Corporate Tax Havens and the EITC

While the administration continues to push for tax cuts for corporations and the very wealthy, whose tax avoidance is estimated to cost the government $75 billion a year, it is also working to establish a rigorous pre-certification process for Earned Income Tax Credit (EITC) recipients.

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Congress Passes Irresponsible Budget Plan Providing for Nearly $1.3 Trillion Tax Cut

The Budget Resolution has now been passed by the House (216-211) and by the Senate (51-50, with Vice President Dick Cheney casting the tie-breaking vote). This budget is, quite possibly, one of the worst examples of the failure of our elected representatives to meet their obligation to determine tax and spending outlines that address the priorities of the American people.

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Dynamic Disappointment

The Congressional Budget Office (CBO) released the final version of its March 7 report, entitled “An Analysis of the President’s Budgetary Proposals for Fiscal Year 2004.” The revised version of this report was eagerly awaited for its special section on the “Potential Macroeconomic Effects of the President’s Budgetary Proposals.” A macroeconomic – or “dynamic” – evaluation has never been offered by CBO, and both proponents and critics of the controversial scoring method were anxious to learn what the CBO report would reveal. For many, it seems that the long-awaited results were disappointing in their ambiguity.

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Status of FY 2004 Budget Resolution -- Still Time to Stop Huge Tax Cuts, Spending Cuts

As discussed in newspapers across the country, support for preserving the President's costly $726 billion tax cut package (misnamed the "Growth Package") is weakening. On March 25, the Senate voted to shrink the $726 billion package down to $350 billion. (In an earlier vote, the House passed the full $726 billion tax cut - and more than $260 billion in cuts to veterans' assistance, Medicaid, Medicare, food stamps and other programs - in a very close vote, 215-212.)

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Virginia Senate Preserves State Estate Tax

In an April 3 victory both for proponents of preservation of a fair estate tax and for the cash-strapped state of Virginia, itself, the Virginia Senate fell 2 votes short of the 27 it needed to override Gov. Mark Warner’s (D) veto of repeal of the state’s estate tax. The state is currently facing a deficit of at least $1.1 billion for FY 2004, which starts on July 1, 2003. According to reports by the Center on Budget and Policy Priorities, in response, Virginia -- and many other states facing a similar crisis -- has made plans to cut funding for correctional facilities, laid off state employees, and raised tuition at state-funded universities.

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State Reports Show Job Losses in Last 18 Months

A new report issued by the Minority Staff of the House Appropriations Committee reveals the total number of jobs lost in each state since January 2001, when President Bush took office.

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Estate Tax Repeal Supporters Losing Ground

In a move viewed by many as truly outrageous, Sen. Jon Kyl (R-AZ) introduced an amendment to the Senate Budget Committee’s budget resolution on March 19 – the day the country committed itself to billions of dollars for the war and its aftermath in Iraq – to accelerate the repeal of the estate tax by one year.

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House Passes Budget Resolution of Huge Tax Cuts, Program Cuts; Senate Votes Weds.

The House passed its FY 2004 budget resolution last week, officially kicking off the Congressional budget debates for the coming fiscal year. The Senate voted to preserve all but $100 billion of the President’s tax cut, but won’t complete work on the budget resolution until Wednesday, March 26. Though the budget resolutions of each chamber reflect much of the President’s own budget proposals, and especially his $726 billion tax cut, neither resolution passed without a great deal of effort among Republican leaders to ensure that Congressional members voted together.

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Action Alert: Help Continue to Weaken the Bush Tax Cut

ACTION ALERT! Click here to tell your Members of Congress to OPPOSE tax cuts and cuts to vital programs during this time of war and growing deficits. For more information or to sign the petition against these tax cuts, visit the Fair Taxes for All coalition website.

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Summary of Texas Discussion Groups

The following is a summary of themes that arose in discussion groups held in Austin and San Antonio, Texas, on November 18 through 20, 2002, around federal budget priorities from a state and local perspective and how to develop and maintain a long-term effort to increase domestic investment. The meetings were part of a two-year project, called the Social Investment Initiative (SII). A description of the project is available at www.ombwatch.org/sii

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