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Feb 8, 2016

Top 400 Taxpayers See Tax Rates Rise, But There’s More to the Story

As Americans were gathering party supplies to greet the New Year, the Internal Revenue Service released their annual report of cumulative tax data reported on the 400 tax r...

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Feb 4, 2016

Chlorine Bleach Plants Needlessly Endanger 63 Million Americans

Chlorine bleach plants across the U.S. put millions of Americans in danger of a chlorine gas release, a substance so toxic it has been used as a chemical weapon. Greenpeace’s new repo...

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Jan 25, 2016

U.S. Industrial Facilities Reported Fewer Toxic Releases in 2014

The Toxics Release Inventory (TRI) data for 2014 is now available. The good news: total toxic releases by reporting facilities decreased by nearly six percent from 2013 levels. Howe...

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Jan 22, 2016

Methane Causes Climate Change. Here's How the President Plans to Cut Emissions by 40-45 Percent.

  UPDATE (Jan. 22, 2016): Today, the Bureau of Land Management (BLM) released its proposed rule to reduce methane emissions...

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Katrina Victims Suffering From Staggering Unemployment

According to the latest report from the Bureau of Labor Statistics (BLS), the nation added a minute 56,000 new jobs in October, a large reduction compared to previous month's growth. Unlike the September report, BLS concluded that the weak job growth was "not attributable to the areas directly affected by Katrina" because job growth was down in all areas of the country.

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Bush Will Reinstate Davis-Bacon Prevailing Wage Law

In the wake of the hurricanes President Bush suspended the Davis-Bacon wage law, which requires federal contractors to pay at least the prevailing wage to construction workers in a local area. Even though the White House said the suspension was necessary to cut rebuilding costs and open opportunities to minority-owned companies, the move angered a number of Republicans (along with unions and other pro-worker groups), who said that it would result in lower pay for workers. Today the administration announced they would reinstate the Davis-Bacon prevailing wage law Nov. 8 in Louisiana, Mississippi and selected other counties where it had been suspended. Part of this change of heart was due to pressure from Congressional Republicans, 37 of whom signed a letter to Bush supporting the reinstatement. Washington Post: Prevailing Wages To Be Paid Again on Gulf Coast (10.27.05)

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Bernanke To Take Over For Greenspan

President Bush announced today that Ben Bernanke will replace Alan Greenspan as Chairman of the Federal Reserve Board. Greenspans' term expires January 31 of next year. Bernanke currently serves as Chairman of the White House Council of Economic Advisors and has sought to associate himself with the policies of Greenspan, particularly regarding keeping inflation down. Bernanke stated that his first priority would be "to maintain continuity with the policies and policy strategies established during the Greenspan years." Washington Post: "Bush Selects White House Economist Bernanke to Replace Greenspan

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Ref. C Would Lessen TABOR's Restrictions on CO Spending

Colorado's harmful Taxpayer's Bill of Rights (TABOR) -- which has contributed to a significant decline in the state's public services over the last decade -- will be at the mercy of voting Coloradoans November 1. They will have the opportunity to vote on "Referendum C," which, according to the Center on Budget and Policy Priorities, "would allow the state to spend all revenues it collects under current tax rates for the next five years, even if those revenues exceed TABOR limits." The Referendum is supported by many individuals and groups, including business leaders, children’s advocates, Republican and Democrat legislators, the Denver Chamber of Commerce, and the conservative Colorado Springs City Council. A new CBPP report, "A Formula For Decline: Lessons From Colorado for States Considering TABOR," outlines the consequences other states would face if they instituted TABOR-like restrictions on their spending. TABOR, year after year, has created a maximum expenditure level in Colorado that is below what is needed for many programs, and the funding cuts have had severe effects on Colorado schools, health care programs, and other vital services.

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Senate GOP Blocks Minimum Wage Increase...Again

The Senate voted this afternoon 47 - 51 against raising the minimum wage to $6.25. 42 Democrats, 4 Republicans (Chafee, DeWine, Santorum, and Specter), and Independent Jim Jeffords (VT) voted in favor of the increase. The minimum wage has not been increased for over 8 years, the second longest drought on record.

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Study Adds Voice of Low-Income Americans to Debate Over Economic Divide

In the aftermath of Hurricane Katrina, there has been widespread concern that the local residents of New Orleans and other affected communities be an integral part of any and all reconstruction efforts in the Gulf Coast region. In order to embrace a similar approach in addressing deep and persistent U.S. poverty brought to light by Katrina, the Marguerite Casey Foundation commissioned a comprehensive study looking at attitudes of Americans, particularly those of low-income families, before and after Hurricane Katrina.

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Inflation and Consumer Prices Up, Benefits Will Rise

This article in today's Washington Post noted that both inflation and consumer prices are up sharply. The CPI, which rose 4.7 percent over the past year, saw the biggest 12-month increase since May, 1991. The Post reported that Social Security payments will increase 4.1 percent in January for more than 50 million retired and disabled workers. The increases will help recipients keep up with inflation, which was up last year mainly because of rising energy costs. Energy prices were up 35 percent over the past 12 months.

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Davis-Bacon Suspension Angers House Republicans

After Hurricane Katrina, President Bush waived wage protections established under the Davis-Bacon Act that require federal contractors to pay area prevailing wages. While some have speculated on the legality of this decision, it has flat out angered a substantial number of House members from the President's own party, who sent a letter to him in late September expressing their outrage. This week, Rep. LaTourette (R-OH) - the member who spearheaded the effort to rally 36 other Republicans against the waiver - announced on the House floor he would be seeking legislative action to reinstate Davis-Bacon requirements. "I don't know exactly what we have in mind yet, but I think the week of the 17th [of October] there may be some activity," LaTourette said. Democrats in the House have already taking action to attempt to reverse Bush's decision. Rep. George Miller (D-CA) has introduced a bill, H.R. 3763, that will require the re-application of Davis-Bacon wage requirements to the areas affect by Hurricane Katrina. It is widely agreed the bill would pass it voted upon, but the House GOP leadership has continued to block any such vote. Make Your Voice Heard The Campaign for America's Future has launched a letter writing campaign to raise support for reinstating Davis-Bacon requirements.

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Disaster Reconstruction: How Effective Are Tax Breaks?

On September 28 the Senate Finance Committee held a hearing looking at various tax incentives and how they will assist in Gulf Coast reconstruction operations. Governors Blanco of Louisiana, Barbour of Mississippi, and Riley of Alabama testified, and while they did not agree on preferred tax incentives, they all requested some form of tax benefits ranging from zeroing out capital gains taxes on investments to accelerated depreciation to various bond programs. Other witnesses, however, questioned the use of tax cuts as an effective method of providing post-disaster relief.
  • Daniel Doctoroff, the Deputy Mayor for Economic Development and Rebuilding for New York City who helped direct post-9/11 operations, told the Committee that in his experience tax provisions were a cumbersome method for delivering disaster assistance. He argued that benefits are provided only if businesses and economic growth respond to predicted forecasts, and mentioned that Congressional appropriations were a much better way of addressing relief and rebuilding needs.
  • George Yin, Chief of Staff for the Joint Committee on Taxation, also voiced skepticism regarding the effectiveness of tax incentives. He testified that tax breaks are particularly ineffective when addressing the needs of low-income earners, particularly because would-be beneficiaries are not aware of many of the tax provisions or how to obtain them. Also, low-income earners stand to receive less in tax benefits overall because they have less-taxable income.

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Like the Federal Deficit, CEO Pay is on the Rise

Along with deficits rising, it appears the ratio of CEO pay to worker pay is also rising. As this United for a Fair Economy report highlights, CEO pay has shot up over the past few years, and now, while the average CEO makes $11.8 million per year, the average worker makes $27,460 per year. The ratio has spiked from 301-1 to 431-1. Perhaps even more unsettling news is that 46 large companies who made more than $30 billion in profits in 2003 paid absolutely no income taxes that year. Also, the report notes that the CEO's presiding over the most underfunded pensions had salaries that were, on average, 72 percent more than other CEO salaries. Congressional GOP leaders and the administration often mention the "strong economy" we are currently experiencing. It is important to remember that while the economy may look strong for some, it is not strong for many of the workers who are earning a disgracefully low minimum wage.

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Resources & Research

Living in the Shadow of Danger: Poverty, Race, and Unequal Chemical Facility Hazards

People of color and people living in poverty, especially poor children of color, are significantly more likely...

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A Tale of Two Retirements: One for CEOs and One for the Rest of Us

The 100 largest CEO retirement funds are worth a combined $4.9 billion, equal to the entire retirement account savings of 41 percent of American fam...

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