September 2010 Archives

Group of House Democrats Support Tax Preferences for Wealthy Investor Class that President Reagan Ended

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Forty-seven House Democrats have reportedly written a letter to Speaker Nancy Pelosi calling for an extension of the Bush tax cuts on investment income for the richest two percent of Americans. These Democrats would preserve the historically low income tax rate of 15 percent for capital gains and stock dividends for the wealthiest taxpayers. This stance places them to the right of Ronald Reagan and illustrates a surprising lack of familiarity with history and economics.

Read the report. 

 

Last week, 31 House Democrats signed a letter to House Speaker Nancy Pelosi in support of extending the Bush tax cuts for all taxpayers, and thus opposing President Obama's proposal to allow the tax cuts to expire for the very rich. New data from Citizens for Tax Justice show that two-thirds of the House Democrats who signed that letter represent districts that have less than the average share of taxpayers rich enough to face higher taxes under President Obama's plan. Further, the claim made in the letter that these very rich taxpayers "are responsible for 25 percent of national consumer spending" is simply incorrect.

Read the report.

Congress About to Give Away the Farm

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Word on the street is that the Senate is considering including an unlimited farm exclusion from estate tax when it addresses the expiring Bush tax cuts during this work period. This report explains how this provision is not likely to help true family farms as much as extremely wealthy families who want to shelter their assets from the estate tax.

Read the report.

With both the Bush tax cuts and President Obama’s expansions of certain parts of those cuts set to expire at the end of 2010, the decisions Congress makes in the coming weeks will have very different effects on taxpayers at different income levels, according to a new report from Citizens for Tax Justice. The report shows that low- and middle-income taxpayers will pay higher taxes under the Republican approach than under President Obama’s approach. It also shows that the richest taxpayers will pay far less under the Republican approach than under President Obama’s approach.

Read the report and state-by-state fact sheets.

 

 

 

 

 

 

 

 

Myths and Facts about Tax Cuts

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Here are some of the myths you may have heard during the debate over tax cuts, as well as the facts.

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CTJ's Online Tax Calculator

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Use CTJ's online tax calculator to find out what tax cut you would receive under different tax proposals. Unless you are among the richest 2 percent of taxpayers, you will find that President Obama's tax proposal would benefit you as much as, or more than, an extension of all the Bush tax cuts.

Use CTJ's online tax calculator.



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