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Time to Pay Their Fair Share: Maine Can’t Afford to Extend the Bush-era Tax Cuts for the Wealthy Few

Time to Pay Their Fair Share: Maine Can’t Afford to Extend the Bush-era Tax Cuts for the Wealthy Few

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Published by Andrew Francis

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Categories:Types, Research
Published by: Andrew Francis on Aug 01, 2012
Copyright:Attribution Non-commercial

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05/13/2014

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Time To Pay TheirFair Share:
Maine Can’t Afford toExtend the Bsh-era Tax Ctsfor the Weath Few
July 2012
 
Time To Pay Their Fair Share:maiNe
ACKNOWlEDGMENTS
Tax data in this report has been prepared by Steve Wamhoff at Citizens for Tax Justice. Budget data has beencompiled by Kate Gallagher Robbins, Senior Policy Analyst, Julie Vogtman, Senior Counsel, and Abby Lane,Policy Fellow, at the National Women’s Law Center. The report was drafted by Frank Clemente, CampaignManager, Americans for Tax Fairness and Joan Entmacher, Vice President for Family Economic Security,National Women’s Law Center. State reports were compiled by Bill Gordon, Brian Salkin and Morgan Currier at Americans for Tax Fairness. The report’s design is by Deepika Mehta.
 AA f TA fA,
 Americans for Tax Fairness is a diverse campaign of more than 150 national,state and local organizations united in support of a tax system that works forall Americans. It has come together based on the belief that the country needscomprehensive, progressive tax reform that results in greater revenue to meetour growing needs. This starts by ending the Bush-era tax breaks for the richesttwo percent and by making critical investments that create and sustain jobswhile taking a balanced approach to addressing America’s fiscal challenges.
Tz f TA JuT, www.ctj.org
Citizens for Tax Justice, founded in 1979, is a 501 (c)(4) public interest researchand advocacy organization focusing on federal, state and local tax policies andtheir impact upon our nation. CTJ’s mission is to give ordinary people a greatervoice in the development of tax laws. CTJ fights for fair taxes for middle and low-income families; requiring the wealthy to pay their fair share; closing corporatetax loopholes; adequately funding important government services; reducing thefederal debt; and taxation that minimizes distortion of economic markets.
ATAl W’ lAW T, www.nwc.org
The National Women’s Law Center is a nonprofit organization working since1972 to expand opportunities and eliminate barriers for women, with amajor emphasis on family economic security, education and employmentopportunities, and women’s health and reproductive rights.
 
Time To Pay Their Fair Share:maiNe 1
 AT TE END F 2012, tax cuts signed into law byPresident George W. Bush that disproportionatelybenefit the wealthiest Americans will expire. At thesame time, improvements in the Earned Income TaxCredit (EITC) and Child Tax Credit (CTC) for workingfamilies that were enacted as part of the 2009 AmericanRecovery and Reinvestment Act also will expire.Congress must decide whether to begin to restorebasic fairness to our tax system by ending the Bush-era tax cuts for the richest two percent—householdswith income above $250,000 a year—whileextending the tax cuts for 98 percent of Americans.President bama would extend the Bush-era incometax cuts on household income up to $250,000($200,000 for an individual), and would extend the2009 improvements in the EITC and CTC. Thisapproach would give the 98 percent of Americanswith incomes below those levels their full tax cuts in2013. The richest two percent also would receive atax cut on their first $250,000 in income; but the taxcuts would end on income above those high levels.Republicans in Congress want to extend the Bush-era tax cuts on all income, including income above$250,000—but end the improvements in the EITC andCTC that benefit lower-income working families.
Ineffect, they would pay for big tax cuts for the wealthy  by making low-income working families pay more intaxes, cutting priorities that strengthen the economy  and the middle class, and borrowing even more.
Ending the Bush-era tax cuts for the richest twopercent is simply asking them to pay their fair share.If unaffordable tax breaks for the wealthy arecontinued, we won’t be able to address nationalpriorities, such as repairing our crumblinginfrastructure, improving education, helping vulnerablechildren and seniors, and reducing the deficit.Extending the tax cuts for the richest two percentwould cost the federal government about $1 trillionover the next 10 years, including added interest onthe debt.
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ext year aone, the epbican pan to extendthe Bsh-era tax cts or the richest two percentwod cost $68 biion more than the bamapan, not incding additiona interest costs onthe debt.
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That’s about the amount the federalgovernment will spend this year to repair highways,improve K-12 education, expand opportunities forlow-income children with ead Start and schoolbreakfast, ensure clean drinking water, and delivermeals at home to frail seniors.This report compares the effects on Maine residentsof President bama’s proposal to extend the Bush-era tax cuts for all but the richest two percent withthe Republican proposal to extend those tax cuts forall Americans, including for the richest two percent,and end the 2009 Recovery Act tax cuts for lower-income working families. This report also showswhat the $68 billion that would be saved by endingthe Bush tax cuts for the richest two percent meansfor maine residents.
Time To Pay Their Fair Share:
Maine Can’t Afford to Extend the Bsh-era Tax Ctsfor the Weath Few

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