ECONOMY — GRASSLEY SIGNS ON TO ESTATE TAX BILL THAT COULD EXEMPT HIS ENTIRE FORTUNE WHILE AFFECTING FEW OTHERS: President Bush’s massive tax cuts for the rich included a provision that that repealed the estate tax in 2010. Though the tax is slated to spring back to the 2001 rate in 2011, the House passed a bill late last year to re-establish the tax at the reduced 2009 level. Under this rate, estates worth less than $3.5 million pay no taxes at all, while larger estates pay 45 percent of anything above that threshold. As a bill to reinstate the tax is negotiated in the Senate, some senators have been pushing to cut this tax on multi-millionaires even lower to 35 percent, while raising the exemption to $5 million. Iowa’s Sen. Chuck Grassley (R) has signed onto the plan, thus coming out in support of what could be an enormous tax break for his own family. Grassley’s net worth is between $2.1 and $5.2 million, according to the Center for Responsive Politics, so his entire estate could be exempted under a $5 million exemption. Moreover, Grassley’s proposed tax cut would affect few families other than his own. If the 2009 rate were made permanent, 99.8 percent of estates would owe no tax at all. If these levels were made permanent, the Center for Budget and Policy Priorities points out that “[o]nly three percent of taxes owed” would be from estates that are, like Grassley’s, worth less than $5 million. The vast majority of current estate tax revenue comes from the “extremely wealthy,” with 62.5 percent of revenue coming from estates worth more than $20 million. Beyond this, the cut would cost $60 to $80 billion in lost revenue, which would have to be offset with spending cuts or other tax increases. As the Wonk Room’s Pat Garofalo has noted, it’s a huge waste to spend $60-80 billion in order to help the wealthiest 0.2 percent of households while we have soaring deficits and high unemployment.
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What an amazing night for progressives!
In Pennsylvania, progressive challenger Joe Sestak defeated Republican-turned-Democrat Arlen Specter in the primary!
In Arkansas, progressive challenger Bill Halter advances to a run-off election against corporate Democrat Blanche Lincoln. Lincoln only has 43% so far in a Democratic primary — giving Halter a great chance to win the run-off.
Thousands of PCCC members contributed time and money to these campaigns — and tonight, we shocked the political world.
Here are the top 3 progressive candidates on our radar:
- Bill Halter (D-AR) — is campaigning for the public option and cracking down on big Wall Street banks. Senator Blanche Lincoln helped Joe Lieberman kill the public option and has taken millions from Wall Street. Last week, she proposed cutting Social Security and Medicare while giving more tax cuts to the rich.
- Ann McLane Kuster (D-NH) — is the progressive running for Congress in a primary against Joe Lieberman’s 2004 presidential campaign co-chair, Katrina Swett. Annie supports the public option and is a longtime advocate for health care and women’s rights in New Hampshire. She’s running an amazing people-powered campaign.
- David Segal (D-RI) — is a progressive hero running in the primary for Patrick Kennedy’s open House seat. He’s both a state legislator and activist — and forged grassroots coalitions to pass laws cracking down on big banks, which he’s promised to continue in Congress. He’s also running a fantastic grassroots campaign.
Tonight, we proved that our support can truly help good candidates win!
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American Superconductor Signs $445 Million Contract (Update1)
By Mark Scott
May 17 (Bloomberg) — American Superconductor Corp. signed a $445 million contract to supply components to Chinese wind- turbine maker Sinovel Wind Group Co., helping cement the U.S. company’s position in the fastest-growing wind energy market.
The supplier, based in Devens, Massachusetts, will sell electrical devices for Sinovel’s 1.5-megawatt windmills for 30 months starting in early 2011, according to Greg Yurek, American Superconductor’s founder and chief executive officer.
“This contract will help us to continue to grow aggressively in China,” Yurek said in a phone interview. “If you want to be in wind, you have to be in China.” The U.S. company’s shares rose as much as 6.5 percent in Nasdaq trading.
Buoyed by $47 billion in stimulus spending for clean-energy projects, China installed more than twice the number of turbines in 2009 than in the previous year, Bloomberg New Energy Finance estimated. The country will add 18 gigawatts of capacity in 2010, equal to 15 new nuclear power plants, or double the wind turbines planned in the U.S., the second-largest market.
The contract extends an existing $450 million supply accord with Beijing-based Sinovel that will finish in the first half of 2011. The U.S. company made 70 percent of its 2009 revenue from the Chinese manufacturer, Barclays Capital has estimated.
Beijing-based Sinovel is China’s largest wind-turbine maker and ranks third worldwide behind Vestas Wind Systems A/S and General Electric Co. of the U.S., according to a 2009 report by Danish research firm Make Consulting.
Shares Climb
Shares in American Superconductor climbed as much as $2 in Nasdaq Stock Market composite trading. The stock traded at $32.43, up $1.47, or 4.8 percent, as of 10:10 a.m. local time.
To branch out, American Superconductor has signed several deals with other mainland firms since the fourth quarter of 2009. They include a $70 million contract with China’s Shenyang Blower Works on Jan. 2 and a $10 million agreement with Zhuzhou City-based CSR Zhuzhou Electric Locomotive Research Institute Co. Ltd. on March 3.
Even with the diversification, Sinovel remains the main customer for American Superconductor, Barclays Capital said.
“Sinovel continues to make up the majority of the company’s 12-month backlog,” Barclays Capital analysts said in a May 14 research note to investors.
–With assistance by Jeremy van Loon in Berlin; Editors: Todd White, Reed Landberg
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A border-only immigration bill?
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For months, Republican obstruction has slowed work on immigration reform in the Senate. And now we know why. Senators John McCain and Jon Kyl have been working on a bill that ignores real immigration reform so they can continue to use immigrants as a political punching bag. The Senators from Arizona have concocted a bill that does nothing to fix our broken immigration system. Their “border-only” bill focuses merely on enforcement and security – it doesn’t help our families, our communities, or our economy. It’s what you’d expect from senators who agree with their state’s decision to legalize racial profiling.
Click here to sign your name and send a fax The border-only bill does nothing to move the debate forward. All it does is provide political cover for people trying to stop real comprehensive immigration reform. We need a real debate on the floor of the Senate, not partisan posturing. Send a message to your Senator: we need debate, not false solutions. Thank you, p.s. We need to get 5,000 faxes to Senators today to show them how strong the opposition to this bill is – click here to send your fax, then forward this email to a friend!
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Tuesday News tips …
Democrats… true Democratic Candidates need We the People. It’s Super Tuesday, Primary day and as we all wait for the votes to come in it is important for all Democrats to GOTV for all the right Candidates who will continue with the great efforts to get our financial system, health care, climate change, immigration reformed, inplace and adjusted as needed. The focus should be progressives and or candidates willing to get us into the 21st Century and back in saddle again, or as the number one in the Nation.
The oil dump off the Gulf Coast has gotten to a point where everyone is now questioning what was said by the 3 stooges.. =BP/Halliburton/TransOcean from the beginning; did they start spinning from the beginning; why didn’t have equipment siphoning off oil right away. The conflicts between them was sad and offensive and when the final truth is that the equipment actually malfunctioned, that they were trying to draw oil from a blown well and mud, blow out switch or, top hat, junk shot and now siphoning, which probably should have been started sooner by people dressed in protective gear including masks.
immigration is still important and seems to be getting shoved under the rug; the polls have stated that people of America are sort of inclined to side on Gov Jan Brewer’s law… well, the poll question is what i question … the law is not stating that we need a comprehensive immigration reform … it states that the police will have the right to questions … by reasonable suspicsion…what is that? what does an illegal look like/what does an American look like? it means if you look like an undocumented or as most put it … if you look like an illegal then you are up for being stopped, questioned based on your accent, shoes and whatever will get you to show your papers. We all have to question what happens next? will police be paid at a higher rate because they are doing the job of a immigrant agent? and people need to know that police do commit errors, they do racially profile and in Seattle it was shown on camera … by a citizen…with audio and it def was racial profiling and racial slurs … the polls and how they are worded are the question
Other News …
**Pfizer to cut 6,000 jobs/closing more plants
**The Dow bounces back
**Republican Mark souder resigns after being caught having an affair with a staff aide
C-SPAN …
http://www.reuters.com/article/idUSN179665920100517
White House Press Briefing 5/17
Commerce Small Business Summit 5/17
Panelists Take Snapshot of Current Supreme Court Amid Changes
Coinciding with the recent release of “The Supreme Court: A C‑SPAN Book Featuring the Justices In Their Own Words,” C‑SPAN and the Library of Congress sponsor a discussion on the Supreme Court. Justice Stephen Breyer, Supreme Court reporters Joan Biskupic and Lyle Denniston, and former law clerk Maureen Mahoney take a look at the current make-up and issues facing the Court.
Primary Day Arrives in Oregon too!! Kentucky, Pennsylvania and Arkansas
Three state primaries being held today may shape the Congressional elections in November. In Pennsylvania, Incumbent Sen. Specter (D-PA) defends his seat from challenger U.S. Representative Joe Sestak (D). Also, Mark Critz (D) and Tim Burns (R) are in a special election to fill the seat of the late Rep. John Murtha (D). Kentucky holds a primary for the GOP U.S. Senate race with Trey Grayson, Rand Paul, Gurley L. Martin, John Stephenson and Jon J. Scribner. Lastly, incumbent Sen. Blanche Lincoln is up against challenger Lt. Gov. Bill Halter in the Arkansas U.S. Senate Democratic Primary.
Election Coverage: Tonight on C-SPAN Networks
New START Treaty Submitted To Congress
In April, Pres. Obama and Russian Pres. Medvedev signed a new Strategic Arms Reduction Treaty (START) that will limit long-range nuclear weapons. Sec. of State Hillary Clinton, Defense Sec. Robert Gates and Jt. Chiefs of Staff Chairman Adm. Michael Mullen discuss the treaty at a Senate Foreign Relations Cmte hearing. This would replace the 1991 Strategic Arms Reduction Treaty and the 2002 Moscow Treaty.
Senate Hearing: LIVE on c-span.org
START Signing Ceremony (4/8)
Lawmakers Examine Long Term Impact of Oil Spill
Congress continues its investigation into the Gulf oil spill, hearing from Obama Administration officials and executives from BP and Transocean. The Senate Commerce Cmte. will highlight the personal responsibility of BP and Transocean, while the heads of the Coast Guard and National Oceanic and Atmospheric Administration list short and long-term impact of the spill. Also, the Senate Environment Committee hears from EPA Admin. Lisa Jackson and Interior Sec. Ken Salazar on federal assistance in the Gulf Coast.
Commerce Cmte: c-span.org, 2:30pm ET
Environment Cmte: C-SPAN3 at 2:30pm ET
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