How many times should your money be taxed? One time? Two times? Three times? Four? Sounds like a ridiculous proposition, but that’s the true story of capital gains taxes in America, and it’s one that’s not being told in the continuing debate over Governor Mitt Romney’s taxes. For more than a week, the media has focused on the subject of just how much Romney pays in taxes. On Tuesday, the governor released his tax returns indicating that he paid about 15 percent in taxes last year. At first blush, that …
Much has been made of Mitt Romney’s asserted 15 percent or so tax rate. There is both a material error and an irony to this story. The release of Romney’s tax returns for 2009 and 2010 and a preliminary assessment for 2011 shows a remarkably consistent picture. First, he makes a pretty penny, but we knew that. His income is about $20 million a year, and he consistently pays about 15 percent in federal income tax. Most of his income is either dividends or capital gains, which are each taxed …
During a presidential debate on Thursday night, all four Republican candidates denounced pending legislation aimed at combating online piracy. Their responses came in the midst of mass congressional defections, especially among Republicans, as major websites protest the bills. The Stop Online Piracy Act (SOPA) and its Senate companion, the PROTECT IP Act (PIPA), would give the Justice Department expansive powers to shut down sites that host content infringing on American intellectual property laws. While most of the bills’ opponents acknowledge the need for IP enforcement, they argue that its powers …
Earlier this week in New Hampshire, Republican presidential candidates touted the benefits of a Medicare premium support system — the approach to entitlement reform embraced by House Budget Chairman Paul Ryan (R-WI) and The Heritage Foundation. Ryan’s recent partnership with Sen. Ron Wyden (D-OR) helped thrust the idea of premium support back into the national spotlight. Their bipartisan framework represented a breakthrough on Capitol Hill after liberals spent much of the year making false charges about Ryan’s plan. Given the misleading information about premium support, let’s first take a moment …
In a Heritage in Focus, Heritage Vice President of Communications Mike Gonzalez discusses the opportunity Heritage shares with American Enterprise Institute and CNN to co-host a GOP presidential debate. Tune in here. What will the focus of the debate be? How did Heritage get the opportunity to become involved? Listen to find out that and more! To get regular updates on Heritage in Focus podcasts, visit our RSS feed or subscribe on iTunes. To listen to more Heritage in Focus podcasts, visit our podcast page.
Republican candidates will gather for a debate on foreign policy and national defense on Nov. 22 at DAR Constitution Hall. The debate, presented by The Heritage Foundation and American Enterprise Institute on CNN, will be moderated by Wolf Blitzer. Constitution Hall, located across the street from the White House, was built in 1929 by the Daughters of the American Revolution for its annual convention. Today it is one of the largest event venues in Washington, D.C. The debate will include eight Republican presidential candidates: businessman Herman Cain, former Massachusetts Gov. …
The eight Republican presidential candidates have confirmed they will attend the Nov. 22 debate hosted by The Heritage Foundation and American Enterprise Institute on CNN. The debate will focus exclusively on foreign policy and national security. The debate will take place in Washington, D.C., at a location to be announced shortly. It will air nationally on CNN and CNN en Español and worldwide on CNN International, CNN Radio and CNN.com. “Heritage is delighted to have this opportunity to increase public understanding of the candidates’ positions on critical foreign policy and …
Social Security took center stage at last night’s Republican presidential debate, emerging as a key issue among candidates at the Ronald Reagan Presidential Library in California. Not since President Bush’s ill-fated attempt to reform the social insurance program in 2005 have Republicans talked this much about Social Security. Of course, it’s hard to ignore. Social Security is the largest federal program. It pays out $700 billion to about 60 million Americans. Leaving aside the political attacks from last night’s debate, the candidates on stage at least agreed that Social Security …
In his most recent op-ed, Mitt Romney, the former governor of Massachusetts, asks why there is a rush to pass New START, a strategic offensive arms control treaty between the United States and the Russian Federation signed this April in Prague. Romney rightly observes that the treaty “deserves a careful, deliberative look by the men and women America has just elected.” If the Administration and Senate leadership push for a vote on New START during the lame duck session, the Senate would not have time to adequately evaluate it, especially …
State officials around the country are getting a lesson from the California legislature in how not to respond to Obamacare. While the new federally supervised, state-based health insurance exchanges are to be up and running by January 1, 2014, the California legislature is poised to create the California Health Benefit Exchange through enactment of two bills (AB 1602 and SB 900). If Governor Arnold Schwarzenegger—who ran for office as a champion of conservative economic policy—signs these bills, California would be the first state to enact an ideologically compliant set of …
