Economy & Budget

Middle class tax cut, unemployment insurance extension ‘with no strings attached’ before recess (Reps. Raul M. Grijalva and Keith Ellison)

We call on our Congressional leaders in the House and Senate to hold firm on passing a middle class tax cut with no strings attached. We also call on Congressional Republicans to stop using unemployed Americans as bargaining chips in exchange for another tax break for the wealthy.


President Obama: Tax cut compromise is right thing to do

President Obama gave the following statement after a deal was reached with Republicans over the extension of the Bush tax cuts yesterday:

Hello, everybody. Sorry to keep you waiting.

For the past few weeks there’s been a lot of talk around Washington about taxes and there’s been a lot of political positioning between the two parties. But around kitchen tables, Americans are asking just one question: Are we going to allow their taxes to go up on Jan. 1, or will we meet our responsibilities to resolve our differences and do what’s necessary to speed up the recovery and get people back to work?


American jobs, innovation and competitiveness: Pass the R&D Tax Credit now

President Obama campaigned on a platform to make the Research and Development (R&D) Tax Credit permanent and has continued to voice his support, even expressing a desire to enhance the value of the credit.  With some goodwill established among Congressional leaders and the president this week, lawmakers ought to pass the credit provision – and make it permanent this time – so companies like Intel can pursue cutting edge research that creates new American jobs and adds critical momentum to the U.S. economy.


Capital gains taxes affect new business startups

When Americans think of “capital gains taxes” they often mistakenly think about the big guys—Wall Street and power players—and neglect the impact on the “little guy” entrepreneurs who are so vital to our economy.

The taxation of capital gains has become a perennial issue in tax policy, but the lame-duck Congressional session has put the topic front-and-center. As with any such conversation, having more facts and insights is crucial to sound policymaking. Unfortunately, there is a significant “knowledge gap."


Congress: Extend the Build America Bonds program

Congress is confronting whether to extend the Build America Bonds program. Recently some critics have called the program a state and local bailout and said it has contributed to irresponsible budgeting at the state and local level. It’s time to set the record straight. Yes, state and local governments are under fiscal pressure. No, borrowing for municipal needs isn’t the reason. And no, Build America Bonds are not a “bailout” and they didn’t cause the fiscal pressure. In fact they helped relieve it.


A normal unemployment balanced budget rule (NUBAR) statute

To reduce future deficits, Congress should begin its 2011 session by enacting a "normal unemployment balanced budget rule" (NUBAR, pronounced “NEW BAR”) statute to go into effect in 2013.  By enacting a NUBAR statute in early 2011, Congress would promptly signal to the American people and world financial markets that it is serious about getting deficits under control as soon as the economy recovers from the current recession.


If you really want to help small business, let top bracket tax cuts expire

If anyone tells you it will hurt small business to extend the middle-class tax cuts while ending tax cuts at the top, tell them to talk to me. The only thing trickling down on small business from the high-end tax cuts is the crocodile tears of those who use small business as camouflage for more self-serving tax cuts to avoid paying their fair share.


Political corruption: GOP embraces the Ken Lay way

The GOP has adopted the Ken Lay principles – that is obfuscation, false statements and feigned innocence. Republicans are obfuscating about the real reason for their opposition to extending unemployment benefits, the way Enron CEO Ken Lay concealed the truth about billions in losses his corporation racked up.


Extend tax cuts to all Americans (Rep. Phil Roe)

No one seems to know the full schedule for the Democrats’ lame-duck Congress, but we know the Democratic Majority has not scheduled a vote to prevent all tax rates from rising.  If there is no vote on the tax cut extensions for all Americans before the end of the year, taxpayers at every income level will see their paychecks reduced as significant tax increases go into effect. 


The Bush tax cuts are no place for compromise

On Election Day we learned the extent to which the American people are dissatisfied. Exit polling conducted by the Associated Press found what everyone but the President of the United States already knew – the economy is bad (9 out of 10) and the downturn horrible economy has impacted personal finances, 4 in 10 reporting they are worse off now than they were prior to President Obama taking office.