Taxes

On Monday’s CBS "Early Show," co-host Harry Smith talked to John McCain supporter Carly Fiorina and Barack Obama supporter Senator Claire McCaskill about the respective economic plans of the presidential candidates: "Bear market blues. Wall Street returns from the holiday as gas prices set another new record. Can either candidate calm America's fears?" At one point, Smith asked Fiorina: "How do…

Rush Limbaugh's new deal with Clear Channel, as flashed by Drudge (also covered or addressed here and here at NewsBusters; here at the New York Times; and here in a very long New York Times magazine article), is north of $400 million for the next eight years.Good tax planning too: Maharushie will get his reported nine-figure signing bonus this year before a possible President Obama does his…

Here we go again. Just as with 2001-2003 coverage of Bush's tax cuts which gave the greatest percent cut to those in the lowest income tax bracket (going from 15 down to 10 percent, a 33 percent reduction), ABC's George Stephanopoulos on Sunday chose to undermine the fairness of John McCain's proposed tax plan (and illustrate the media hostility sure to greet McCain whenever he takes a…

Regretting that “few grownups are concerned about the $526 billion cost so far for the Iraq war without end” because “President Bush and his rich buddies have made sure most of the monetary burden will be borne by our children and grandchildren,” USA Today founder Al Neuharth, in his weekly column on Friday, recommended “a stiff income tax surcharge” to pay for the war. But Neuharth made clear…

In the past when Warren Buffett has spoken out the "super rich" needing to pay a higher tax rate, the media have hung on his every word. But, now that he has spoken out against a windfall profits tax on oil, will they notice? Buffett said he disapproved of the windfall profits taxes in an interview with CNBC's Becky Quick on "Power Lunch" on June 25. "I think it is very hard to have windfall…

If, as shown yesterday (at NewsBusters; at BizzyBlog), media reporters can't even get basic things like the fact that $1.74 x 3.5 doesn't equal anything close to $4 right, you would think that it's way too much to expect them to understand the difference between income and net worth. You would be correct. The coverage of last week's Social Security tax-increase proposal by Democrat Barack Obama…

As anyone aware of the concept of supply and demand could have foreseen, Americans are driving less now that gasoline prices have passed $4.00 per gallon. So on this morning’s Today show, NBC’s Tom Costello dutifully noted that Americans have driven 20 billion fewer miles so far this year, but then declared a “bad news” side effect of drivers buying less gasoline: “We use federal tax money that…

A liberal-leaning organization has produced a report on the 2008 presidential candidates’ tax plans and, accordingly, the Associated Press has jumped on it.In her June 17 article, AP’s Liz Sidoti used a recent study by the Tax Policy Center -- a project of the liberal-leaning Brookings Institution and Urban Institute -- to advance the notion that Obama’s tax policies favor the middle class while…

Press coverage of Barack Obama's Social Security proposal in Columbus, Ohio last week made many of the usual mistakes any time there's a story about the government's "third rail" program. But in this case it missed what would be a historic de-linkage of payments made into the system from benefits paid out. First, here are the key paragraphs from the Cincinnati Enquirer's coverage of Obama's…

The sudden and shocking death of NBC's Tim Russert brought an outpouring of kindness and generosity. The deluge of coverage suggested Russert had become a very central figure in the media-political complex. He was much better known than about 500 members of Congress, and had more political clout than about that many as well. Not enough people have wondered how the un-elected media have gained so…

In his report on Uncle Sam's Monthly Treasury Statement released Wednesday afternoon, the Associated Press's Martin Crutsinger incorrectly informed readers that the stimulus checks sent out by the government represented the major reason why May's monthly deficit ballooned from a year ago. The AP reporter also continued with the wire service's seemingly never-ending recession obsession. Here's…

CNN continued to harp about "big oil’s" record profits and the Democrats’ proposed windfall taxes on companies like ExxonMobil on Wednesday. In an interview of Kansas Senator Sam Brownback on "American Morning," co-host John Roberts was amazed over the Republican’s opposition to the tax proposal. "There were a couple of other provisions in this bill. One of them were to roll back the $17 billion…

In Wednesday's off-lead story by Michael Cooper and Larry Rohter, the New York Times found both McCain and Obama retreating to home base when it comes to economic solutions. But the Times' unconscious embrace of liberal conventional wisdom was evident in how it treated much-argued political terms like "windfall profits", "the death tax," and even "victory" in Iraq. Bush's mild tax cuts were seen…