Economy & Budget

Tax cut deal: Extends current programs, provides little spur to job growth

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.


In righting the ship, we’re taking on water (Rep. Bill Pascrell, Jr)

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 two years.


Tax deal ignores deficit and debt effects

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.


The small business case for extending tax cuts

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.


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.