New Posts

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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Special Guest Posting at TPM Cafe

Today I wrote a "Special Guest" blog posting on the estate tax repeal effort at TPM Cafe - a highly trafficed political blog. TPM Cafe Post: Insanity Week on Capitol Hill In it I discuss a possible vote outcome for the cloture vote tomorrow. Check it out and avail yourself of the opportunity to add comments at TPM Cafe.

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Monthly Budget Review

The Congressional Budget Office has released their Monthly Budget Review. During the first eight months of FY 2006 (remember the fiscal year begins October 1) the government incurred a deficit of $223 billion, which is $50 billion lower than the deficit amount recorded for this period last year. Outlays for Social Security and net interest payments on the debt grew by about $3 billion each, and defense spending was up $2 billion. Receipts for the month of May this year were substantially higher than receipts last year. The report says:

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And the Hits Just Keep on Coming

A new batch of hits in the press today urging the Senate to back away from giving a huge tax cut to the very richest families in the country by repealing or gutting the estate tax:
  • Miami Herald - Don't Repeal the Estate Tax
  • Kansas City Star - Is Repealing the Estate Tax Irresponsible? YES
  • Philadelphia Inquirer - Fantastical Tales of the 'Death Tax'
  • NPR Commentary: Robert Reich - Estate Tax Pyramid Scheme
  • Cleveland Plain Dealer - Repeal of Estate Tax Would Be Too Costly for America

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Estate Tax Issue Grabs Headlines Around the Country

The estate tax issue is moving fast and furious in the press this week. In addition to articles and editorials posted here yesterday, a new list of contenders for the public's attention has been added today - all supportive of keeping the tax. Check out the list below:
  • Washington Post - Death and Taxes
  • New York Times - The Estate Tax, Back on the Agenda
  • Seattle Post-Intelligencer - " target="_blank">Estate Tax: The True Cost of Repeal
  • USA Today - Wealthy Can't Avoid Death - But Will They Evade Taxes?

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Call Your Senators: Estate Tax Vote This Thursday

A vote on the estate tax is expected for this Thursday. Republicans do not have enough votes to invoke cloture on legislation to repeal the estate tax, a point which was reiterated by Sen. Charles Grassley (R-IA) yesterday. Also, it was reported that a Senate GOP leadership aide said Monday if Democrats defeat cloture on a motion, Frist will not bring up a compromise bill. If Democrats allow debate then a compromise may be considered.

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Estate Tax In The News

Since the vote will likely happen this Thursday, the estate tax has been widely covered by the media. A few select articles and releases are below. The one by Robert Kuttner which appeared in the Boston Globe is especially good.
  • Boston Globe: Estate Tax Debate a Chance for Democrats to Pounce
  • Philadelphia Inquirer: The Estate Tax: Death to the Phony Spin
  • Los Angeles Times: Effort to Repeal Estate Tax Said to Be Faltering
  • Free Market News Network: Estate Tax Repeal = Big Oil Windfall
  • New York Times: Shameless in the Senate

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No Excuse for Abolishing the Estate Tax

The Washington Post is running opposing op-eds today on the estate tax, which will most likely be brought to the floor this Thursday. The op-eds, written by Sebastian Mallaby and Sen. Jeff Sessions (R-AL) are worth a read. Mallaby's article, "Reward for the Hereditary Elite..., is especially on target, pointing out how ludicrous it is for Congress to even be considering cutting this revenue stream when government expenditures are "projected to rise by nearly 3 percent of gross domestic product by 2030, a growth equivalent to the doubling of today's Medicare program."

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Over 700 Groups Tell Senate To Preserve Estate Tax

Yesterday, over 700 national, state, and local organizations from every state sent a letter to the Senate urging them to reject attempts to repeal or drastically reduce the estate tax. The wide and varied list - from children's, women's and minority rights advocates to health care groups, from religious and labor organizations to tax policy think tanks and citizen action coalitions - represents the broad diversity and majority of Americans who favor retaining the estate tax.

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Baucus' Estate Tax Reform Plan

Last week Sen. Max Baucus apparently began circulating a reform plan to counter Sen. Kyl's proposal, which will most likely be offered up next week after a vote on estate tax repeal. Baucus' counteroffer includes a graduated tax rate structure, setting rates at 15, 25, and 35 percent depending on the size of the estate. Baucus' offer, which would likely retain more of the revenue than Kyl's plan, would still likely prove to be insufficient in both keeping the tax code truly progressive and raising enough revenue to fund national priorities.

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Who Wins With The Tax Bill? Bush Raises Taxes On Students, Expatriates

President Bush marked the culmination of a more than 15-month effort to enact new tax cuts for the wealthiest Americans last week when he signed the $70 billion 2005 tax reconciliation bill into law. In order to keep the bill within cost limits despite the give-away to the affluent, the president and Congress enacted tax increases on students saving for college and Americans working abroad.

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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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