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February 13, 2012

GOP caves on payroll tax cut; 10-month extension set to pass

  • 10 month extension of the payroll tax cut is likely to pass source

» Good news for Democrats:  GOP leadership has indicated that they’ll pass a 10-month extension of the payroll tax without any offsets in spending. Democrats had wanted to balance the tax cut, in part, with higher taxes on the rich; Republicans wanted to do so, in part, with cuts to unemployment benefits. Ultimately, they couldn’t agree, and so it will be passed with no offsets at all. Why is this good news for Democrats? Well, the GOP took a hard-line against the payroll tax cut—which largely benefits the middle-class—last December, making the once-benign policy a partisan issue. Democrats, by and large, were okay passing it sans offsets—the suggestion to pay for it via tax cuts on the rich was more a general effort to increase taxes on the rich—and so the fact that the extension is going to pass is a political and legislative win for Democrats. But the extension expires in ten months—right around the presidential election—so this fight is only over in the short-term.

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16:47 // 2 years ago
Obama vs. Romney on tax rates: As you can see, rates are largely the same—except for the nation’s richest and poorest. The poor would pay almost twice as much in taxes under Romney’s plan; meanwhile, the very richest in the country would be forced to cough up about 10% more of their income under Obama. The net effect? In short, Romney’s plan would reduce federal revenues to about 17% of GDP—down .9% from where they are now. Obama’s budget would raise revenues 19.2%, with most of that money coming from those making over $250,000 a year (Graphic and data courtesy of The Washington Post / Tax Policy Center).

Obama vs. Romney on tax rates: As you can see, rates are largely the same—except for the nation’s richest and poorest. The poor would pay almost twice as much in taxes under Romney’s plan; meanwhile, the very richest in the country would be forced to cough up about 10% more of their income under Obama. The net effect? In short, Romney’s plan would reduce federal revenues to about 17% of GDP—down .9% from where they are now. Obama’s budget would raise revenues 19.2%, with most of that money coming from those making over $250,000 a year (Graphic and data courtesy of The Washington Post / Tax Policy Center).

16:15 // 2 years ago
August 29, 2011
House Republicans plot major deregulatory push
Deregulation = jobs: A memo obtained by ShortFormBlog contains details of an upcoming Republican effort to push massive deregulatory legislation through the House of Representatives, in hopes of unshackling “costly bureaucratic handcuffs” faced by businesses. The letter, sent today by Eric Cantor to the House Republican caucus, details the “Top 10 Job-Destroying Regulations,” and how Republicans plan to address them. “By pursuing a steady repeal of job-destroying regulations,” Cantor wrote, “we can help lift the cloud of uncertainty hanging over small and large employers alike, empowering them to hire more workers.” Some key proposals:
Weakened emission limits  The TRAIN (Transparency in Regulatory Analysis of Impacts on the Nation) Act, along with the EPA Regulatory Relief Act, would delay implementation of EPA standards intended to limit air pollution.
Limiting union power The Protecting Jobs From Government Interference Act would limit the National Labor Relations Board’s power, rescinding its ability to influence relocation of manufacturing plants.
Farm dust for all The Farm Dust Regulation Prevention Act would, as expected, restrict the federal government’s ability to regulate farm dust, allowing it to do so only within state and local regulations. source
» In keeping with Republican orthodoxy, Cantor also proposes to two tax cuts (one for government contractors, another for small businesses), and the repeal of unspecified provisions of the Affordable Care Act. What do you all think of Cantor’s plan? Read the whole thing at the link. (AP Photo)
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Deregulation = jobs: A memo obtained by ShortFormBlog contains details of an upcoming Republican effort to push massive deregulatory legislation through the House of Representatives, in hopes of unshackling “costly bureaucratic handcuffs” faced by businesses. The letter, sent today by Eric Cantor to the House Republican caucus, details the “Top 10 Job-Destroying Regulations,” and how Republicans plan to address them. “By pursuing a steady repeal of job-destroying regulations,” Cantor wrote, “we can help lift the cloud of uncertainty hanging over small and large employers alike, empowering them to hire more workers.” Some key proposals:

  • Weakened emission limits  The TRAIN (Transparency in Regulatory Analysis of Impacts on the Nation) Act, along with the EPA Regulatory Relief Act, would delay implementation of EPA standards intended to limit air pollution.
  • Limiting union power The Protecting Jobs From Government Interference Act would limit the National Labor Relations Board’s power, rescinding its ability to influence relocation of manufacturing plants.
  • Farm dust for all The Farm Dust Regulation Prevention Act would, as expected, restrict the federal government’s ability to regulate farm dust, allowing it to do so only within state and local regulations. source

» In keeping with Republican orthodoxy, Cantor also proposes to two tax cuts (one for government contractors, another for small businesses), and the repeal of unspecified provisions of the Affordable Care Act. What do you all think of Cantor’s plan? Read the whole thing at the link. (AP Photo)

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17:42 // 3 years ago
June 15, 2011

Pawlenty’s extreme tax proposal

  • 73% Pawlenty’s tax cut for the 400 richest Americans source

» During his time as Minnesota’s governor, Tim Pawlenty staked out a few moderate stances. This is understandable, as Minnesota is a moderate state. But moderation doesn’t fly in the current incantation of the Republican party (just ask Mike Castle or Bob Bennett). It especially doesn’t fly for Republicans who want to be President, and perhaps no position is as sacrosanct to the modern Republican party as that of low taxes. Still, Pawlenty’s proposed tax plan is really extreme, even by supply-sider standards; for example, he proposes that millionaires alone receive a 41% tax cut. So, while it’s understandable that T-Paw wants quell the concerts of Republican primary voters by tacking to the right, we wonder if he really needed to adopt a tax plan that, in the words of Ezra Klein, “makes George W. Bush look like Robin Hood.”

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22:15 // 3 years ago