From: Citizens for Tax Justice <CTJ@mail.democracyinaction.org>
Date: Fri, May 21, 2010 at 2:54 PM
Subject: CTJ's Tax Justice Digest - May 21, 2010
To: irie1972_99@yahoo.com
Welcome to CTJ's Tax Justice Digest
CALL YOUR MEMBERS OF CONGRESS: Urge Them to Pass the Jobs and Extenders Bill (H.R. 4213)
A new report from Citizens for Tax Justice explains that the new jobs and "extenders" bill released by the chairmen of the House and Senate tax-writing committees on Thursday contains several long-overdue provisions to close tax loopholes. The bill (H.R. 4213) takes aims at corporations that shift profits offshore, investment fund managers who use the "carried interest" loophole to pay lower tax rates than their secretaries, and business people who use the "John Edwards" loophole to avoid their Social Security and Medicare taxes.
Many people are more familiar with the important spending provisions in the bill geared to speed up the economic recovery, including an extension of unemployment insurance and COBRA health care benefits for the unemployed, Medicaid funding for states, TANF jobs and emergency funding for states and other measures that will help boost the economy.
The tax loophole-closing provisions are used to offset the costs of extending several small tax breaks. The spending portion is mostly considered emergency spending that does not have to be paid for under Congress's budget procedures because it is temporary and necessary to prevent the economy from drifting back towards recession. (The Center on Budget and Policy Priorities explains why the spending portions of the bill are economically necessary and fiscally sound.)
Call your lawmakers now and urge them to vote in favor of H.R. 4213. Visit the website for Jobs for America Now, which makes it extremely easy for you to make a toll-free call to your lawmakers to support this bill.
Arlen Specter, Proponent of Regressive "Flat Tax," Loses Primary Battle
Arlen Specter, a long-time U.S. Senator for Pennsylvania who recently switched from the Republican party to the Democratic party, lost his primary battle on Tuesday against Representative Joe Sestak... A recent report from Citizens for Tax Justice found that Specter's flat tax proposal would have cut taxes for the richest five percent of taxpayers and raise taxes for everyone else...Read More
Progressive Organizations Blast Attempt by Senators to Slash the Federal Tax on the Estates of Millionaires
On Wednesday, CTJ joined Americans for a Fair Estate Tax to voice opposition to an estate tax proposal that would benefit only the families with the largest 1 in 400 estates. In a strongly-worded letter, AFET said a reduction in the estate tax should not even be on Congress's agenda, much less be a priority...Read More
Ballot Victory in Arizona Shows Anti-Tax Sentiment Not Nearly as Strong as Many Believe
Arizona's 1 percentage point sales tax rate hike won approval from voters on Tuesday, telling us a lot about rightwing claims regarding the alleged "anti-tax," "anti-government" nature of the American people. In a state described by the Los Angeles Times as "famously tax-averse," the overwhelming support received by this tax hike truly does "[run] counter to a common national narrative about 2010 being a sharply anti-tax year," as Pew's Stateline publication explained earlier this week...Read More
Georgia Making Tax Laws Friendly for People Who Live Off Investment Income, Rather than Work
Sonny Perdue is enjoying his last year as the Governor of Georgia and all signs indicate that he's going out with a bang that, depending on how he uses his veto pen, could have enormous implications for Georgia's tax system and revenue stream for years to come. The Governor has already signed legislation that removes retirement income from the income tax base and repeals the state portion of the property tax. Tax and budget fairness advocates are watching to see what action he'll take on a capital gains tax cut and a proposal that would eliminate the refundable portion of a low-income tax credit...Read More
Kentucky Special Session: Missed Opportunity
Late last year we described Kentucky Governor Steve Beshear's misguided resistance to reforming the state's tax system. Instead of offering real leadership and addressing the serious flaws of the state's tax structure, Governor Beshear took a dramatic and short-sighted stance against any tax increases to assist in balancing the state's budget. It's unfortunate, but unsurprising that he continues to hold this position leading up to the Special Session starting May 24...Read More
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