By Robin Marty
Someone out there is so intent on making sure that President Barack Obama doesn’t serve a second term in office he or she is willing to shell out big cash to prevent it.
Who? Well, we’ll probably never know.
According to the Washington Post, an anonymous $10 million donation was made to Karl Rove’s super PAC Crossroads GPS, to be spent on “ads attacking President Obama and Democratic policies.” But as a result of the Citizens United ruling that allows unlimited, untraceable money to be spent on political action groups, we will likely never find out who is behind the mystery dollars.
And it’s not just a one time thing. “The tax returns show that Crossroads GPS has collected the vast majority of its donations from the super-rich. The forms show that nearly 90 percent of its contributions through the end of 2011 had come from as few as two dozen donors, each giving $1 million or more. Overall, the nonprofit group raised more than $76 million since it was founded in May 2010 through the end of 2011.”
Democratic operatives call it “buying the White House.” Senior White House Adviser David Plouffe told Bloomberg News, “You’ve got a few dozen people who are going to write $5 million, $10 million, $15 million, $50 million checks to try and purchase the White House on behalf of Governor [Mitt] Romney. … Read more
WASHINGTON — Democrats’ attempt to pass a Buffett Rule tax on the super wealthy failed Monday in the Senate, as Republicans blocked the measure in a sharply partisan debate.
Democrats cast it as a bid for fairness that would end the circumstance in which billionaires like Warren Buffett pay a lower percentage of their income in taxes than their secretaries.
Republicans cast it as a political gimmick and an attempt by President Barack Obama to give more Americans a “free ride.”
It was blocked 51-45 in a filibuster vote. Republican Sen. Susan Collins of Maine and Democratic Sen. Mark Pryor of Arkansas were the only politicians to cross party lines.
“The wealthiest one percent takes home the highest share of the nation’s income since the early ’20s, the roaring ’20s,” Senate Majority Leader Harry Reid (D-Nev.) said. “Times are tough for many middle class American families. Millionaires and billionaires aren’t sharing the pain or the sacrifice, not one bit. … Read More
What a Coincidence
By Luke Johnson
The top eight companies that spent the most on federal lobbying from 2007 to 2009 all saw their reported tax rates decrease from 2007 to 2010, according to a new analysis released Monday by the Sunlight Foundation.
The report notes that these top eight firms spent $540 million on lobbying from 2007 to 2009. They filed 332 lobbying reports that mentioned taxes and named 491 different tax bills in those reports.
The top eight companies that spent the most on lobbying were Exxon Mobil, Verizon Communications, General Electric, AT&T, Altria, Amgen, Northrop Grumman and Boeing. Exxon Mobil spent the most, some $81.92 million from 2007 to 2009. … Read More