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"For the last several years, Democrats have been relentless at trying to undo a hotly debated tax incentive for large corporations that was signed into law as part of the 2009 deal. And now they're launching another shot.
The 2012 edition of "Cancel That Corporate Tax Break" at the state Capitol kicks off with a novel, and perhaps politically powerful, proposal from Assembly Speaker John Perez: use the resulting $1 billion in extra tax revenue to dramatically downsize the cost of a college education for middle-class families.
Perez formally introduced his plan Wednesday afternoon, to be contained in two bills -- AB 1500 and AB 1501. One bill will modify the state law allowing national corporations to calculate their tax liability based on their sales revenues inside California; the second bill will create a need-based scholarship for all UC and CSU students whose families make between $70,000 and $150,000 a year... a scholarship paid for with the higher corporate tax revenues.
Perez called it a matter of "tax equity" in a conference call with reporters launching his PR blitz, and even suggested that easing the financial pressures of California college students could itself provide an economic stimulus, given the widely agreed on importance of higher education to the state's economy."
"There really is no other way to say it: the Republicans won, the liberal Democrats lost, and the president sided with the Republicans. The subject, of course, is an agreement to extend all the Bust tax cuts. The president tonight announced a "bipartisan framework" for agreement on, among other things, to extend the Bush tax cuts for two years. A Republican House aide tells me tonight it is "a damn good deal." And so it is, from the perspective of conservatives.
As they've been demanding, all of the Bush tax cuts are extended for two years. The estate tax that was due to pop back up to a rate of 55 percent was retained, but with a $5 million exemption and at a rate of 35 percent (better than Republicans privately expected). For that huge concession, the president extracted... a 13 month extension in unemployment benefits.
Now it's true that the deal includes a one-year payroll tax cut of 2 percent. Plus other tax credits -- the earned income credit, the child tax credit and the newly-created college credit -- all remain in place. And businesses will be allowed to expense 100 percent of their purchases for equipment. Liberals and White House spinners will argue that the White House "wanted" many of those tax credits and breaks, but in point of fact the Republicans didn't mind giving more tax breaks. It sounds better to slide those items into the White House's column, but really the only concession by the Republicans was on extension of the unemployment benefits."
"President Obama and congressional Republicans have reached a tentative deal to extend the Bush tax cuts for all income levels
and are presenting the proposal to congressional Democrats Monday afternoon, The Daily Caller has learned.
The deal will extend the current tax levels for two more years, preventing taxes from going up on any income levels, despite the wishes of many liberal Democrats — including Obama — that individuals making more than $200,000 a year and families with more than $250,000 a year in income see their rates go up.
In exchange, Republicans have agreed to extend unemployment insurance benefits
for an additional 13 months.
Obama presented the proposal to Democratic congressional leaders at the White House Monday afternoon, seeking to obtain their approval for the deal.
A House Democratic leadership source cautioned that the full party caucus will need to give their approval to any deal, which House Speaker Nancy Pelosi, California Democrat, will likely present to them at a Tuesday evening meeting.
Other details include a temporary two percent reduction in payroll taxes to replace Obama’s “Making Work Pay” tax credit from the 2009 stimulus bill, and a compromise on the estate tax, which will be set for two years at 35 percent, with a $5 million exemption amount.
The tax rate for capital gains and dividends will be maintained at 15 percent. "
"Top senators from both parties indicated Sunday that a deal was likely soon on temporarily extending Bush-era tax cuts for all Americans, along with unemployment benefits that have expired.
However, Republican senators made clear they are unlikely to budge in their opposition to other Democratic priorities in the final weeks of the lame-duck session of Congress that ends in early January.
Senate Minority Leader Mitch McConnell, R-Kentucky, told the NBC program "Face the Nation" he was "optimistic" about an agreement on the tax rates and jobless benefits, but added there likely wasn't time for the Senate to ratify a new nuclear arms treaty with Russia or complete work on a major defense bill that includes repeal of the "don't ask, don' tell" policy banning openly gay and lesbian soldiers."
"Failure by Congress to extend the Bush tax cuts, especially locking in the 15 percent capital gains tax rate, will spark a stock market sell off starting December 15 as investors move to lock in gains at a lower rate than the 20 percent it would jump to next year, warn analysts.
While it is unclear how bad the sell off could be, it could wipe out the year's gains, they warn.
"Capital gains tax rate will increase from 15 to 20 percent if the tax cuts are not extended. The last time the capital gains tax rate increased--on Jan. 1, 1987 from 20 to 28 percent--investors realized their gains at the lower tax rate," said Daniel Clifton at a Washington partner at Strategas Research Partners. "We would expect a similar effect this time around as investors see the tax rate going up and choose to realize their gains and incur the 15 percent tax."
In a memo to clients, Clifton says that the date most clients are focused on is December 15th for a deal in Congress before beginning to sell. One reason: Many stock options expire that day and investors have to act."
"Congressional Democrats rammed a bill through the House of Representatives Thursday indefinitely extending the Bush-era tax cuts only for families making $250,000 a year or less.
It would maintain the current Alternative Minimum Tax limit for two years.
The measure, which passed on a sharply polarized 234-188 vote, would allow the Bush tax cuts to expire after December 31 for the wealthiest Americans. Most Democrats backed the bill, while most Republicans opposed it.
GOP leaders are insisting on an extension of the tax cuts for all Americans. All 42 Senate Republicans publicly vowed Monday to prevent a final vote on any other legislative business in the lame duck session until Congress has "prevented the tax increase that is currently awaiting all American taxpayers.""
Millions of Americans enjoying their small windfall from President Barack Obama's "Making Work Pay" tax credit are in for an unpleasant surprise next spring.
The government is going to want some of that money back.
The tax credit is supposed to provide
The opinion polls have uttered. The country loves the new 50 per cent top rate of income tax. Soak the rich. Smash the bankers. So Government spin doctors are in second heaven. The Conservatives' silence redefines a tomb. And I suppose there'd be quite a
The government will increase its top rate of income tax to a higher than expected 50 percent from next year, Chancellor Alistair Darling said on Wednesday as he delivered the government's annual budget.
The tax band had originally been due to rise to 45
BRUCE BARTLETT WONDERS WHY TEA-PARTIERS ARE PROTESTING, as the United States remains a comparatively low-tax country. I think the protest isn’t about the present, but about where people fear the country is heading. And, once again, it’s time for this grap
To protest the allegedly high level of taxation in the United States, various right-wing groups are organizing tea parties around the country [for April 15] in the spirit of the Boston Tea Party of 1773.
The irony of these protests is that federal revenu
Taking inspiration from a landmark 1970s tax revolt, a determined group of activists say the moment is right for another voter uprising in California, where recession-battered residents have been hit with the highest income and sales tax rates in the nati
Speaking as one of those conservative reformers, I'd make two points. First, nobody was saying that tax cuts couldn't potentially become politically salient again if the Republicans got clobbered repeatedly at the polls and a sizable Democratic majority e
Just something to ponder. For a couple years now, there's been a growing chorus of pundits, analysts and — most significantly — conservative reformers who've claimed to one degree or another that the GOPs anti-tax posture has lost its political salience.
One of President Barack Obama's campaign pledges on taxes went up in puffs of smoke Wednesday.
The largest increase in tobacco taxes took effect despite Obama's promise not to raise taxes of any kind on families earning under $250,000 or individuals unde
Clovis voters soundly defeated a one-cent sales tax measure Tuesday night.
But City Council incumbents Lynne Ashbeck and Nathan Magsig, supporters of Measure A, beat challenger Douglas Foster, who ran a campaign in opposition to the sales tax measure. Tw
Fifty-eight percent (58%) of American adults are opposed to a government economic recovery plan that does not cut taxes, according to a new Rasmussen Reports national telephone survey.
Adults are evenly divided over whether they would support an economic
Americans have a deep and understandable aversion to gasoline taxes. In a culture more single-mindedly devoted to individual freedom than any other, tampering with access to the open road is met with visceral opposition. That's why earnest efforts to alte
One of Barack Obama's most potent campaign claims is that he'll cut taxes for no less than 95% of "working families." He's even promising to cut taxes enough that the government's tax share of GDP will be no more than 18.2% -- which is lower than it is to
California faces a $15 billion budget deficit and Democrats who rule the state Legislature have proposed closing the gap with a $9.7 billion tax hike on business and "the rich." There's a movie that describes this idea: Clueless.
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