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H.R. 3638, Act for the 99% in The Taxpayer's Tab



January 13, 2012

Did you miss this week's issue of NTUF's Taxpayer's Tab?  If so, you missed quite a bit.  Here's a quick recap.

This week, NTUF highlighted its analysis of H.R. 3638, Act for the 99%.

 

Sponsor:  
Congressman Raul Grijalva (D-AZ)

Annualized Cost: $81.7 billion ($408.6 billion over five years)

Number of Cosponsors: 19 Congressmen

The goal of the 264-page Act for the 99% is to help American workers keep their jobs or find new jobs if they are currently unemployed. The bill would increase domestic spending on a number of new jobs programs while making cuts in defense spending.  H.R. 3638 also increases tax rates for some taxpayers, extends tax credits for certain individuals, and eliminates tax incentives for certain corporations.

Here are just a few of the bill's proposals:

  • Department of Defense spending would be reduced to and frozen at 2008 levels.

  • The Public Land Corps and Civilian Conservation Corps would be charged with hiring new workers to improve and construct new public works on government lands.

  • A Teachers Corps would be established to ensure the jobs of currently serving instructors and education-related personnel. It would also hire new teachers as needed.
  • The bill would raise the cap on wages and incomes subject to Social Security taxes from $110,000 to $250,000.
  • Create a new transaction tax on stock market security transactions.

NTUF estimates the Act for the 99% would result in $408.6 billion in new spending over the next five years -- a net of $456.3 billion in proposed spending and $47.7 billion in savings.

For more details, read the entire Taxpayer's Tab online.

You can receive your own copy of The Taxpayer's Tab each week via email by signing up here.

Remember, you can support NTUF and its ongoing work by making a tax-deductible contribution here.


 

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