In a holiday season given mostly to Scrooge-like proposals
for deficit reduction and belt-tightening that can only make recovery from the
recession more difficult to achieve, the tax deal the White House struck with
Congressional Republicans has what passes for virtue these days – it doesn’t
make things worse.
December 08, 2010, 02:52 pm
By Rep. Robert C. Scott (D-Va.)
The recently announced compromise to temporarily extend all of the Bush-era tax cuts only kicks the proverbial can down the road, making it increasingly hard to ever balance the federal budget.
December 07, 2010, 09:46 pm
By Rep. Bill Pascrell, Jr (D-N.J.)
Earlier this week, President Barack Obama unveiled his
framework of an agreement regarding tax cuts due to expire at the end of the
year. It was his attempt to right the nation’s ship in a stormy economy.
Unfortunately, it means we’re going to take on water – at least for the next
December 07, 2010, 07:57 pm
By Committee for a Responsible Federal Budget
With President Obama and congressional Republicans
announcing a potential tax extension deal, the Committee for a Responsible
Federal Budget implores lawmakers to incorporate a serious longer-term deficit
reduction plan into the package.
Congress has important work to finish before the 111th
Congress comes to a close. Much of its agenda includes priorities that are
critical to the nation’s smallest businesses. While the recent passage of the
Small Business Jobs Act was a major accomplishment, small businesses also need
relief from onerous paperwork burdens created by the IRS Form 1099 expansion
provision hidden deep within the healthcare reform legislation, as well as
resolution of a suite of tax issues, including the Alternative Minimum Tax
(AMT), the estate tax and the Bush-era tax cuts.
December 07, 2010, 06:48 pm
By Reps. Raul M. Grijalva (D-Ariz.) and Keith Ellison (D-Minn.)
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.
December 07, 2010, 03:32 pm
By President Barack Obama
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?
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.
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 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.