BATTLE RAGES OVER JOBS AND "EXTENDERS" BILL


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Call your Senators and tell them to close the "carried interest" loophole allowing multi-millionaires running investment funds to pay taxes at lower rates than their secretaries.

Call the Capitol switchboard at 202-224-3121 and ask to be connected to the Senators for your state.

Public interest advocates, faith-based groups, labor unions and others continued their push this week to prod Congress to enact a jobs bill that extends unemployment insurance benefits, COBRA health benefits for unemployed individuals, Medicaid funding for states and other vital measures that would boost the economy. The House approved its bill (the latest version of H.R. 4213) only after severely weakening it by dropping COBRA and Medicaid funding, and the Senate left for the Memorial Day recess without acting on it.

Most of the spending provisions in the bill are considered emergency spending, and do not have to be paid for under Congress's budget procedures. The bill also includes provisions extending several temporary tax breaks (mostly for business), and these provisions are often called the "tax extenders." The costs of the tax extenders are offset with provisions that close unfair tax loopholes.

These loophole-closing provisions are among several factors that have slowed down progress on the bill. Unfortunately, some Senators seem reluctant to close even the most abusive tax loopholes.

Citizens for Tax Justice released a group of reports over the past few weeks about the tax loophole-closing provisions in the bill.

The American Jobs and Closing Tax Loopholes Act of 2010 (a.k.a. the “Extenders” Bill) Would Boost the Economy and Improve Tax Fairness
This report explains the three general types of loophole-closers in H.R. 4213, including provisions to end abuses of foreign tax credits, provisions to clamp down on the "carried interest" loophole, and provisions to end the "John Edwards" loophole for business people with "S corporations."

Senators Defend “Carried Interest” Loophole for Investment Fund Managers in the Name of the Poor, Minorities, Small Businesses and Cancer Patients!
This report debunks the outrageous arguments that investment fund managers have made in defense of the "carried interest" loophole.

Key Provisions in H.R. 4213 Would Prevent Abuse of Foreign Tax Credits
This report explains the provisions of H.R. 4213 that would make the U.S. international tax system fairer and more rational and cut down on corporations shifting profits offshore.

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