Taxes Legislative Alerts
Dear Senator Rubio and Representative Posey,
On behalf of more than 1.9 million Americans for Prosperity activists in all 50 states, I commend you for introducing S. 1506 and H.R. 2568, respectively, to prevent an unnecessary tax regulation from causing billions of dollars of foreign investment to leave the United States.
Early last year, the Internal Revenue Service (IRS) proposed a new regulation that would require U.S. banks to report deposit interest paid to nonresident aliens. This was a strange proposal, since there is no direct IRS interest in it: investment income (including interest payments) earned by nonresident aliens is not even subject to U.S. taxation. Foreign countries, on the other hand, do have an interest in this information as it may reveal that some nonresident aliens are not fully reporting interest income to their home countries and are therefore underpaying taxes back home.
Dear Senator Thune,
On behalf of more than 1.9 million Americans for Prosperity activists in all 50 states, I write in strong support of S. 1956, the European Union Emissions Trading Scheme Prohibition Act. The bill prevents the European Union (EU) from imposing a carbon tax on flights in U.S. airspace.
The state has proposed a radically pro-growth agenda.
January 30, 2012 4:00 A.M.
By Phil Kerpen & Stuart Jolly
When Ron Paul talks about repealing the income tax and replacing it with nothing, most people think it can’t be done. But at least on the state level, it can. In fact, there are nine states, including Paul’s home state of Texas, that don’t levy income taxes. Those states have far outperformed high-income-tax states on every measure of economic success. Now Oklahoma is poised to fully repeal its income tax and join the ranks of non-income-tax states. While Oklahoma is already a relatively business-friendly, low-tax state, income-tax repeal would launch it into the top tier of the most economically competitive states and the best places to live and work.
Read the rest at National Review Online.
Today AFP joined a group of 16 conservative coalition partners in renewing their strong opposition to the NAT GAS Act and urging Members of Congress to reject the legislation in 2012.
H.R. 1380, introduced by Representative John Sullivan (R-OK), and S. 1863, introduced by Senator Robert Menendez (D-NJ), would create new and expand existing special tax treatments for the production, conversion, and sale of of natural gas-powered vehicles -- all at a time when Congress should be simplifying the tax code instead of adding more special handouts for favored interests.
The text of the letter can be found below. For more on how special energy tax subsidies can be harmful to the American economy, be sure to check out Americans for Prosperity Foundation's "Need to Know" memo on the topic.
While most of the reporting has focused on the political implications of the Hosue rejecting the Senate's two-month payroll tax holiday, the far more important question is whether the Senate bill is sound public policy. It is not. Not only did the most past a vastly superior version that extended the holiday for a full year and addressed numerous other economic issues, but the Senate version is fatally flawed in its implementation of a two-month holiday.
To be clear, the bill does not cleanly extend the current Social Security employee share of 4.2 percent for two months. Instead, it creates a two-tiered payroll tax with a rate of 4.2 percent for the first $18,350 of income in those 60 days, with a 6.2 percent rate above that. For the first time, we would have a graduated, progressive system of tiered rates for payroll taxes.