Taxes

Bill Maher is either a blithering idiot, a pathological liar, or both.

On HBO's Real Time Friday, the factually-challenged financier of Barack Obama actually had the gall to say the President didn't support the recommendations of his National Commission on Fiscal Responsibility and Reform (aka Simpson-Bowles) because - wait for it! - Republicans didn't support it (video follows with transcript and commentary):

Leave it to America's strongest ally in the world to speak the truth.

On Thursday, England's Telegraph published an article with the absolutely glorious headline "Britain Can’t Afford to Fall for the Charms of the False Economics Messiah Paul Krugman":

We already know that the punitive tax hikes on a small number of wealthy individuals favored by liberals will do almost nothing to pay off the national debt. What we didn't know is just how divided Democrats are as to who will get the shocking tax increases.

The Hill reports today that congressional Democrats can't agree on who should be targeted to pay more in taxes, those families making $250,000 or more or those making more than that. The prolonged debate (most of which hasn't been too public) reveals just how much of a political game the whole thing is:

Reuters columnist Chrystia Freeland must have editors who don't question her judgment very much. How else do you account for this gem making it into her final draft today?:

Like anorexics, who think they are grossly fat when they are very thin, the American body politic is suffering from a national version of body dysmorphia, with nearly half the country believing taxes are high, when they are comparatively and historically low.

Funny she uses that analogy when the Left is hard at work convincing Americans that they are all morbidly obese and in need of national nannying about their overeating and under-exercising. At any rate, Freeland justifies her claim by noting that:

A bogus report published by MarketWatch Tuesday claiming "under Obama, federal spending is rising at the slowest pace since Dwight Eisenhower brought the Korean War to an end in the 1950s" has been all the rage at the White House and MSNBC.

Conservative columnist Ann Coulter correctly observed Wednesday:

PolitiFact decided to get cute with words and nail an accurate statement by a conservative advocacy group as "Mostly False" for supposed contextual issues. This is not the first time that the fact-checking outfit has labeled an accurate statement "Half True" or "Mostly False," as it did twice to the Romney campaign.

According to PolitiFact's Bill Adair, who appeared on CNN Monday afternoon, the ad correctly asserts that President Obama broke his promise to families making less than $250,000 a year, that their taxes would not go up. However, since the ad stated that ObamaCare alone raised 18 taxes, and PolitiFact determined that only five of those applied to the specific income bracket, they smacked Crossroads with a "Mostly False" rating.

Although it may not surprise NewsBusters readers, it appears MSNBC's Ed Schultz doesn't pay any attention to what he says, what others on his network report, or what is covered by any mainstream media outlet.

What else could be the explanation for Schultz claiming in an interview with Talking Points Memo that the most under-covered story in the country right now is wealthy people not paying their "fair share" of taxes (question in bold):

New York Times columnist Paul Krugman on Sunday continued his campaign to get Barack Obama reelected by misinforming the public about the economy.

Appearing on CNN's Fareed Zakaria GPS, the Nobel laureate falsely claimed Republican presidential candidate Mitt Romney wants to enact Greece's failed economic policies here in America (video follows with transcript and commentary):

"Sometimes you do wonder if [Republicans] are moles, Manchurian candidates for I don't know who, if their real job is to bring down America."

So said New York Times columnist Paul Krugman on MSNBC's Martin Bashir show Friday (video follows with transcript and commentary):

I have a serious question for MSNBC's Chris Matthews: How many lies are you willing to tell on national television to get Barack Obama reelected?

On Friday's Hardball, the host gave viewers a plethora of falsehoods and half-truths to giving us an idea of just how far he's prepared to go this election cycle to make sure the objection of his affection remains in the White House (video follows with transcript and commentary):

Here we go again. The State of California's budget is again in crisis, facing a budget deficit of $16 billion, which is $6.8 billion higher than projected mere months ago. Governor Jerry Brown is browbeating residents to pass tax initiatives in November which include "a quarter-cent increase in the state sales tax for four years and a seven-year hike on incomes of $250,000 or more that will range from 1 to 3 percentage points."

The totally predictable problem (and, from all appearances, a bit contrived; the state's controller saw this coming several months ago, and was largely ignored) is that tax revenues aren't coming in as expected. Media treatment of the problem acts as if this all some kind of uncontrollable act of God which is a by-product of the recession and weak recovery.

CNN's Fareed Zakaria asked a question this weekend guaranteed to raise some eyebrows not only on both sides of the aisle but also on both sides of the Atlantic.

On the program bearing his name, Zakaria amazingly asked Sunday if the economic problems in Europe are caused by democracy and not austerity (video follows with transcript and commentary):

Appearing as a guest on Wednesday's The O'Reilly Factor on FNC to discuss his recent criticism of President Obama on the tax issue, former Saturday Night Live comedian Jon Lovitz accused President Obama of being "not honest" in criticizing the wealthy for not paying enough taxes, complained that the President is being "divisive," and asserted that "it makes me angry" because Obama is "pitting Americans against each other." Lovitz:

Last August, Politico revealed that the Obama campaign intended to make Republican presidential candidate Mitt Romney "a sort of political Gordon Gekko" if he won the nomination.

Right out of that playbook, MSNBC's Chris Matthews on Monday compared Romney to the financial villain of the '80s movie classic "Wall Street" (video follows with transcript and commentary):

An openly gay adviser to Republican presidential candidate Mitt Romney resigned last week, and the Obama-loving media interested in discussing anything but the poor economy jumped all over it.

NewsBusters associate editor Noel Sheppard discussed this with Don Lemon on CNN Newsroom Saturday (video follows with transcript and commentary):

Former Saturday Night Live star Jon Lovitz is learning the hard way that despite liberals' claims to love humor and comedy, they can't stand it when their own side is being criticized. The liberal comic is facing a huge amount of criticism on Twitter for taking exception to President Obama's continual assertions that wealthy Americans don't pay a "fair" amount of taxes.

While Lovitz has been bashed on Twitter, he clearly wasn't expecting to be accused of making some sort of violent threat against Obama. And yet that's exactly what happened last night on the HLN show Dr. Drew where the host, Drew Pinsky, seemed to genuinely believe that. Lovitz was clearly taken back by such a bizarre assertion, making for some very awkward television before a producer rescued Pinsky from embarrassment. Video and transcript below.

CBS anchor Gayle King, an admitted friend of Michelle Obama and a donor to Mr. Obama's reelection campaign, trumpeted the President's record during an interview with Nicholas Ballasy of The Daily Caller on Saturday: "President Obama has done everything that he said he was going to do, and I think people keep forgetting that....if you ask me, I think President Obama is doing a very good job."

Ballasy, an alumnus of the MRC's CNSNews.com, caught up with King after the annual White House Correspondents' Dinner. The CBS This Morning anchor listed several areas where the chief executive apparently kept his promises: "He talked about health care. He talked about Osama bin Laden. He talked about 'don't ask, don't tell.' He's done everything that he said he was doing to do." Of course, the President also promised to close the Guantanamo Bay detention center for terror suspects during the 2008 campaign, but broke that pledge in 2011.

Apple -- the world's most valuable business and an engine of economic growth and personal freedom across the United States and around the world -- is coming under fire because it had the nerve to structure its global business in such a way that saves the company on taxes.

The New York Times has a very lengthy story exploring all of the ways that Apple minimizes its tax bill. The article, entitled "How Apple Sidesteps Billions in Taxes," makes a great effort to tie Apple's strategy, which is legal, to the ongoing budget problems faced by California, where Apple has its global headquarters, and to the federal budget deficit.

At the New York Times on Saturday (in Sunday's print edition), reporters Charles Duhigg and David Kocienewski, in a report riddled with conceptual flaws and misleading statistics, bemoaned "how technology giants have taken advantage of tax codes written for an industrial age and ill suited to today’s digital economy." They focused their attention almost entirely on Apple, seemingly in simultaneous awe and disgust at how "Apple’s accountants have found legal ways to allocate about 70 percent of its profits overseas, where tax rates are often much lower, according to corporate filings."

Well guys, a look at Apple's latest 10-K annual report to the Securities and Exchange Commission on Page 73 reveals that Apple's net sales in "The Americas" geographic segment -- from the northernmost portion of Canada to the southernmost tip of Chile -- in the year ended September 24, 2011 were $38 billion out of a companywide total of $108 billion. Apple doesn't segregate U.S. sales, but it would seem that they probably aren't any more than $30 billion of that $38 billion. So the vast majority of Apple's sales are "overseas." An even larger majority is outside of the U.S. Even after allowing for aggressive tax-avoidance maneuvers, why should it surprise anyone that the large majority of profits are also earned overseas?

There ought to be a law against newscasters blatantly lying to the public.

On Monday, MSNBC's Martin Bashir falsely claimed the economic plans put forth by Great Britain and Spain are "the Romney-Ryan budget in action...almost exactly, word for word" without informing his viewers that those countries raised taxes to fight their deficits (video follows with transcript and commentary):

Google Chairman Eric Schmidt gave a much-needed economics lesson to New York Times columnist and Nobel laureate Paul Krugman on ABC's This Week Sunday.

During a lengthy discussion about liberal and conservative views on how to stimulate the currently soft recovery, Schmidt - a known Barack Obama supporter - marvelously said to his left-leaning co-panelist, "Surely you're not arguing that the government should hire all the unemployed people" (video follows with transcript and commentary):

A truly shocking thing happened on CNN's Fareed Zakaria GPS Sunday.

The perilously liberal host - with journalistically corrupt ties to the current White House - came out against the millionaires' tax known as the Buffett Rule calling it "bad politics in the long run for Obama" (video follows with transcript and commentary):

The mainstream media rarely like the very rich, but billionaire Warren Buffett is the exception. The Berkshire Hathaway CEO remains unscathed, even adored by the liberal news media due to his liberal politics.

After all, it was Buffett who called for higher taxes on millionaires and billionaires. His call for increased taxes was unsurprisingly embraced by class-warfare loving Obama administration and bolstered by the media. Obama has campaigned on the Buffett rule which would require that people making more than $1 million a year pay at least 30 percent in taxes (even if their earnings come from investment and are currently taxed at the 15 percent capital gains rate).

CNN host Fareed Zakaria, who admitted last year that he held off-the-record conversations with President Obama even though he was covering the President's foreign policy, has now expressed his support for the Buffett Rule – legislation that Obama has pushed for in recent weeks.

Zakaria is reportedly on the short list of considerations for Obama's next Secretary of State if the President is re-elected, and has had to answer for his conversations with Obama and any possible conflict they might have had with his reporting on foreign affairs. Now he is supporting legislation that the President has asked Congress to pass.

CNN may claim to be the serious, centrist news network but it says something about its broadcast when a liberal comedian is a regular panel member and is allowed to toss slanted, obnoxious questions at a Republican guest. Such was the case on Tuesday's Starting Point when comedian John Fugelsang tried to stick it to Rep. Jeb Hensarling (R-Tex.)

Discussing the Buffett Rule, Fugelsang framed the debate on simplistic liberal terms. He asked the congressman if he thought persons "who don't work for their income" – who live off their investments – should have a lower tax rate than those "who work for their income." [Video below the break.]

"Forgive my skepticism -- all right, I guess you can call it cynicism -- but the more I look at Obama's return, the more it strikes me as being a much more a political document than a financial document," Fortune magazine senior editor Allan Sloan noted in a column in today's Washington Post.

"Despite Obama having significant net worth, his return shows not a penny of tax-advantaged capital gains or dividend income" which stands in "striking contrast to the 2010 return and projected 2011 return of Mitt Romney," Sloan added. Yet while Sloan ostensibly is annoyed with the cynical class warfare gamesmanship of Obama's tax return, he spent most of his column blasting Mitt Romney for being tone-deaf to how liberal opponents (and by extension the liberal media) would scrutinize his finances:

For months, President Obama and his faithful media minions have been engaging in a shameless class warfare campaign to convince the American people that regardless of the facts, rich people pay less in taxes than average citizens.

On Tuesday, CNN.com reported the news that this misinformation campaign has succeeded, and almost 70 percent of the nation now believes the tax system favors the wealthy: