At least we have one member of congress with some intelligence!!
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Dear Mr. Michaelis:
Thank you for contacting me regarding President Obama's tax compromise. It is good to hear from you.
Families in Wisconsin and throughout the nation continue to struggle with unemployment, home foreclosure, and lack of access to credit. At the same time, our nation is confronting a growing national debt. It is for these reasons that I support President Obama's proposal to extend tax cuts on income up to $250,000 a year. However, I also believe it is time to end the tax cuts for the very wealthiest Americans.
As you may know, on December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance, and Job Creation Act of 2010, into law. While the measure includes extensions of the middle class tax cut and unemployment benefits, which I support, it also extends tax cuts for the wealthiest at a total cost of $858 billion dollars over the next ten years. Unfortunately, the measure does not do enough to grow the economy, create jobs, or put us on track to confronting our nation's fiscal challenges. For these reasons, I did not support this legislation.
I am troubled that the measure provides a two year extension of tax breaks for the wealthiest Americans while it only provides a 13 month extension of unemployment compensation benefits. Unemployment benefits provide a critical lifeline to families suffering through no fault of their own. Unfortunately, while this measure supports our nation's richest Americans, it leaves behind those who are struggling to make ends meet.
I also find it troubling that the payroll tax provision was included in the act. In addition to being dangerous to the long-term fiscal health of our country, this measure threatens our most cherished social program, Social Security. The two percent payroll tax relief is drawn out of an employee's contribution to the program. While I support tax relief for workers during these difficult economic times, I do not believe that it should come at the expense of Social Security.
Despite concerns about the Tax Relief, Unemployment Insurance, and Job Creation Act of 2010, the measure includes many important provisions that may impact you or your family. Among them are:
o an extension of the current Earned Income Tax Credit for two years;
o an extension of the current child tax credit for two years;
o an extension of the current expanded student loan interest reduction for two years;
o an extension of the current dividend and capital gains tax rates for two years;
o an extension of the current Alternative Minimum Tax patch for two years;
o an extension of the estate tax exemption for individual estates worth less than $5 million or $10 million for couples, and taxes estates worth more at a rate of 35 percent for two years;
o a reauthorization of the current federal unemployment insurance for 13 months; and
o an extension of a number of energy efficiency and renewable energy tax credits.
Please know that I will continue to support Wisconsin families during these difficult economic times. It is critical that my efforts focus on creating jobs, strengthening the economy, and lowering our nation's debt. At the same time, I will continue to fight for a tax system that is fair for all Americans. Rest assured that I will keep your concerns in mind as my work continues.
Again, thank you for sharing your views. Your opinion matters to me. If I can be of service to you in any other way, please do not hesitate to let me know. As a security precaution, all mail sent to Congress is first irradiated. This process causes significant delays. To ensure the fastest response, I encourage all constituents who have access to the internet to contact me through my website at http://tammybaldwin.house.gov.
Sincerely,
Tammy Baldwin
Member of Congress
P.S. I regularly send out email updates on federal issues and opportunities. These reports also include regular surveys through which you can express your opinion. If you would like to receive these email updates, you may sign up by visiting my website at: http://baldwin.congressnewsletter.net/mail/util.cfm?mailaction=profile
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