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By Tanya Somanader:
In urging a reluctant Mitt Romney to finally release his tax returns, Newt Gingrich produced his own Thursday night during the debate. His 2010 returns reveal an adjusted gross income of $3.1 million with an effective tax rate of almost 32 percent. That’s more than twice the rate that Romney said he pays — unless, of course, Gingrich gets his way.
Seeking to overhaul the U.S. tax code, Gingrich announced his plan last month to introduce a new, parallel tax system with what he calls a “flat” 15 percent rate. But as the Tax Policy Center notes, that plan would mean that millionaires would actually pay much lower tax rates than those below them on the income scale — millionaires like Newt Gingrich.
In a wayward attempt to rebrand himself as a middle-class hero, GOP presidential candidate Mitt Romney is running headlong into his history with Bain Capital. Not only does the firm have a history of making millions by buying up and gutting companies, but Romney also secured a plush retirement deal from Bain that brought him “millions of dollars in income each year.”
Of course, Romney has tried to spin his private sector role as that of a “job creator.” But a closer look at Bain’s modus operandi reveals that firm spent a lot of time laying off company employees rather than hiring them — all while turning a profit.
Bias, Labels & Stereotypes
The backlash against the home improvement giant Lowe’s is intensifying after the company pulled its ads from TLC’s show All-American Muslim at the behest of the right-wing group Florida Family Association. The move sparked fury from lawmakers and prompted calls for a boycott. Today, New Jersey’s The Star-Ledger said that, “for as long as Lowe’s continues to ‘defer’ to discrimination, let’s boycott this chain.”
Crowing over its Islamophobic success, FFA boasted…