From the office of Del. Mary-Dulany James:
Dear Friends,
I wanted to call to your attention some exciting news from Washington, DC. On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. This bill will extend tax cuts for all Americans with the intention of creating jobs and getting our economy working again for all of us. While change may not happen overnight, relief is on the way.
The key provisions extend tax cuts for two years, reduce payroll taxes by 2 percent in the coming year and extend unemployment benefits another 13 months. I feel that these aspects will support Marylanders who are feeling the stress of this difficult economy. Overall, these provisions will hopefully provide relief to more than 100 million middle-class families and prevent an annual tax increase of over $2,000 for the typical family. The provisions that I think will most help:
– Extend the 2001 and 2003 tax cuts for all taxpayers for 2011 and 2012:
Keep the current tax rates at all income levels;
Repeal the phase-outs of personal exemptions and itemized deductions;
Keep the top capital gain and dividend rate at 15%;
Maintain marriage penalty relief; and
Continue the $1,000 child tax credit;
– Cut approximately 2 percent in employee-side payroll taxes for over 155 million workers – providing tax relief of about $112 billion next year;
– Reduce the employee share of Social Security (“FICA”) taxes from 6.2% to 4.2% for normal employees and from 12.4 percent to 10.4 percent for self-employed individuals;
– Patch the alternative minimum tax (“AMT”) for two years to ensure an additional 21 million households will not face a tax increase;
– Provide an estate, gift and generation-skipping transfer tax rate of 35% and exemption amount of $5 million for 2 years;
– Extend unemployment benefits for 13 months preventing an estimated 7 million workers from losing their benefits over the next year as they search for jobs; and
– Extend various expiring tax provision that have benefited both individuals and businesses, such as the tax cuts enacted by the stimulus bill of 2009 and many of the tax provisions commonly referred to as “extenders.”
These provisions include things such as:
American Opportunity Credit;
Earned income tax credit enhancements;
Child credit enhancements;
Research credit; and
Itemized deduction for state and local sales taxes.
I think this is all very good news we got right before the holidays. Instead of waiting for the new year, leaving our tax rates in question, Congress ensured that Americans get the relief they need now.
Please accept the very best wishes from my family and me to you and yours during this holiday season.
Very Truly Yours,
Mary-Dulany James
Rob in Bel Air says
Del. Mary-Dulany James,
It is very nice that you share all this great news with us, but what did the Maryland legislators have to do with all this? Actually, if not for the impending Republican majority in the house and an slight increase in the U.S. Senate, Obama and the democrats would have slammed the American citizen (of course Obama is still going to do that through backdoor tactic – Cap and Trade, etc.).
I have some great solutions for the current state of the economy (and Country):
1.) At the state level, reduce House and Senate salaries, reduce benefits, and reduce the amount in the expense account each get. They are pay for their own meals.
2.) Do the same for U.S. Senate and House; they make far too much for the work they do; reduce their benefits (have a requirement that they must enroll in the new “Obama” health care); and reduce their expense account (no more lavish parties and meals on the back of the taxpayer); and no more retirement benefits beyond that which the typical American citizen receives for the number of years served.
Please don’t try to argue that compensation at the current level is needed to attract good and intelligent people. It’s obvious it does not work (evidence: just look those currently serving in Annapolis and Washington). Besides, most who serve in Washington are already millionaries.
There are too many career politicians in both the state and Washington D.C. – time for many to go.
JUST MY OPINION . . .
B says
I agree that the compensation is not an argument. Unfortunately the people that would do the best job and the most good are smart enough to stay out of the political world. Why wouldn’t they?
Brenda says
Rob, why don’t YOU run for office? I’d certainly vote for you.
Bill says
I’m glad Congessional Democtrats got the message from the 2010 elections..just hope James and her dem colleagues in Annapolis would also….of course she also failed to mention that this package puts us another trillion in debt but she is use to pushing off debt on the House budget comm.
anon says
Bill – I completely agree with you about this undesirable debt burden. It was truly wrong for Republicans to hold the unemployed and middle classes hostage so that they could secure more tax breaks for the Wall Street bankers that funded their recent ascendancy.
I look forward to the day when more people figure out who has truly been over-working and under-paying them while taking choice picks from the pork barrel and start to get mad at the right people. Hint -> it’s not the fault of the guy who can’t find work right now.
Congratulations to the Democrats on a truly great 2 years (Kratovil’s failure to get with the program excepted – you won’t be missed). Sorry for this temporary interruption to all others but there’s no doubt we’ll be seeing you again very quickly given the nonsense being espoused as wisdom by the Right.
wherespatton says
Here’s a simple solution to our budget problems…”STOP SPENDING!!!”
Give me the budget, I’ll fix it.