Blog: The Fine Print / Revenue & Spending

Timely CTJ Report Pushes for Reagan Tax Proposal

Oct 2, 2008 by Adam Hughes*

Citizens for Tax Justice released a timely report yesterday examining the special tax breaks and subsidies that are currently handed out to Wall Street firms (and other companies). One in particular this report dissects is the special low rate on capital gains and dividends.

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FedSpending.org Will Blow Your Mind

Oct 2, 2008 by Adam Hughes*

Great news from the technology trade pubs today - FedSpending.org has been selected by PC World Magazine as one of the top five sites out there that will raise your political awareness. Woohoo! Below is the screenshot of the article: Read the full article: 5 Sites That Will Boost Your Political Awareness

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Senate Approves Bailout; Cost "Impossible" to Predict

Oct 2, 2008 by Craig Jennings

Last night, the Senate approved a financial rescue (or Wall Street bailout) bill, HR 1424, by a 74-25 vote. As we noted yesterday, the package includes not only a provision that grants the Treasury Secretary $700 billion to purchase troubled financial assets, but also a package of tax cuts passed previously by the Senate.

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Senate Attempts to Sweeten Bailout Bill

Oct 1, 2008 by Craig Jennings

If Monday's Wall Street bailout bill, which the House failed to pass, was, as House Minority Leader John A.

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Under the Radar: Congress Finishes FY 2009 Approps

Sep 30, 2008 by Adam Hughes*

With all the action recently on the financial sector bailout, it almost slipped our notice that Congress has finalized the FY 2009 appropriations process, at least through March 6 of next year. Last week, on Wednesday (Sept. 24), the House passed its package of three appropriations bills (Defense, Homeland Security, and Military Construction-VA), along with a continuing resolution (CR) that will cover all the other sections of the government until March 6, 2009. The vote was 370-58. The Senate passed the House proposal over the weekend on Saturday by a vote of 78-12.

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Next Move After House Fails to Pass Wall Street Bailout Uncertain

Sep 29, 2008 by Craig Jennings

Congressional leaders were left scratching their heads, contemplating what to do next after the House failed, by a vote of 205-228 to approve a $700 billion plan to buy up troubled financial assets that are purportedly threatening the financial markets.

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Updated Wall Street Bailout Plan Details

Sep 29, 2008 by Craig Jennings

This post is an updated version of our previous post on a summary of the $700 billion Wall Street bailout plan that the House rejected (205-228) this afternoon.

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Bailout Agreement Reached

Sep 28, 2008 by Craig Jennings

Media reports and a press release from House Speaker Nancy Pelosi (D-CA) indicate that Congressional leaders and the White House have agreed to a package of measures designed to prevent a financial market meltdown. An official announcement of agreement is expected tonight, and final details of the plan remain unsettled. Here are the package's main provisions:

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Tax Legislation Update: House Prepares Response to Senate

Sep 26, 2008 by Craig Jennings

ExtendersHose Democrats have unveiled a $620 billion tax bill (HR 7060) that would extend dozens of expiring tax cuts, including renewable energy tax incentives. The bill is fully offset, and if put to a vote will likely pass has been approved by the House, 257-166. The bill contains $14.2 billion in expiring renewable energy tax cuts, $46 billion in other expiring tax cuts, including a provision to lower the income threshold at which filers can claim the child tax credit, and is fully offset.

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