A Day in My Life Essay

Submitted By arabel92
Words: 753
Pages: 4

On the first article titled CEO council demands cuts to poor, Elderly while reaping billions in government contracts , tax breaks this article discusses the following. That CEO who are winning the most now want the deficit closed which they are responsible for the size of it as of this day. This CEO are part of a campaign which is responsible for federal budget which plans to spend at least $30 million pushing for a deficit reduction deal in the lame duck session and beyond. The CEO council recommends two major avenues that it claims will produce at least $4 million of deficit reduction. The first is to replace mindless abrupt deficit reduction with thoughtful changes that reform the tax code and cut low priority spending. The second is to keep debt under control over the long term by focusing on the long term growth of entitlement programs. Cote ranked 11th on a list complied in a recent study conducted by the institute for policy studies of executives who have saved the most from the Bush tax cuts, according to the IPS, cotes taxable compensation for 2011 was a bit more than $55 million, and he did not pay about $2.5 million thanks to the Bush tax cuts. In 2011 $40 million of tax payer money was divided among just nine CDF member companies, led by defense giant Boeing which ranked in 22 billion in federal contracts alone more than the other eight companies combined. Foe his efforts as CEO, Boeings Jim McNamee took home nearly $23 million in compensation last yr. On the second article titled 9 things the rich don’t want you to know about taxes are the following main points it makes first of all it gives 9 different points the first one is that poor Americans do pay taxes says that the one fifth of Alabama families making less than $1300 pay almost 11 percent of their income in state and local taves compared with less than 4 percent from those who make $229,000 more. The second one this article discusses is the wealthiest Americans don’t carry the burden which states that social security Medicare and unemployment insurance taxes known as payroll taxes are paid mostly by the bottom 90 percent of wage earners that’s because you reach $106,800 of income you pay no more for social security, through the much smaller Medicare tax applies to all wages. In fact the wealthy are paying less taxes compare that to the vast majority of Americans whose share of their income going to federal taxes increased from 13.1 percent in 1961 to 22.5 percent in 2007. Many of the very richest pay no current income taxes at all that tax rate starts at about $30,000 of taxable income not even pocket change to Paulson but almost 12 years of gross pay to the median…