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Economy

News Taxes Friday, Jun 3 2011

The Hill: Sen. Lugar calls for 'fair tax' in web video

On June 2, 2011, The Hill reported:

Indiana Sen. Dick Lugar (R) said outlined his support for the so-called fair tax in a web video released to supporters on Thursday. Lugar said he'd support tax reforms that abolish the IRS and replace the federal income tax with a national retail sales tax. There is currently legislation based on the fair tax plan pending in Congress, but observers say it has little chance of becoming law.

News Energy Taxes Saturday, Jan 1 2011

Dean Heller On Tax Breaks For Oil Companies

Heller Voted To Keep Oil And Gas Subsidies While Not Voting To Renew Renewable Energy Loan Guarantee Program. Heller voted to keep billions in tax breaks for oil and gas while voting against the renewable energy loan guarantee program that funded projects such as the Crescent Dunes plant in Tonopah, NV. Ian Rogoff, the executive chairman of Heliopower, an integrated energy develop company, commented that the federal government favored oil and gas companies over renewable energy, “Oil and gas tax benefits have been renewed, which means government support for those industries has been renewed ... for the most part, these incentives [such as loan guarantees] are just in place to allow these new technologies and new industries to compete effectively, and compete against incumbents.” [Las Vegas Sun, 5/25/11; Las Vegas Review-Journal, 6/25/11, Las Vegas Sun, 5/20/11] Heller Voted to Protect Oil Company Tax Breaks Over Middle Class. In 2008, Heller voted to kill a one-year adjustment for the Alternative Minimum Tax with instructions that it be reported back promptly with language that would eliminate tax increases providing offsets in the bill, and provide that deductions in mileage rates for vehicles used for charitable purposes are treated the same as medical travel and moving rates. Democrats put revenue-raising offsets into the bill, arguing that the $62 billion in revenue that would be lost through the patch must be made up. The revenue increases targeted private-equity managers, the oil and gas industry, certain foreign-owned corporations and merchants who underreport their income. Republicans contended that offsets were unnecessary because the patch would simply maintain the tax status quo. They also said a temporary tax reprieve should not require permanent revenue increases and argued that the budget deficit should be closed by spending cuts, not revenue increases. Rep. McCrery, the ranking member of the Ways and Means Committee, offered the motion to recommit that would have removed the offsets and increased the tax deduction for miles driven for charitable purposes. McCrery warned about the proposal’s economic effects, saying “that change in our tax code would discourage, at the margin, that capital from coming to this country, being invested in this country and creating jobs in this country,” he said. The motion failed, 199-222. [Vote #454, 6/25/2008; CQ Today, 6/25/08]

News Taxes Saturday, Jan 1 2011

Mitt Romney On Taxes

In September, 2011 Mitt Romney Said He Would Keep The Bush Tax Cuts In Place. The Washington Post reported that “Romney said he would keep the Bush-era income tax cuts unchanged.” [The Washington Post, 9/6/11] CBO: One-Third of The Bush Tax Cuts Went To People With the Top 1% of Income, Who Earn On Average $1.2 Million. “Fully one-third of President Bush’s tax cuts in the last three years have gone to people with the top 1 percent of income, who have earned an average of $1.2 million annually, according to a report by the nonpartisan Congressional Budget Office to be published Friday… The new estimates confirm what independent tax analysts have long said: that Mr. Bush’s tax cuts have been heavily skewed to the very wealthiest taxpayers.” [Washington Post, 8/13/04]

News Economy Saturday, Jan 1 2011

Scott Brown On The Economy

Brown Opposed Small Business Tax Breaks Bill, Which Passed Without His Support. In September 2010, Brown opposed and attempted to filibuster a bill to provide small businesses with tax breaks and other benefits. “The measure…would create a $30 billion government fund to encourage lending and would eliminate capital gains taxes for long-term investors in some small businesses.” In explaining his opposition, Brown said that the bill included a provision “just like TARP”. The bill included the extension of some Small Business Administration lending programs and fee waivers, which some 2,270 Massachusetts small businesses had already taken advantage of according to the SBA. The measure passed without Brown’s support. [Boston Globe, 9/15/10]

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