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Conservative Lawmakers Want To Spend Billions To Give 0.1 Percent Of The Richest Estates A Tax Break
From Pat Garofalo at the Center for American Progress
While much of the attention regarding the looming expiration of the Bush tax cuts is focused on where income tax rates will be set, the 2011 estate tax rate also has yet to be resolved. As a reminder, the estate tax, which is levied on inheritance, doesn’t exist this year, but comes back next year at the 2001 level of 55 percent with a $1 million exemption (meaning the first million is passed on entirely tax-free) due to a Bush-era budgeting gimmick.
Extend Unemployment Benefits Not Tax Cuts For Wealthy
From Dave Johnson at Campaign for America’s Future
In a stunning public display of just who our government works for and who it does not work for, unemployment checks for people out of work longer than 26 weeks run out tomorrow night. Congress, meanwhile, is caught up in a debate over extending a special tax break for the few people making more than $250,000 a year.
These Millionaires Say: Don’t Extend Tax Cuts for Us
By Tula Connell, AFL-CIO
“Looks like some bazillionaires are joining Warren Buffet in urging that Bush-era tax cuts for the wealthiest expire at the end of the year.”
Likely Ways And Means Chair On Bush Tax Cuts: ‘I Don’t Think You Have To Pay For Extensions Of Current Law’
From Pat Garofalo at the Center for American Progress
“A handful of Republicans, at the same time that they’re trying to seize the high-ground when it comes to fiscal responsibility, have scoffed at the notion that extending the Bush tax cuts should be considered a cost to the federal government. ‘I disagree with the premise that in order to keep tax rates where they are and not increase taxes, somehow we need to pay for that,’ said Sen. David Vitter (R-LA). ‘You’re talking about current tax policy. Why did it all of a sudden become something that we, quote, pay for?’ asked Senate Minority Leader Mitch McConnell (R-KY).
Ballot Question Results Show Anti-Tax And Spending Narrative Is Too Simplistic
From Pat Garofalo at the Center for American Progress
Republicans, in the wake of their large gains in last night’s elections, are claiming that the result was a referendum on government tax policy and a clear indication that Americans want less government spending. “If there is a verdict in this election it’s that we shouldn’t raise taxes,” said Rep. Mark Kirk (R-IL), who won his state’s open Senate seat. “Instead, we should cut spending.”
House Republicans Still Can’t Name Any Programs They Would Cut To Offset Extending The Bush Tax Cuts
From Pat Garofalo at the Center for American Progress
During this campaign season, many Republicans were loathe to lay out any spending cuts that they would make in order to offset their desire to extend all of the Bush tax cuts. Extending the entirety of the Bush tax package would cost nearly $4 trillion over ten years, including about $830 billion to extend the cuts for the richest two percent of Americans alone. House Republicans, though — including Pledge to America architect Rep. Kevin McCarthy (R-CA) — simply said that they would cut discretionary spending across-the-board to offset that cost. “The line item would be across-the-board,” McCarthy asserted.
GOP Rep. Cynthia Lummis Says Return Of Estate Tax Is Leading Her Constituents To Commit Suicide
From Zaid Jilani at ThinkProgress
The federal estate tax is currently “in limbo,” as congressional negotiations have bogged down and created a situation in which the tax isn’t in effect at all this year. If no action is taken, it will return next year at a rate of 55 percent (up from 45 percent) and exempt no more than $1 million of a person’s estate (congressional negotiators are trying to devise a different arrangement).
Vitter: ‘I Disagree With The Premise’ That Tax Cuts Should Be Paid For
From Pat Garofalo at the Center for American Progress
During a debate last night, Sen. David Vitter (R-LA) was asked what he would cut from the budget in order to offset the expense of extending the Bush tax cuts. Remember, a full extension would cost more than $4 trillion over ten years, while extending the cuts for just the richest two percent of Americans costs $830 billion. Rather than lay out where he would make cuts, Vitter rejected the premise of the question, scoffing at the very notion that tax cuts should be paid for.
Bringing home the bread, bringing home the vote
From Jeff Blum at USAction
“Nearly one in every ten breadwinners isn’t bringing home any bread tonight. The right-wing, extremist agenda tells us that the solution to this problem is tax breaks for the wealthy to “stimulate” the economy and cutting social programs to reduce the deficit. They choose deficit-reduction over job creation. But we know that the best way to reduce the deficit is to put America back to work. This is the narrative for November 2nd – the true narrative of the future.”
Toomey: ‘It’s Not Clear’ That Extending Bush’s Tax Cuts Would Increase The Deficit
From Pat Garofalo at the Center for American Progress
Some Republican Senate candidates have suggested that extending the Bush tax cuts — which are scheduled to expire at the end of the year — will actually be good for the country’s bottom line, as the economic growth that results will more than offset the trillions of dollars in lost revenue. “By extending tax cuts you pay down the deficit, you grow the economy by giving people more money,” said Colorado Republican Ken Buck.
Hot Topic
The Tax Compromise is Just the Start
While Congress and the President have reached a temporary deal on the Bush era tax cuts, there is still much work to be done. Click below to see what issues are still in play, and what’s up next for the tax debate.
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