Tag Archives: Tax

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Here are stories published today.

Financial reforms take hold in 2011 | 2011-02-09

New laws mean simplified mortgage disclosures, a consumer finance watchdog and more. http://www.bankrate.com/finance/personal-finance/new-financial-regulations-take-hold-in-2011-1.aspx?ec_id=brmint_newsalert_20110208

When to seek a credit consolidation loan | 2011-02-09

A credit consolidation loan can solve your debt problems faster, if you know how to use one. http://www.bankrate.com/finance/debt/getting-a-credit-consolidation-loan.aspx?ec_id=brmint_newsalert_20110208

Is mortgage payment help taxable? | 2011-02-09

The IRS taxes mortgage payments made by your insurer, but you can still deduct interest. http://www.bankrate.com/finance/taxes/is-mortgage-payment-help-taxable.aspx?ec_id=brmint_newsalert_20110208

A massive game of chicken


Click here to sign the letterI am angry and frustrated that national Republicans, yet again, played political games and held the middle class hostage to extend tax cuts for the wealthiest Americans who need them the least. It is irresponsible, selfish, and wrong.

At the end of the day, I voted for this tax package to protect middle-class families from a tax hike while extending unemployment benefits for 13 months, continuing the sales tax deduction, cutting payroll taxes, and doing everything we can to create jobs.

But it came at tremendous cost.

So I want you to join me in telling Senate Republican Leader Mitch McConnell, House Republican Leader John Boehner, and their right-wing colleagues that we won’t forget how they put their wealthy special interest backers ahead of the national interest and ahead of hard-working families all across America -– and we’re going to hold them accountable.

Click here to sign my open letter to Senator McConnell, Representative Boehner, and the Republican Party now -– and join me in committing to repealing these wasteful tax cuts for the wealthy as soon as we can!

While Democrats offered plans to extend middle-class tax cuts for more than 98% of all Americans, Representative Boehner, Senator McConnell, and their right-wing colleagues refused.

Quite simply, they were willing to play a massive game of chicken with the American people and let all the tax cuts expire unless they got billions of dollars to funnel back to their wealthy corporate backers.

There’s no doubt about it: This package will help millions of hard-working Americans who are doing everything they can to get by in these tough times and keep more of their hard-earned money. And it will stop Republicans from cold-heartedly cutting off unemployment benefits to people who are fighting to find jobs, keep their homes, and feed their families during the holidays.

But, to overcome Republican obstruction and selfishness, helping these middle-class families required an unnecessary and irresponsible tax giveaway for the very wealthiest Americans who aren’t facing the same challenges.

It’s outrageous.

Click here to sign my open letter to Senator McConnell, Representative Boehner, and the Republican Party now — and tell them we’ll hold them accountable for their irresponsibility!

I’m so thankful that by extending middle-class tax cuts, continuing the sales tax deduction, and extending unemployment insurance that we’ll be helping middle-class families and getting our economy back on track.

But I won’t forget the price that national Republicans made us pay to do the right thing.

And, with your help, we’ll roll back these irresponsible Bush tax cuts for the wealthy at the earliest possible opportunity.

Thanks for standing with me and speaking out.

Sincerely,

Patty Murray
U.S. Senator

The Obameter: Tracking Obama’s Campaign Promises …from PolitiFact


PolitiFact has compiled about 500 promises that Barack Obama made during the campaign and is tracking their progress on our Obameter. We rate their status as No Action, In the Works or Stalled. Once we find action is completed, we rate them Promise Kept, Compromise or Promise Broken.

In the Works

No. 1: Increase the capital gains and dividends taxes for higher-income taxpayers

Increase capital gains and dividends taxes from 15 to 20 percent for those making more than $250,000 (couples) or $200,000 (single)

>>More

In the Works

No. 2: Eliminate all oil and gas tax loopholes

“Eliminating special tax breaks for oil and gas companies: including repealing special expensing rules, foreign tax credit benefits, and manufacturing deductions for oil and gas firms.”

>>More

Compromise

No. 3: Eliminate capital gains taxes for small businesses and start-ups

“Barack Obama understands that small businesses are the engines of our economy, and he will eliminate all capital gains taxes on investments in small and start-up firms.”

>>More

In the Works

No. 4: Extend child tax credits and marriage-penalty fixes

Will extend aspects of the Bush tax cuts such as child credit expansions and changes to marriage bonuses and penalties.

>>More

Compromise

No. 5: Expand the earned income tax credit

Expand the earned income tax credit for workers without children and taxpayers with more than three children. Equalize threshholds for married filers and head of household filers.

>>More

Promise Kept

No. 6: Create an Advanced Manufacturing Fund to invest in peer-reviewed manufacturing processes

“Will create an Advanced Manufacturing Fund to identify and invest in the most compelling advanced manufacturing strategies. The Fund will have a peer-review selection and award process based on the Michigan 21st Century Jobs Fund, a state-level initiative that has awarded over $125 million to Michigan businesses with the most innovative proposals to create new products and new jobs in the state.”

>>More

In the Works

No. 7: Double funding for the Manufacturing Extension Partnership, a program that encourages manufacturing efficiency

“The Manufacturing Extension Partnership (MEP) works with manufacturers across the country to improve efficiency, implement new technology and strengthen company growth. This highly-successful program has engaged in more than 350,000 projects across the country and in 2006 alone, helped create and protect over 50,000 jobs. But despite this success, funding for MEP has been slashed by the Bush administration. Barack Obama and Joe Biden will double funding for the MEP so its training centers can continue to bolster the competitiveness of U.S. manufacturers.”

>>More

In the Works

No. 8: Include environmental and labor standards in trade agreements

“He will use trade agreements to spread good labor and environmental standards around the world”

>>More

Stalled

No. 10: Expand the child and dependent care credit

Expand and make refundable the child and dependent care credit.

>>More

Stalled

No. 11: Require publicly traded financial partnerships to pay the corporate income tax

Require publicly traded financial partnerships to pay the corporate income tax.

>>More

In the Works

No. 12: Create an international tax haven watch list

Create an international tax haven watch list of countries that do not share information returns with the United States.

>>More

Stalled

No. 14: Close loopholes in the corporate tax deductibility of CEO pay

Congress has set rules regarding the tax deductibility of the salaries of CEOs, but forms of non-salary compensation have become popular. Obama would look at revamping definitions of compensation.

>>More

Compromise

No. 15: Create a foreclosure prevention fund for homeowners

Create a $10 billion fund to help homeowners refinance or sell their homes. “The Fund will not help speculators, people who bought vacation homes or people who falsely represented their incomes.”

>>More

Promise Kept

No. 16: Increase minority access to capital

“Strengthen Small Business Administration programs that provide capital to minority-owned businesses, support outreach programs that help minority business owners apply for loans, and work to encourage the growth and capacity of minority firms.”

>>More

Promise Kept

No. 17: Require economic justification for tax changes

Adopt the economic substance doctrine, a policy that states that tax changes must have significant economic justification, as a federal law.

>>More

Stalled

No. 18: Provide option for a pre-filled-out tax form

Will direct the Internal Revenue Service to “give taxpayers the option of a pre-filled tax form to verify, sign and return to the IRS or online. This will eliminate the need for Americans to hire expensive tax preparers and to gather information that the federal government already has on file.”

>>More

Stalled

No. 19: Create a mortgage interest tax credit for non-itemizers

Create a refundable tax credit equal to 10 percent of mortgage interest for nonitemizers, up to a maximum credit of $800.

>>More

In the Works

No. 20: Make permanent the Research & Development tax credit

The Research & Development tax credit and the renewable energy production tax credit are intended to spur innovation in the private sector, but the tax credits have expiration dates under current law. Obama would make them permanent.

>>More

In the Works

No. 21: Require automatic enrollment in 401(k) plans

Automatic enrollment in 401(k) plans for workers whose employers offer retirement plans.

>>More

In the Works

No. 22: Require automatic enrollment in IRA plans

Require employers who do not offer retirement plans to offer their workers access to automatic IRAs and contribute via payroll deduction.

>>More

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Call Now: Congress set to make critical renewable energy decision


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Union of Concerned Scientists
Call Today!
Please call your senators and representative IMMEDIATELY and ask them to support a final tax bill that includes the extension of the renewable energy tax credit program.

Call Your Legislators Today to Extend the Renewable Energy Tax Credits

You’ve probably heard that Congress is currently working on a bipartisan effort to extend tax breaks for U.S. families and businesses. Included in that process is the renewable energy tax credit program, which is set to expire this December. This grant program has been critical to the growth of the renewable energy sector and has supported the development of thousands of clean energy jobs over the past two years.

If this program is renewed, the wind industry alone is poised to create 20,000 new jobs in 2011. If Congress allows it to expire, Americans will be laid off, while we lose the clean energy manufacturing race with China.

Decisions on these critical clean energy tax credits could happen in the next day or so. Please call your senators and representative IMMEDIATELY and ask them to support a final tax bill that includes the extension of the renewable energy tax credit program.
Click here to find your legislators’ phone numbers, talking points for your call, and an easy form you can use to report back to us. Any information you provide will help us in our efforts.

Take Action Today!

Sincerely,
Megan Rising
Megan Rising
National Field Organizer
UCS Climate and Energy Program

Time to Focus on Middle Class Tax Relief


National Women's Law Center
Tell the Senate: Pass a Middle Class Tax Relief Package
Struggling families and the vulnerable U.S. economy need strong, progressive tax policies. The Senate must act now!
Register Now

These days, every newspaper, television, and radio show seems fixated on one thing: taxes. But after so much talk and speculation, tax packages are finally moving in Congress and we need to cut through the media buzz. It’s time to focus on what’s important: tax relief for struggling families.

At long last, the House voted for a middle class tax relief package, and we must urge the Senate to do the same.

Just yesterday, the House of Representatives passed legislation that includes essential tax cuts for middle class families. Even more importantly, the package includes valuable refundable tax credits that help working families — like the child tax credit and the earned income tax credit. The package also allows tax cuts benefiting only the wealthiest 2% of Americans to expire as scheduled, ensuring that help is directed to those who need it most.

The House set a good precedent and now we need the Senate to act. E-mail your Senator and ask them to pass a middle class tax relief package!

Time is running out. These provisions, unless extended, will expire at the end of this month, leaving families out in the cold.

Please take action today! We expect a vote in the Senate as soon as tomorrow and we need them to focus on the needs of the middle class and struggling families, not the very wealthy.

Thank you for your support!

Sincerely,

Reggie Oldak Reggie Oldak
Senior Counsel
National Women’s Law Center