Last-Minute Attempt to Add Estate Tax to Pension Reforms Fails

Over the last week, Capitol Hill has been abuzz with speculation that House and Senate GOP leaders were engaging in a last-ditch effort to attach a provision gutting the estate tax to a sensitive and complicated pension reform conference report. The sneaky move failed, however, as Senate Majority Leader Bill First (R-TN) announced today he could not convince a number of key Republicans, particularly Sen. Olympia Snowe (R-ME), to support it. In related news, President Bush has moved to gut IRS estate tax enforcement.

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Household Debt: A Growing Challenge for American Families and Federal Policy

Mirroring the federal government's penchant for spending more money than it collects, the American public now has a negative net savings rate. Home prices, medical care, and college tuition are all growing faster than wages, and debt has become increasingly pervasive among American households. These are facts that have not escaped the attention of American consumers, 82 percent of whom now recognize household debt as a serious problem, according to a recent survey sponsored by the Center for American Progress.

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Specter's Bill Remains a Threat to Civil Liberties

Legislation introduced by Sen. Arlen Specter's (R-PA) that would retroactively legalize the president's NSA wiretapping program will be the focus of a Senate Judiciary Committee hearing scheduled for July 26. The National Security Surveillance Act (S. 2543) would also create a legal framework for future surveillance of American citizens.

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Chemical Security Debate Continues in House

The House Homeland Security Committee is scheduled to mark up chemical security legislation later this week. The Chemical Facility Anti-Terrorism Act of 2006 (H.R. 5695), introduced by Rep. Daniel Lungren (R-CA) last month, currently has ten cosponsors. Critics of the bill, including a number of environmental and public interest groups, charge that it would actually lead to less security for our nation's chemical plants.

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Support Grows for Contracts and Grants Disclosure

The financial and information management subcommittee of the Senate Committee on Homeland Security and Governmental Affairs held a July 18 hearing on the Federal Funding Accountability and Transparency Act (S. 2590). Support in the Senate for the bill that would create a free, searchable public database of government contracts and grants has surged in recent weeks, helping propel the issue forward.

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EPA's Science Advisory Board Opposes TRI Proposals

The U.S. Environmental Protection Agency's Science Advisory Board (SAB) recently sent a letter to the agency expressing concerns over its plans to reduce information collected under the Toxics Release Inventory (TRI). The SAB maintains that the proposed cuts would "hinder the advances of environmental research used to protect public health and the environment." SBA sent the letter detailing its concerns to EPA Administrator Stephen Johnson on July 12.

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IRS Calls Catholic Group's Actions Too Political

Jul 25, 2006 by Guest Blogger

From Chronicle of Philanthropy: A Catholic organization in Missouri has asked candidates for state office to return contributions from a charity that advocates for stem-cell research. The move prompted a complaint from the Internal Revenue Service that the request violates prohibitions on political activity by charities.

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Congress Looks for New Ways to Cut Taxes

Jul 25, 2006 by Craig Jennings

Running out of ways to cut federal taxes, Congress looks to other jurisdictions. A bi-partisan effort to give federal tax breaks to corporations at the expense of the states has gained the attention of the Washington Post editorial board:

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Americans Concerned About Household Debt

Jul 25, 2006 by Craig Jennings

As real wages stagnate and as energy prices continue their steep climb, Americans have reached the bottom of their pockets and have found only credit cards. Going into debt is becoming increasingly common as many Americans see their wages fail to keep pace with inflation.

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Sunset Commissions: Press Packet

Speakers on July 25 Briefing Call

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