Tuesday, July 17, 2012

Senate Tax Plan - #4048 - Senate Democrats Move to Raise Taxes on Upper Income Earners - Hot Air (2) Americans Will Work More Than 6 Months to Pay Cost of Government in 2012 - CNS News

**NOTE:  JIM WEBB HAS STATED HE WILL NOT SUPPORT THE DEMOCRATIC TAX PLAN, AND MARK WARNER IS LISTED AS QUESTIONABLE. IN VIRGINIA: PLEASE CALL BOTH SENATORS AND LET THEM KNOW YOUR VIEWS ON THE DEMOCRATIC PLAN TO RAISE TAXES ON THOSE MAKING MORE THAN $200,000, AND THE OTHER RATES AS LISTED BELOW. Jim Webb - 202-224-4024, Mark Warner - 202-224-2023.
On Friday evening Politico reported a tax package intended to keep the Bush tax policies in place for individuals making less than $200,000 annually and couples making $250,000 annually — in addition to patching the Alternative Minimum Tax for one year — is making its way around Capitol Hill. From the article: The 20-page draft Democratic proposal obtained by POLITICO includes these provisions: a 20 percent capital gains rate on those earning more than $200,000, couples over $250,000; a 20 percent dividend rate on those earning more than $200,000, couples over $250,000; estate taxes would apply to estates worth more than $3.5 million with a maximum rate up to 45 percent; extensions of the American Opportunity Tax Credit for college standouts, as well as an expanded child tax credit and Earned Income Tax Credit for poorer Americans; and a one-year patch for the alternative minimum tax. None of this is unexpected, but the plan has run into four problems. First, at least two Senate Democrats are standing against the plan: Sens. James Webb (D-Va.) and Joe Lieberman (I-Conn.) have already publicly stated that they will not support the Obama-Democratic leadership position. Democratic sources say that two embattled Democratic incumbents, Jon Tester (Mont.) and Claire McCaskill (Mo.), will likely back the plan. Another concern for Reid will be Sens. Maria Cantwell (D-Wash.) and Mark Warner (D-Va.). With only 53 Democrats — and Reid calling for a straight majority vote for any tax proposal — Democratic leaders cannot afford to lose any support.  Read more...........

Americans Will Work More Than 6 Months to Pay Cost of Government in 2012 - CNS News - This year, Americans have to work until July 15 to pay for the burden of government, more than six months. In a new report, Americans for Tax Reform (ATR) has calculated that Americans will spend a total of 197 days toiling to pay for the cost of government. "Cost of Government Day is the date of the calendar year on which the average American worker has earned enough gross income to pay off his or her share of the spending and regulatory burden imposed by government at the federal, state and local levels," reads the report.  Read more......

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