On the Blog: Your Summer Reading Assignment

Here in the middle of the political conventions, we think “outsider” versus “insider” is a better way to look at things than “Republican” and “Democrat.”

Yes, it is late in the summer, but read what we mean in a post entitled: “Your Summer Reading Assignment.”

Featured Items

Congress continues its August recess. It will return the second week of September.

In the fall, Congress will almost certainly do something about the pending expiration of the “Bush tax cuts.” There are a number of bills on the subject floating around.

One is H.R. 8, the Job Protection and Recession Prevention Act of 2012. Passed by the House at the beginning of August, the bill would extend current tax rates for one additional year and address the alternative minimum tax for two years.

There is no official cost estimate for H.R. 8 yet.

The Senate bill is S. 3412, the Middle Class Tax Cut Act. It passed the Senate in late July and would extend current tax rates for lower- and middle-income persons, allowing tax rates on higher-income people to increase. It would patch the alternative minimum tax for one year only.

No official cost estimate for S. 3412 exists yet either.

The newest bill on the scene is S.3521, the Family and Business Tax Cut Certainty Act of 2012. The Senate Committee on Finance passed the bill just before the August recess, and it has been given a cost estimate, signaling that it might move through Congress.

Tax cuts in S.3521 would “save” the average U.S. family a little over $1,900 compared to current law.

(Tax “incidence” is the question of who gets a tax cut or increase. The average effect of the bill may not predict its effect on your tax situation.)

H.R. 8
The Job Protection and Recession Prevention Act of 2012

S. 3412
The Middle Class Tax Cut Act

S. 3521
The Family and Business Tax Cut Certainty Act of 2012
Saves $1,926.35 per family

What People Think

The Job Protection and Recession Prevention Act of 2012 66% For, 34% Against Vote on this Bill

The Middle Class Tax Cut Act 77% For, 23% Against Vote on this Bill

The Family and Business Tax Cut Certainty Act of 2012 50% For, 50% Against Vote on this Bill

Displayed below are new, updated, and passed items with their cost or savings per family.

New Items

S. 3521
The Family and Business Tax Cut Certainty Act of 2012
Saves $1,926.35 per family

H.R. 5544
The Minnesota Education Investment and Employment Act
Costs $0.05 per family

S. 2156
The Migratory Bird Habitat Investment and Enhancement Act
Costs $2.10 per family

S. 1980
The Pirate Fishing Elimination Act
Costs $0.00 per family

Updated Items

none

Passed Items

none