Temperatures remain high throughout the United States while the tax fight continues to heat up. There is encouraging polling news in Virginia and the Washington Post gives us a lesson on taxing profits from stocks. Today’s daily news clips are a scorcher.
Real Clear Politics, Bob Lewis, 7/19/2012
A new statewide poll in Virginia shows a clear majority support President Barack Obama’s proposal to let tax breaks lapse for those earning more than $250,000 annually, but half still want his healthcare law repealed.
Fifty-nine percent of those surveyed in a Quinnipiac University poll released Thursday approve of allowing the tax cuts established by former President George W. Bush expire for households earning $250,000 or more if it will help cut the federal budget deficit.
Washington Post, Suzy Khimm, 7/18/2012
[…]But while many ordinary Americans profit from dividend income, the benefits go overwhelmingly to the wealthiest Americans. On average, the average American with investment income — which includes both dividends and capital gains — will have $26,054 in taxable income in 2012. But middle-class Americans profit considerably less: Those with personal incomes between $40,000 and $50,000 will earn an average of $2,325 through these investments, taxed at $174 under the Bush rates, according to the Tax Policy Center.