicitly sanctioned Gingrich’s attacks against the former Massachusetts governor's personal financial gain.
The day before his decisive victory in the South Carolina primary, Newt Gingrich held a rally in Mount Pleasant on the USS Yorktown, a retired World War II-era aircraft carrier that has been turned into a museum of naval history. It was a huge event. Hundreds of people filed onto the ship to hear Newt “give 'em hell”—with “'em” being a combination of Democrats, the “liberal media,” and the Republican establishment.
In one of the most startling turnarounds in presidential-primary history, Newt Gingrich scored a double-digit victory in South Carolina over Mitt Romney on Saturday.
When the week began, Romney was coming off an easy win in New Hampshire and had a comfortable-looking lead in every state poll. Every political forecaster in America saw him as the inevitable Republican nominee. But his worst debate performance of the campaign on Monday night was followed by a week of fumbles that gave the lie to his campaign’s legendary “discipline.” Romney, cast as a “vulture capitalist” and out-of-touch one-percenter—in a state with high unemployment—could not even muster a clear answer to questions about releasing his tax returns.