Newsletter: Summer 2010

If you enjoyed the tax fireworks in July, you’re gonna love the excitement in September. Congress comes back for a short session and is expected to tackle some key tax issues before it recesses again in early October.

One trend we’ve noticed is the importance Congress is placing on “pay fors,” revenue sources or spending cuts that pay for new programs. In this environment, we need to keep the pressure on increasing revenue or we may see more examples of cuts in critical services such as the food stamps cuts that helped pay for the Education Jobs and Medicaid Assistance Act, signed into law in August.

In this issue, we’ll give you the rundown on what’s on tap for September,

Here’s to a bountiful harvest of progressive taxes next month,
Chuck Collins, Bill Lyons, Bob Keener, Ann Manning and Scott Klinger

Bush Tax Cuts for High-Income Taxpayers

First and foremost is the deficit-creating legacy of the tax cuts that should have driven the stake into the heart of trickle-down fakeonomics. Instead, some conservatives want to increase the deficit further by extending all the tax cuts. They argue that increasing taxes on the wealthiest would hit small businesses and hurt job creation. Sadly, as wrong as they are, they may carry the day if enough people sit by and let them go unchallenged.

Please consider joining the fight, by volunteering to use your voice, recruit your friends and write op-eds and letters. If you’re interested in joining our leadership strategy group, please participate in the conference call on Friday, Sept. 10, at 2:00 PM EDT. The call-in number is 760-569-7676, and the access code is 818215#.

For more info, visit our campaign page. To volunteer or ask questions, contact Bob Keener at 617-610-6766, bob@wealthforcommongood.org.

Progressive Estate Tax Reform

Another tax cut due to sunset at the end of the year is the estate tax. The scary Lincoln-Kyl proposal would cost almost $500 billion over ten years, compared to the 2009 rates and exemptions. Instead, in coalition with many other groups, we support the Responsible Estate Tax Act (S.3533) which was introduced in June. It is stronger than the Lincoln-Kyl plan since it has a higher tax rate that’s graduated, a billionaire surtax, and it closes loopholes that Lincoln-Kyl would maintain.

Our friends at United for a Fair Economy/Responsible Wealth are looking for folks willing to speak out or sign op-eds and letters in the following key battleground states:  ME, FL, AR, LA, MT, and WA. If you, or people you think might be willing to help, live in one of those states, please contact Chuck Collins at 617-308-4433 or chuck@wealthforcommongood.org.

For more info, visit our estate tax campaign page.

Ending Tax Havens Abuse

It was an exciting summer for our tax haven campaign, which we publicly launched in July. We held a press teleconference with Senator Carl Levin and Representative Lloyd Doggett, the two congressional champions of ending tax haven abuse. We garnered media coverage in The New York Times, Reuters, and Inc., and the report that we published is helping prompt hearings on Capitol Hill.

And already, legislative progress is being made. Closing the so-called 80/20 loophole that allows corporations to get extra foreign tax deductions helped pay for part of the Education Jobs and Medicaid Assistance Act, signed by President Obama on August 10.

We have gathered more than 500 signatures on the petition so far, but we need thousands. So, to help build the case that many small businesses are against tax haven loopholes, in September we’ll be asking you to help recruit more signers to the petition. If you’d like to join the working group, which has a monthly organizing conference call coming up on September 8, please contact Bob Keener at 617-610-6766 or bob@wealthforcommongood.org.

For more info, visit our tax havens campaign site.