A 66% TAX CUT? There's a program in Illinois which offers businesses who come to the state, to take a tax CREDIT [meaning they get to deduct 100%] of the taxes their employees pay. The program is designed to bring new business to Illinois. It's called the EDGE TAX CREDIT.
[http://www.commerce.state.il.us/dceo/Bureaus/Business_Development/Tax+Assistance/EDGE.htm ]
If a corporaton would have owed $20 million in corporate income taxes, but they had employees pay taxes of $19 million, the corporation's tax liability is cut to $1 million.
Now that the tax increase means new emloyees are going to be paying 5% instead of 3% in taxes..... the corporations in this program will be getting a 66% TAX CUT in their corporate taxes that are due. So was the vote to increase taxes... or cut them ? It depends on which tax you're referring to.
.
Thursday, January 13, 2011
Saturday, January 8, 2011
Sen. Kirk Says 15 Financial Reforms Should Go with Debt Limit Vote
Vote on the Debt Limit is a Key Opportunity for Fiscal Conservatives
Potential for Bipartisan Cooperation on Many Key Issues
(Chicago) Illinois’s newest Senator, Mark Kirk, previewed the key issues before the new Congress which begins tomorrow. Senator Kirk highlighted the importance of the upcoming vote on the federal debt limit as a “key opportunity for fiscal conservatives” to enact anti-spending reforms to lower deficits and taxes.
Senator Kirk took office November 29th as a result of a special election to fulfill the remaining month of former Senator Obama’s original six-year term. Kirk will be sworn in again tomorrow for his own six-year term as the junior Senator for Illinois.
The outgoing Congress formally increased the federal allowable debt four times, from $11.3 to $14.3 trillion. As of December 2, federal debt totaled $13.8 trillion. The federal government is expected to reach the current limit on its debt at the end of the first quarter of 2011. If a slow economy yields poor tax receipts and current federal spending continues, the federal government will attempt to borrow another $3 trillion by 2013.
Senator Kirk outlined 15 anti-spending reforms that should be attached to any legislation regarding the debt of the United States. “The most important reform will be to provide only short-term extensions of debt, giving economic conservatives many opportunities during the next Congress to cut back on spending and debt. In addition, the remaining reforms will help end the practice of increasing the federal debt, returning the government to a pay-as-you-go, sustainable operation.”
The anti-spending reforms include:
- Set An Example. Reduce Congressional and White House budgets by 15 percent.
- Realign Public to Private Pay. Freeze federal civilian pay and benefits.
- Stop Expanding Public Employment. Freeze federal civilian hiring.
- Live With Last Year’s Budget. Cap discretionary spending.
- Empower the President to Cut Pork. Enact a reformed presidential line-item veto.
- Prevent One Generation from Burdening Another. Enact a balanced budget amendment to the constitution (similar to Senator Simon’s S. J. Res. 41).
- Create Bipartisan Consensus with Power. Establish a new bipartisan “Grace Commission II” to propose anti-spending reforms, linked to authorities to submit reforms for up or down congressional votes.
- Rationalize Wasteful Federal Holdings Not Being Used. Establish a Federal Real Estate Disposition Commission to identify properties that can be sold, with proceeds used to reduce federal debt.
- Eliminate Unused Buildings/Property. Require the Government Services Administration (GSA) to lease or sell underutilized buildings (GAO reported 22,000 excess and surplus properties in 2007).
- Align Spending to National Income. Set an annual spending ceiling at 21 percent of GDP and require major asset sales to fund expenditures above that level – real estate, spectrum, direct federal loans or operating assets like the Tennessee Valley Authority.
- Lower Health Care Costs. Enact medical malpractice reform and reduce the cost of health care.
- Cut Losses of Big Losers. By reforming Fannie Mae and Freddie Mac, taxpayers may mitigate losses of at least $150 billion and climbing.
- Create Pentagon Incentives to Rationalize Holdings. The Defense Department should be encouraged to sell outdated inventory and vacated properties, applying half the proceeds to military modernization and half to reduce federal debt.
- Reduce Spending in the Private Economy. Eliminate half of the 53 corporate welfare programs listed by the CATO institute.
Senator Kirk also outlined at least six key issues where there was potential for bipartisan progress, including:
- Opening New Markets for American Exports: President Obama supports free trade agreements with South Korea, Colombia and Panama that will open key markets for Illinois exports
- High-Speed Rail for Illinois: Following Wisconsin’s decision to reject high-speed rail funding, Senators Durbin and Kirk support high-speed rail for Illinois.
- Banning Sewage Dumping in the Great Lakes. Senators Durbin and Kirk are working on legislation to ban all sewage dumping in the Great Lakes.
- End to Earmarks: President Obama supports ending the congressional practice of pork-barrel earmarking of federal appropriations.
- Line-item veto: There are indications that President Obama may put forward a line-item veto to cut federal spending.
- Law Enforcement Assistance to Mexico: There is strong bipartisan support to helping the Mexican government win its battle with drug cartels that dominate its border.
###
Potential for Bipartisan Cooperation on Many Key Issues
(Chicago) Illinois’s newest Senator, Mark Kirk, previewed the key issues before the new Congress which begins tomorrow. Senator Kirk highlighted the importance of the upcoming vote on the federal debt limit as a “key opportunity for fiscal conservatives” to enact anti-spending reforms to lower deficits and taxes.
Senator Kirk took office November 29th as a result of a special election to fulfill the remaining month of former Senator Obama’s original six-year term. Kirk will be sworn in again tomorrow for his own six-year term as the junior Senator for Illinois.
The outgoing Congress formally increased the federal allowable debt four times, from $11.3 to $14.3 trillion. As of December 2, federal debt totaled $13.8 trillion. The federal government is expected to reach the current limit on its debt at the end of the first quarter of 2011. If a slow economy yields poor tax receipts and current federal spending continues, the federal government will attempt to borrow another $3 trillion by 2013.
Senator Kirk outlined 15 anti-spending reforms that should be attached to any legislation regarding the debt of the United States. “The most important reform will be to provide only short-term extensions of debt, giving economic conservatives many opportunities during the next Congress to cut back on spending and debt. In addition, the remaining reforms will help end the practice of increasing the federal debt, returning the government to a pay-as-you-go, sustainable operation.”
The anti-spending reforms include:
- Set An Example. Reduce Congressional and White House budgets by 15 percent.
- Realign Public to Private Pay. Freeze federal civilian pay and benefits.
- Stop Expanding Public Employment. Freeze federal civilian hiring.
- Live With Last Year’s Budget. Cap discretionary spending.
- Empower the President to Cut Pork. Enact a reformed presidential line-item veto.
- Prevent One Generation from Burdening Another. Enact a balanced budget amendment to the constitution (similar to Senator Simon’s S. J. Res. 41).
- Create Bipartisan Consensus with Power. Establish a new bipartisan “Grace Commission II” to propose anti-spending reforms, linked to authorities to submit reforms for up or down congressional votes.
- Rationalize Wasteful Federal Holdings Not Being Used. Establish a Federal Real Estate Disposition Commission to identify properties that can be sold, with proceeds used to reduce federal debt.
- Eliminate Unused Buildings/Property. Require the Government Services Administration (GSA) to lease or sell underutilized buildings (GAO reported 22,000 excess and surplus properties in 2007).
- Align Spending to National Income. Set an annual spending ceiling at 21 percent of GDP and require major asset sales to fund expenditures above that level – real estate, spectrum, direct federal loans or operating assets like the Tennessee Valley Authority.
- Lower Health Care Costs. Enact medical malpractice reform and reduce the cost of health care.
- Cut Losses of Big Losers. By reforming Fannie Mae and Freddie Mac, taxpayers may mitigate losses of at least $150 billion and climbing.
- Create Pentagon Incentives to Rationalize Holdings. The Defense Department should be encouraged to sell outdated inventory and vacated properties, applying half the proceeds to military modernization and half to reduce federal debt.
- Reduce Spending in the Private Economy. Eliminate half of the 53 corporate welfare programs listed by the CATO institute.
Senator Kirk also outlined at least six key issues where there was potential for bipartisan progress, including:
- Opening New Markets for American Exports: President Obama supports free trade agreements with South Korea, Colombia and Panama that will open key markets for Illinois exports
- High-Speed Rail for Illinois: Following Wisconsin’s decision to reject high-speed rail funding, Senators Durbin and Kirk support high-speed rail for Illinois.
- Banning Sewage Dumping in the Great Lakes. Senators Durbin and Kirk are working on legislation to ban all sewage dumping in the Great Lakes.
- End to Earmarks: President Obama supports ending the congressional practice of pork-barrel earmarking of federal appropriations.
- Line-item veto: There are indications that President Obama may put forward a line-item veto to cut federal spending.
- Law Enforcement Assistance to Mexico: There is strong bipartisan support to helping the Mexican government win its battle with drug cartels that dominate its border.
###
President Obama Statement on Shooting of Rep Giffords (D-AZ)
This morning, in an unspeakable tragedy, a number of Americans were shot in Tuscon, Arizona, at a constituent meeting with Congresswoman Gabrielle Giffords. And while we are continuing to receive information, we know that some have passed away, and that Representative Giffords is gravely wounded.
We do not yet have all the answers. What we do know is that such a senseless and terrible act of violence has no place in a free society. I ask all Americans to join me and Michelle in keeping Representative Giffords, the victims of this tragedy, and their families in our prayers.
We do not yet have all the answers. What we do know is that such a senseless and terrible act of violence has no place in a free society. I ask all Americans to join me and Michelle in keeping Representative Giffords, the victims of this tragedy, and their families in our prayers.
U.S. Rep. Gabrielle Giffords (D-AZ) Shot while meeting with Constituents
THIS IS THE ANNOUNCEMENT OF THE EVENT AT WHICH REP GIFFORDS WAS SHOT.
FROM REP GIFFORDS WEBSITE
January 7, 2011 TUCSON – U.S. Rep. Gabrielle Giffords will host her first “Congress on Your Corner” of the year on Saturday, Jan. 8 at a supermarket in northwest Tucson.
“Congress on Your Corner” allows residents of Arizona’s 8th Congressional District to meet their congresswoman one-on-one and discuss with her any issue, concern or problem involving the federal government.
Giffords has hosted numerous “Congress on Your Corner” events since taking office in January 2007. As in the past, the congresswoman’s staff will be available to assist constituents.
Previous “Congress on Your Corner” events in Tucson, Oro Valley, Green Valley, Sierra Vista, and Douglas have attracted between 75 and 150 people.
For the media, “Congress on Your Corner” is an excellent opportunity to view the congresswoman interacting with constituents or ask questions about any topic.
This Saturday’s “Congress Your Corner” comes at the conclusion of the first week of the 112th Congress. Giffords took the oath of office for a third term on Wednesday and on Thursday she participated in a reading of the U.S. Constitution on the floor of the House.
Among the congresswoman’s first official acts this week was a vote for Speaker of the House and the introduction of legislation to cut congressional salaries by 5 percent. Giffords was interviewed about her bill this morning on Fox news.
WHAT: “Congress on Your Corner” with U.S. Rep. Gabrielle Giffords
WHEN: 10-11:30 a.m., Saturday, January 8, 2011
WHERE: Safeway, 7110 N. Oracle Road (southeast corner of Oracle and Ina)
FROM REP GIFFORDS WEBSITE
January 7, 2011 TUCSON – U.S. Rep. Gabrielle Giffords will host her first “Congress on Your Corner” of the year on Saturday, Jan. 8 at a supermarket in northwest Tucson.
“Congress on Your Corner” allows residents of Arizona’s 8th Congressional District to meet their congresswoman one-on-one and discuss with her any issue, concern or problem involving the federal government.
Giffords has hosted numerous “Congress on Your Corner” events since taking office in January 2007. As in the past, the congresswoman’s staff will be available to assist constituents.
Previous “Congress on Your Corner” events in Tucson, Oro Valley, Green Valley, Sierra Vista, and Douglas have attracted between 75 and 150 people.
For the media, “Congress on Your Corner” is an excellent opportunity to view the congresswoman interacting with constituents or ask questions about any topic.
This Saturday’s “Congress Your Corner” comes at the conclusion of the first week of the 112th Congress. Giffords took the oath of office for a third term on Wednesday and on Thursday she participated in a reading of the U.S. Constitution on the floor of the House.
Among the congresswoman’s first official acts this week was a vote for Speaker of the House and the introduction of legislation to cut congressional salaries by 5 percent. Giffords was interviewed about her bill this morning on Fox news.
WHAT: “Congress on Your Corner” with U.S. Rep. Gabrielle Giffords
WHEN: 10-11:30 a.m., Saturday, January 8, 2011
WHERE: Safeway, 7110 N. Oracle Road (southeast corner of Oracle and Ina)
Tuesday, December 14, 2010
Sen Mark Kirk on Senate's Vote to Keep Tax Rates As They Are
"I voted for the bill to prevent a massive tax hike from hitting Illinois families and hurting our economy during this Great Recession. President Obama and Senate leaders agree that this legislation will help end the recession, adding jobs and restoring tax-rate certainty to this fragile economy. You can see a three-page summary of the legislation here. After enactment of this legislation, I will turn my attention to cutting federal spending, reducing the cost of Congress and the Executive branch to bring down the debt."
Gov Quinn's Statement on the Death of Springfield Mayor Tim Davlin
Today’s news of the death of Mayor Tim Davlin is truly a tragedy. Tim was a great public servant who loved Springfield and its people. The city of Springfield is a better place because of his leadership. As Mayor, Tim led the community through some of its most difficult times and worked hard to revitalize the city. He was not only a champion for Springfield, but also for the entire state, and he will be greatly missed by all who knew him. My thoughts and prayers are with the Davlin family during this most difficult time.”
Wednesday, December 8, 2010
US Senator Mark Kirk Comment on the Tax Rate Agreement
“The agreement negotiated between the Administration and Senate Republicans reflects an important step towards protecting Americans from a tax increase on January 1st and the risk of another recession. It’s time to put partisanship aside and do what’s best for American families and small business employers. This centrist compromise will help us spur economic growth and create good-paying jobs in Illinois and across the nation.”
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