New Report from Citizens for Tax Justice
The American Jobs and Closing Tax Loopholes Act of 2010 (a.k.a. the "Extenders" Bill) Would Boost the Economy and Improve Tax Fairness
The chairmen of the House and Senate tax-writing committees have recently released a summary of "H.R. 4213," often called the "extenders" bill because it would extend several economic relief programs and small tax breaks. The bill includes 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 needed to speed up the economic recovery. The spending is mostly considered emergency spending to address the economic crisis, and therefore does not need to be paid for according to Congress's budget procedures.
This bill also includes the "tax extenders," which are extensions of several short-term tax breaks (mostly for business) that Congress enacts every year or so. The cost of these tax breaks would be offset with several provisions to close tax loopholes for corporations that shift profits offshore, investment fund managers who currently pay lower tax rates than their secretaries, and business people who use a tax dodge to avoid their Social Security and Medicare taxes.
While we have never supported the "tax extenders," we believe that this a more responsible approach than Congress used in the past, when the tax extenders were deficit-financed. We also believe that the loophole-closing provisions used to pay for them will enhance tax fairness. For these reasons, we believe passage of this bill would be a major victory in that it shows Congress is finally putting the economic needs of ordinary Americans ahead of tax breaks for the wealthy and powerful.
Read CTJ's Report on the Loophole-Closers in the "Extenders" Bill
The chairmen of the House and Senate tax-writing committees have recently released a summary of "H.R. 4213," often called the "extenders" bill because it would extend several economic relief programs and small tax breaks. The bill includes 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 needed to speed up the economic recovery. The spending is mostly considered emergency spending to address the economic crisis, and therefore does not need to be paid for according to Congress's budget procedures.
This bill also includes the "tax extenders," which are extensions of several short-term tax breaks (mostly for business) that Congress enacts every year or so. The cost of these tax breaks would be offset with several provisions to close tax loopholes for corporations that shift profits offshore, investment fund managers who currently pay lower tax rates than their secretaries, and business people who use a tax dodge to avoid their Social Security and Medicare taxes.
While we have never supported the "tax extenders," we believe that this a more responsible approach than Congress used in the past, when the tax extenders were deficit-financed. We also believe that the loophole-closing provisions used to pay for them will enhance tax fairness. For these reasons, we believe passage of this bill would be a major victory in that it shows Congress is finally putting the economic needs of ordinary Americans ahead of tax breaks for the wealthy and powerful.
Read CTJ's Report on the Loophole-Closers in the "Extenders" Bill
Call Your Representative Now to Support H.R. 4213
The House of Representatives is expected to take up the bill some time next week. To express your support for the bill, go to the website of Jobs for America Now, which makes it incredibly easy to call your Representative toll-free.
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