What You Need To Know About Taxes And The Budget Proposals That Might Swing The Vote This Year

A Comparison of Budgets Proposed by Mitt Romney and President Obama

Many people like playing around with budget estimates. This is mainly because budgets force people to set priorities and run the numbers. The annual federal budget is the only time the government is ever sincere with taxpayers.

About 40 percent of government spending goes to Social Security, Medicaid and Medicare. Military spending accounted for 23.8 percent of government spending. Generally, nearly two thirds of 2012 taxes went to an insurance conglomerate and boots on the ground at home and overseas.

The President’s proposed 2013 budget carries similar figures as … Read more at 2009 Tax.

A Candidate’s Offshore Tax Havens

Stories of offshore tax havens belonging to Mitt Romney have been causing a stir in the news media. Several sources such as Reuters and the Washington Post have unearthed troublesome material in the candidate’s most recent tax returns. Reuters journalist Sam Youngman reports that Romney may have sheltered offshore bank accounts as a result of his business dealings with Bain Capital. Youngman’s published findings do imply this information, though his actual wording is somewhat vague.

Romney has amassed a large fortune due to investments in several dozen funds with ties to this private equity firm that he helped start … Read more at 2009 Tax.