Category Archives: tax cuts

Congressman Frank Pallone’s Statement on Payroll Tax Cut, Unemployment Insurance and Medicare Doc Fix

WASHINGTON D.C.—On Friday, February 17, 2012, Congressman Frank Pallone, Jr. spoke on the floor of the House of Representatives on the extension of the Payroll Tax Cut, Unemployment Insurance and Medicare doctor’s payment fix. The bill will continue vital programs that provide tax cuts averaging $1,000 for more that 160 millions Americans, extend unemployment insurance payments for those who are out of work through no fault of their own and ensure that doctors can continue to treat Medicare patients. While the extensions of the programs are critical, Congressman Pallone expressed his disappointment that the programs have been saved by cutting benefits to federal workers and payments to hospitals and nursing facilities.

The following is the statement Congressman Pallone delivered on the House Floor:

Thank you, M. Speaker. Today’s payroll tax conference agreement will provide $1,000 in the pockets of more than 160 million Americans and ensure that approximately 3.5 million Americans will continue to benefit from much needed unemployment insurance. We have also protected seniors’ ability to see their doctors with an SGR fix through the end of the year.

Despite these critical provisions, this is a difficult vote to take. I am greatly disappointed over how these extensions are offset. First, the unemployment extension is paid for on the backs of middle class Federal workers. These hardworking men and women continue to be targeted in this Congress – but yet they are not the reason for our nation’s deficits. Meanwhile, my Republican colleagues refuse to require the wealthiest few to pay their fair share.

Secondly, the SGR fix is being paid for with critical health care dollars. In fact, the bill slashes one of the most important investments this country has ever made in preventive health. That is extremely short-sighted. We cannot continue down that path or we will never address the real cost concerns of our health care system.

Sadly, the bill also manages to cut from one provider – hospitals and nursing homes – to help pay for another – physicians. We cannot rob Peter to pay Paul and our health care system cannot sustain further provider cuts. Meanwhile, there is still no permanent solution to an ongoing SGR problem that cannot continue to be kicked down the road again.

I will vote in favor of this bill, but I do so with grave reservations. Thank you.

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Filed under Congressman Frank Pallone, House Floor statement, Medicare, payroll tax, tax cuts, unemployment benefits

Media Myth That Cutting Taxes Boosts Revenue Revived For 2012

Media Matters has a terrific post about the myth that tax cuts generate revenues and that bigger tax cuts generate larger revenues.

Media Matters shows how these claims are debunked by not only by those on the Left, like Paul Krugman but also by those on the Right, who actually proposed the claim and sold it to Ronald Reagan and George w. Bush.

Martin Feldstein, a Harvard economist who was the first chairman of President Reagan’s Council of Economic Advisers estimated that a 10 percent tax cut would in fact reduce tax revenue — but only by 3 to 5 percent.

“It is not that you get more revenue by lowering tax rates, it is that you don’t lose as much,” he said. [The New York Times, 3/26/08]


Read … Here

This post I think ties in nicely with the last post from NJPP about what our tax dollars actually pay for.

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Filed under Martin Feldstein, Media Matters, media myth, New Jersey Policy Perspective, Paul Krugman, President George W. Bush, Ronald Reagan, supply side economics, tax cuts, tax revenues

As A Matter Of Fact ….What Do Taxes Pay For? A Better Quality of Life for Our Children

January 25th, 2012, by Jon Whiten Published in NJPP Blog: As a Matter of Fact …


While it’s a well-worn cliché that “nobody likes to pay taxes,” one question isn’t asked often enough: what do those taxes pay for?

According to a new national study, they pay for a higher quality of life for our children.

Investing in Public Programs Matters: How State Policies Impact Children’s Lives, released last week by the Foundation for Child Development (FCD), finds “a strong relationship” between state tax rates and the overall quality of life for children.

The report’s key findings are that “higher state taxes are better for children,” and that “greater investments in government programs are strongly related to better quality-of-life for children in a state.”

The report, along with the annual KIDS COUNT data book that ranks New Jersey fifth — comes as states around the country, including New Jersey, are reacting to fiscal crises with austere, cuts-only spending plan, and it shows the folly of such an approach.

“Although states are currently revenue-starved, this is exactly the wrong time to reduce taxes,” says FCD president Rudy Takanishi. “The revenues generated by taxes should be used to invest more in the education and health of our children. Policymakers must recognize that the cost of shortchanging children today is too high a price to pay in the future.”

There’s good news here for New Jersey: the Garden State ranked first in the nation on the Child Well-Being Index, barely edging out Massachusetts. This finding, based on 2007 data, reaffirms the need to resist further cuts to education and other crucial public programs.

The stakes — our children’s well-being, and our state’s future prosperity – couldn’t be higher.

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Filed under As a Matter of Fact, blog, Child Well-Being Index, education cuts, Foundation for Child Development (FCD), Kids Count, New Jersey Policy Perspective, quality of life, tax cuts, Taxes

President Obama’s Weekly Address 12/3/11 : Extending and Expanding the Payroll Tax Cut

President Obama calls on Congress to extend and expand the payroll tax cut — to protect middle class families and ensure that the economy continues to grow

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Filed under economy, jobs bill, payroll tax, President Obama, tax cuts, unemployment rate, weekly address

What If Everyone Saw This Clip Of Robert Reich Exposing 7 GOP Lies?

Robert Reich reveals the 7 biggest lies about the economy.

Stay informed my friends.

from Moveon.org

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Filed under 7 lies, deficit reduction, economic growth, Medicare, MoveOn.org, Robert Reich, Social Security, tax cuts

President Obama’s Weekly Address 10/1/11: Democrats and Republicans Should Get Together and Pass the American Jobs Act

WASHINGTON—In this week’s address, President Obama told the American people that it has been nearly three weeks since he sent Congress his jobs bill, and now it is time for Congress to send it back so that it can be signed into law. Economists agree that the American Jobs Act will spur hiring and boost the economy, and it will give workers and small businesses tax cuts, get construction workers back to work rebuilding our roads and bridges, and put more teachers in classrooms and cops on the streets. Too many Americans are struggling and need help now, and so Republicans and Democrats should come together without delay to pass the American Jobs Act.

http://www.whitehouse.gov/sites/all/modules/swftools/shared/flash_media_player/player5x2.swf

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Filed under American Jobs Act, Congress, economic growth, job growth, President Obama, tax cuts, weekly address

President Obama’s Weekly Address 9/17/11: Passing the American Jobs Act

WASHINGTON—In this week’s address, President Obama urged Congress to pass the American Jobs Act without delay so that businesses will be able to hire more workers and every American who wants a job will be able to find one. The President’s jobs bill keeps cops on the streets and teachers in the classrooms, cuts taxes for small businesses, and puts construction workers back to work without adding to the deficit. All Americans who agree with the President’s plan should call their elected officials and tell them that it’s time to pass the jobs bill, which will ensure that everyone pays their fair share and that we live within our means as we help the economy continue to grow.

http://www.whitehouse.gov/sites/all/modules/swftools/shared/flash_media_player/player5x2.swf

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Filed under American Jobs Act, economic growth, President Obama, small businesses, tax credits, tax cuts, unemployment, weekly address, Whitehouse.gov, working families