An Examination of the Job Protection and Recession Prevention Act of 2012 Introduction Introduced in July 2012, H.R. 8, the Job Protection and Recession Prevention Act of 2012, sponsored by Representative Dave Camp of Michigan, was approved by the House of Representatives in August 2012 and forwarded to the Senate for consideration. Opponents of H.R. 8 maintain that the plan does not provide tax cuts for all American taxpayers while supporters on both sides of the aisle argue that these changes to the Internal Revenue Code are needed to sustain the nation's economic recovery and prevent another recession. To determine the facts in the debate over H.R. 8, the Job Protection and Recession Prevention Act of 2012, this paper provides a review of relevant governmental and media sources, followed by a summary of the research and important findings in the conclusion. Works Cited "Bill Summary and Status." (2012). The Library of Congress. [online] available: http://thomas. loc.gov/cgi-bin/bdquery/D?d112:8:./list/bss/d112HR.lst:@@@D&summ1&. Erb, Kelly Phillips. (2012, August 1). "House Votes to Extend Tax Cuts, Accomplishes Nothing." Forbes.com. [online] available: http://www.forbes.com/sites/kellyphillipserb/ 2012/08/01/house-votes-to-extend-tax-cuts-accomplishes-nothing/. "H.R. 8, Job Protection and Recession Prevention Act of 2012." (2012). Legislative Digest. [online] available: http://www.gop.gov/bill/112/2/hr8. Statement of Citation Style I am using the MLA
Iowa has also drastically increased its reliance on revenue from corporate income taxes in recent years, which makes the aforementioned tax incentive refunds even more alarming. In the early 2000’s, the state was collecting between 2-3% of its total revenue from corporate income taxes (Census Bureau, 2001-2002) . As of 2013, 5.1% of state revenue was collected from corporate taxes, which is only slightly below the national average of 5.3% (2014)2. The increase
Radio Announcer: “I’ll tell you what, I am appalled that this new bill about the economy is even being looked at by Congress! The
Overall, there are dozens of other tax cut extensions in this Bush Tax Cut Extension bill that were recently passed. I touched on some of the key ones that affect individuals. I am happy and grateful that it did pass as well as millions of other Americans most likely are. This helps students, parents, homeowners, working individuals, married couples, investors, and really every individual. We are all in some way, shape, or form affected by these tax
The 112th Congress was able to pass 106 policies this term, with a few exceptionally influential policies. Congress was able to pass the ‘Middle Class Tax Relief and Job Creation Act of 2011.’ This bill provides major incentives for the creation of new jobs and is essential to the revitalization of our devastated economy. Congress was also able to enact the Temporary Payroll Tax Continuation Act of 2011, “which allowed for an extension on the payroll tax holiday, unemployment compensation, Medicare physician payment, and provided consideration of the Keyston XL pipeline.” (Binder, 2003) These policies are both prime examples of the influential laws that that the 112th Congress was able to enact.
Furthermore, there is little to no evidence that the Supposed “Shot of adrenaline” created many jobs in even the businesses that were making use of the policy in an honest way. In fact, according to Jordan Weissmann, a writer for Slate, “a group of economists took stock of the Kansas misadventure, using administrative tax data to figure out whether the cuts had done any good at all. In short, the researchers concluded, they had not”(Weissmann). This is alarming as if the bill did not make progress in decreasing unemployment, then the lost revenue for the state of Kansas must have caused issues in other aspects. Illustrating this point, Jordan Weismann alleges that because the State cut taxes on LLCs, it was required to “cut spending on public schools, colleges, Medicaid, and more”(Weissmann).
The dean of Columbia Business School, and former top economic advisors to Mitt Romney and George Bush reviewed Jeb Bush’s tax plan and compared what they found to others who also reviewed his tax plan. I did not include this in my paper because I had a detailed outline of Jeb Bush’s tax plan by Jeb Bush himself and decided to use Bush’s hometown paper, The Miami Herald, to reveal more about his plan.
Nationwide government officials often wonder how this country is going to overcome unemployment, and the common misconception is through the provision of low wage jobs. By providing people with some source of income, congress believes millions will no longer depend on government aid. In actuality, however, providing minimum wage work is not going to solve such a drastic problem now, in the future, or at all for that matter. Minimum wage ($5.15), while serving at the socially acceptable pay standard, does not even compare with the nationwide ?living wage? of $10.18 (Ramisch). It is becoming increasingly more difficult to survive on such tragic wages, yet there is often little debate because it is money, and every little bit matters when it comes to paying bills.
In the The Politics of Bad Ideas, Bryan Jones and Walter Williams examine the United States’ economic policies of the past quarter century and explore the policy practices of the nation, while stressing the importance of evidence-based policy. Jones, a political scientist, and Williams, an economist, argue that the persistence of bad ideas in shaping American policy continues to exist, despite evidence that certain policies do not work. The Politics of Bad Ideas examines why bad economic ideas, such as cutting taxes without cutting spending, have become so influential in shaping fiscal policies. Using in-depth scholarly research and economic analysis, Jones and Williams explore why these bad ideas continue to thrive, despite overwhelming evidence that they in fact cause damage to the federal government's economy in the long-run. The
One of the downfalls resulting from the Great Recession is the unemployment rate. Approximately 14 million Americans remained unemployed and about half of them were unemployed for over six months. Of that 14 million, 11.3 million of them were barely working, and if they were employed it was mainly part time jobs. Some felt that it would take over a decade to get unemployment rates back to 5%. With unemployment rates raising it also can affect the education of our nation and the future of our nation. The children's education is affected because a lot of them are switching schools and districts due to their unstable conditions at home. More and more parents are out of jobs which makes it hard for them to support their children financially in
By and large, every research study’s purpose assists the persons undertaking it appraise its significance in the light of individual values. Ideally, the statement spelling out the purpose should include not only the study's eventual purpose but also its immediate purpose. As noted earlier, there are various widespread contestations arising from differing appreciations of the basics of standard deductions. As a general rule, each of the deductions is seen as rising each succeeding year. Even then, in some cases, the deductions reduce in succeeding years. Consequently, the present study’s purpose is to use credible, actual data in determining whether for a fact, federal income tax-related standard deductions rise every twelve months
…I asked my nominee for chair of the Council of Economic Advisers, Dr. Christina Romer, and the vice president-elect's chief economic adviser, Dr. Jared Bernstein , to conduct a rigorous analysis of this plan and come up with projections of how many jobs it will create—and what kind of jobs they will be… The report confirms that our plan will likely save or create 3 to 4 million jobs… The jobs we create will be in businesses large and small across a wide range of industries. And they'll be the kind of jobs that don't just put people to work in the short term, but position our economy to lead the world in the long-term… The jobs being created by the House bill could cost as much as 2.5 times more than jobs created without the stimulus bill. (Grassley)
This report examines the provisions, purpose, and impact of the Earned Income Tax Credit (EITC). It will consider both positive and negative arguments for the program, and review suggested alternatives. Finally, it will give supporting evidence as to why the EITC is a flawed, yet overall beneficial program for the nation’s war against poverty. As one of the most heavily debated tax issues since the 90s, the EITC is an important anti-poverty program that requires attention and understanding by all American citizens.
The U.S has gone through a major economic struggle and is still fighting for stability. It is, also, undergoing a recession which occurs whenever gross domestic product and the total output of goods and services fall for two consecutive quarters. The 789 billion dollars stimulus package has not created many private sector jobs and the hundreds of billions in TARP money squandered by Treasury Secretary Geithner to bail out General Motors, Chrysler, Bank of America, AIG and Citigroup has not reached most business and working Americans (Peter Morici). Though the unemployment rate has decreased, it is because many Americans have stopped looking for jobs and are no longer in the unemployment rates. This, of course, does not show any improvement in the U.S economy. Most of the taxpayers’ money is being used to support illegal families with American-born babies; while, many illegal Mexicans are taking jobs from citizens who are desperately searching for jobs. With this unattended problem the country’s economical repair will be prolonged.
In a democracy, being taxed is an institution that is often despised by the citizens, but are often necessary for the functionality of a government. A major effort by the Trump administration is to reform the current tax code in the United States and bring back the “Reagan Tax Cuts,” which often Republican reminisce about. From this, there are polarized views about the subject from liberal and conservative views, such as Center for American Progress’ view on the losers and winners of the House GOP tax plan, and The Heritage Foundation’s overall macroeconomic standpoint on the tax bill. The article by the Center for American Progress emphasizes the actual impact to average everyday Americans contrasted to the wealthy elite. In contrast to
The United States is in a recession; it has been facing some of the worse economic times since the Great Depression in the 1930’s. One option to fix the economy is to change the corporate tax rate. To lower it or to raise it, that is the question economists have been speculating. America's high corporate tax rate and worldwide system of taxation discourages U.S. companies from sending their foreign-source revenue home, which makes U.S. companies defenseless to foreign acquisition from the international opponents (Camp). Corporations and United States citizens have been fighting for a tax reform, which would hopefully help the American economy; either by lowering the corporate tax, or by raising the tax.