Did you miss this week's issue of NTUF's Taxpayer's Tab? If so, here's a quick recap.
Senator Richard Shelby (AL) introduced S. 820, Simplified, Manageable, And Responsible Tax (SMART) Act, to replace the current individual income tax system with a flat, single rate income tax. The bill would eliminate exemptions and credits, including refundable credits such as the Earned Income Credit (EIC), which according to CBO has a spending component associated with it. By eliminating the EIC and other refundable credits, NTUF estimates that S. 820 would save taxpayers $77 billion. S. 820 is NTUF's "Least Expensive Bill of the Week."
Other highlights from The Tab include H.R. 2368, Put America to Work Act. The goal of H.R. 2368, which is sponsored by Congressman Keith Ellison (MN-5), is to create employment opportunities for residents who are either unemployed or underemployed. The legislation would authorize $350 billion over five years for "fast-track jobs". H.R. 2368 is NTUF's "Most Expensive Bill of the Week." The most popular, or "Most Friended" bills are H.R. 1852 and S. 958, the Children’s Hospital GME Support Reauthorization Act of 2011. The bills would reauthorize and extended the Children's Hospitals Graduate Medical Education Payment Program. Cosponsors include 62 Democratic and 33 Republican House members. In the Senate, 15 Senators who caucus with the Democratic Party and 7 Republicans support S. 958.
This week's "Wildcard" is H.R. 2030/S. 1115, Green Infrastructure for Clean Water Act of 2011 sponsored by Congresswoman Donna Edwards (MD-4) and Senator Tom Udall (NM). The bill would create Centers of excellence, that among other things, would conduct research on how to reduce stormwater and sewer overflow at a cost of $1.4 billiion over five years.
For more details, including NTUF's preliminary cost estimates for each of these bills, read the entire Taxpayer's Tab online.
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