Wednesday, August 1, 2012

August 1st 2012


Title: SURPRISE: Romney's Tax Plan Benefits Super Rich The Most
Summary of Article :* Romney tax plan cuts 20 percent for all income groups * Those making over $1 million benefit most under plan * Romney hasn't spelled out how to fund tax cuts By Kim Dixon WASHINGTON, Aug 1 (Reuters) - Republican U.S. presidential challenger Mitt Romney's proposal to slash individual income taxes by 20 percent across-the-board would primarily boost the income of the wealthiest taxpayers, according to a nonpartisan analysis released on Wednesday. The report by the centrist Tax Policy Center found that Romney's tax cuts would boost after-tax income by an average of 4.1 percent for those earning more than $1 million a year, while reducing by an average of 1.2 percent the after-tax income of individuals earning less than $200,000. Tax policy and how to tame the U.S. government's budget deficit, topping $1 trillion in recent years, is a major point of contrast in the presidential race, in which Romney will face President Barack Obama on Nov. 6. Romney, a multi-millionaire who made his fortune at private equity firm Bain Capital, has not spelled out how he would lower marginal tax rates. But he has said broadly he would cut some tax benefits for the wealthy. Because the value of the 20 percent tax cut for richer Americans would exceed the gains they get from popular tax breaks that Romney would chop, they would see the greatest income gain from Romney's possible changes, the study said. "We add up how much people get from the tax cuts and then add up how much can be potentially be raised," from ending tax breaks, said Adam Looney, an economist and one of the study's authors. About two-thirds of the $1.1 trillion in revenues that the government foregoes annually because of tax breaks would have to be curbed to fund Romney's tax cut, the analysts said. These tax breaks include popular ones such as the mortgage interest deduction, the break for employer-provided health insurance, and credits for low- and middle-income families. The analysis assumed elimination of tax breaks would start with the wealthy as Romney has suggested, and it assumed some revenue growth from lower tax rates, a hallmark of Republican tax policy. Obama has blasted Romney's tax plan for disproportionately benefiting the wealthy. The tax policy debate is expected to intensify at the end of 2012, with the expiration of lower tax rates for all Americans enacted under Republican President George W. Bush. The Democratic-led Senate last week passed legislation extending most of those tax rates - but not for households earning more than $250,000 a year. The Republican-led House of Representatives will likely pass their plan to extend the current rates some time this week. The dispute is not likely to be resolved until after the elections. Romney spokeswoman Amanda Henneberg said she could not respond to the center's report without reading it first. Romney's tax proposal also includes cutting some taxes on investment income and eliminating taxes on estates passed on to heirs. (Reporting by Kim Dixon; Editing by Kevin Drawbaugh and Lisa Shumaker)

Title: 8 Olympians Disqualified For Throwing Matches
Summary of Article :LONDON -- Eight female badminton doubles players were disqualified Wednesday from the London Olympics after trying to lose matches to receive a more favorable place in the tournament.

Title: Obama: Mitt Wants 'You To Pay More So People Like Him Can Get A Tax Cut'
Summary of Article :President Barack Obama used a new report from the nonpartisan Tax Policy Center to hammer away at a consistent campaign theme: that Mitt Romney favors the rich, while Obama will help the struggling middle class.


Title: NYSE looks into odd share moves
Summary of Article :The New York Stock Exchange launches an investigation into "irregular trading" after a series of unusual swings in some stocks."

Title: Syrian rebel shootings condemned
Summary of Article :Human rights activists condemn the public shooting in Syria of four apparent Assad loyalists by rebels after a video of the killings emerges.

Title: Manufacturing in worldwide slump
Summary of Article :Manufacturing in most of the world is in a slump, a raft for reports from the US, UK, the eurozone and China suggest.

Title: Israel: Iran unfazed by warnings
Summary of Article :Israeli Prime Minister Benjamin Netanyahu says assurances by the US are not enough to stop Iran from developing nuclear weapons.


Title: Israeli PM says time is running out to stop Iran
Summary of Article :Netanyahu tells US defence secretary that diplomacy has so far failed to end nuclear programme

Title: Gore Vidal dies aged 86
Summary of Article :Towering figure in American cultural and political life has died of complications from pneumonia

Title: Romney defends overseas comments
Summary of Article :Republican hopeful asks 'What exactly accounts for prosperity if not culture?' as polls show him behind in three swing states

Title: Assad missing from public view
Summary of Article :Syrian president, who has sent written message to armed forces, is soon likely to come under pressure to demonstrate leadership


Title: Assad praises troops as planes pound Aleppo
Summary of Article : President says fate of nation at stake in fight against rebels, as rights group reports brutal crackdown on dissidents

Title: Rebels 'execute' regime loyalists in Aleppo
Summary of Article : Video from Syria appears to show men accused of being shabiha lined up and shot at point blank range

Title: Panetta tells Israel force is option on Iran
Summary of Article : US defence chief says "all options", including military force, on table to stop Iran, should sanctions ultimately fail

Title: Somali assembly endorses draft constitution
Summary of Article : Two suicide bombers killed outside the building where leaders voted to support the UN-backed plan


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