How facilitating tax cheating counts as a jobs measure is beyond me, but whatever the case, the bill and its offset go to the Senate. A 3% withholding bill got 57 votes in the Senate last week, with a different offset that just reduces expenditures across the board. That was before the Administration came out in favor of the bills, however. So surely, something incorporating 3% withholding is likely to pass Congress.
|By: David Dayen Thursday October 27, 2011 7:07 pm|
|By: David Dayen Friday October 21, 2011 7:01 am|
As expected, Senate Republicans blocked the state fiscal aid bill that would have put as much as 400,000 teachers and public safety officials back to work. All 47 Senate Republicans voted against cloture on the motion to proceed on the bill. In addition, three members of the Democratic caucus said no. We knew that Joe Lieberman and Ben Nelson would be no votes, but Mark Pryor also decided that a 0.5% surtax on every dollar over $1,000,000 for
Sam Walton and the Walton family wealthy Americans was too much to ask. This means that the final tally on the bill was 50-50. In a sane world where majority rules, Vice President Biden would have cast the tie-breaker and 400,000 teachers and fire fighters and cops would have jobs to look forward to. As it is, the Senate is an undemocratic institution, and states still suffering with depressed tax revenues will have to continue the rounds of layoffs that have been a lead weight on the economy.
|By: David Dayen Wednesday October 12, 2011 8:15 am|
As expected, the American Jobs Act failed to pass a cloture vote last night. The vote was 50-49. Democrats held the vote open so “New Englander of the Year” Jeanne Shaheen (D-NH) could return from Boston and cast the final vote in favor, giving them the talking point that a majority supported the bill. Tom Coburn, under treatment for prostate cancer, missed the vote.
|By: Jon Walker Tuesday October 11, 2011 11:30 am|
President Obama has been traveling the country championing his doomed America Jobs Act as his plan to address the jobs crisis. But during the same time Obama has been publicly flogging this dead show bill, his administration was actually implementing policies and pushing legislation through Congress that will destroy tens of thousand of jobs in this country.
|By: David Dayen Tuesday October 11, 2011 9:50 am|
Later today, Senate Republicans will filibuster the American Jobs Act, the $447 billion bill to add demand into the economy through infrastructure spending, payroll tax cuts, extended unemployment insurance and a variety of other programs, paid for by a 5.6% surtax on millionaires. That would stop the bill in its current form.
|By: David Dayen Monday October 10, 2011 1:45 pm|
The proposed 5.6% surtax on millionaires, essentially the creation of a new tax bracket at the $1,000,000 income level, would raise enough money to pay for the American Jobs Act, according to the Congressional Budget Office. That pay-for will be used when the Senate attempts to pass a cloture vote this week on the bill.
|By: David Dayen Wednesday October 5, 2011 12:15 pm|
Democrats have tweaked the pay-for on the American Jobs Act, making it a straight surtax on millionaires, rather than the other pay-fors on itemized deductions and closing the carried interest loophole. In other words, they altered a tax on the rich and turned it into another tax on the rich with a better slogan next to it.
|By: David Dayen Monday October 3, 2011 3:20 pm|
I guess I’ve been remiss in writing about the American Jobs Act (AJA), but then I haven’t written anything about Libyan admission into the United Nations, either, which is a policy I’m sure somebody somewhere agrees with, but which also isn’t going to happen.
|By: David Dayen Friday September 30, 2011 11:30 am|
Dick Durbin admitted that the Senate doesn’t have the votes to pass the American Jobs Act. Chuck Schumer cautioned that such a statement is premature. Durbin’s right, and it’s merely a statement of political reality. Republicans are not going to agree to anything that will have immediate economic impact to help the President in his re-election.
If you believe, as Ben Bernanke does, that the high unemployment rate represents a national crisis, you have to search for another method beyond Congress, then, to get help and ameliorate the crisis. That means that you have to consider firing up the printing press and solving the demand gap with wads of cash.
|By: David Dayen Wednesday September 28, 2011 9:20 am|
The Obama Administration wants Congress to move on the American Jobs Act and “pass the bill,” but Harry Reid wants to postpone consideration for now while the Senate focuses on the China Trade Bill.
Bloomberg asked 34 economists about the American Jobs Act, and by and large they said passage of the bill would prevent a recession.