Please help me reply to Gov Cornyn's column in my paper RE: taxes

[w8liftinglady]

I know it's partial truths and fallacies,but need help rebutting.Thanks.


http://www.thedailylight.com/articles/2010/08/11/opinion/doc4c62c8b0438d1709432590.txt

LETTER: Sen. Cornyn statement on legislation
Published: Wednesday, August 11, 2010 11:10 AM CDT
WASHINGTON—U.S. Sen. John Cornyn, R-Texas, has introduced the Economic Growth & Jobs Protection Act of 2010, legislation that would repeal the harmful tax on investment income that was included in the Democrats’ health care law. Sen. Cornyn’s bill is cosponsored by Sens. Mike Crapo, R-Idaho, and Pat Roberts, R-Kansas. During debate on the Health Care Reconciliation Act in March 2010, Sen. Cornyn offered an amendment to remove the 3.8 percent tax on the savings and investments earned by certain taxpayers on a variety of investments, but the measure was defeated and the new investment tax remained in the bill, which was ultimately signed into law.

“This is an onerous investment tax that will land directly on the backs of small businesses and those who are saving for their retirement. It was a bad idea when it was slipped into the health care bill earlier this year, and it’s an even worse idea today as millions of Americans continue to look for work.

“I hope my Democratic colleagues who supported this proposal previously will urge others to join us in opposing this tax increase on savings and investment that will impair job creation, capital formation, and small business expansion. As our nation’s number-one job creators, small businesses cannot afford another misguided policy to stand in the way of their financial recovery.”

Background on Sen. Cornyn’s legislation:

• It would repeal the 3.8 percent tax that was included in the Health Care Reconciliation Act.

• This $123 billion tax (over seven years) will soon be imposed on capital gains, dividends, rents and interest earned by taxpayers.

• This permanent tax hike will discourage savings and investment; it will reduce productivity; and it will depress wages and the standard of livings for millions of Americans.

• Taxpayers, including small businesses, are already scheduled to get hit with the largest tax increase in history in less than 160 days if Congress fails to act and maintain current tax policy.

• According to a forecast by the Institute for Research on the Economics of Taxation, a 2.9 percent tax would depress economic growth by 1.3 percent and reduce capital formation by 3.4 percent. The damage on job and economic growth would be even greater from the new tax on investment. http://iret.org/pub/ADVS-263.PDF

U.S. Sen. John Cornyn,

R-Texas

[unhappycamper]

1. Cornyn's pissing and moaning about the Sunset provision in dubya's tax breaks for the rich.

Cornyn's full of shit.

[ejpoeta]

2. it's not a tax increase, but a sunset of a tax cut bush put in that helped lead our

country to the situation it is in right now as far as deficits. are you for higher deficits mr. cornyn? i thought you were for lower deficits. you are still going to spend. republicans don't curb spending when they are in charge. if you are going to spend, it has to be paid for somehow. who is going to pay for it? it sounds like you want the middle class to pay for it while your rich contributors don't have to pay their FAIR SHARE.

[hobbit709]

3. The post turtle speaks again.

He's so stupid he makes a box of rocks look like a rocket scientist.

Any newspaper willing to print his drivel probably doesn't want a differing viewpoint.

[w8liftinglady]

4. thanks a lot!that gives me a goos start!

[w8liftinglady]

5. ok,I replied,gave this as a resource-if anyone in my town bothers to read

http://en.wikipedia.org/wiki/Economic_Growth_and_Tax_Relief_Reconciliation_Act_of_2001