Late this week – embargoed copy available
Week of March 11th – Budget Committee Mark-up
March 13th – Tentative Final Release
Week of March 18th – vote on the House floor as a substitute amendment to the Ryan budget
How you can help
Endorse this budget — Email Haley.Stewart@mail.house.gov with an email saying your organization endorses.
Let your membership know that the CPC is taking a bold step away from austerity and help us change the debate
Promote the budget as you talk to reporters and let them know there IS an alternative to the Ryan austerity.
This budget WILL get a vote on the floor which means it is a great opportunity to organize! We have set the goal of at least a 100 votes for the budget – help us get there.
Repeals budget control act spending caps
Repeals sequester and arbitrary spending caps that are damaging economy.
Making Work Pay – boosts consumer demand by reinstating this tax credit for two years
Infrastructure – substantially increases infrastructure investment to the level the American Society of Civil Engineers says is necessary to close our infrastructure needs gap
Education – funds school modernizations and rehiring laid-off teachers
Aid to States – closes the recession-caused gap in state budgets for two years, allowing the rehiring of cops, firefighters, and other public employees
Emergency Unemployment Compensation – allows beneficiaries to claim up to 99 weeks of unemployment benefits in high-unemployment states for two years
Emergency Jobs to Restore the American Dream Act (Schakowsky) – includes public works job programs such as Park Improvement, Student Jobs, and Child Care Corps
Individual Income Tax
Immediately allows Bush tax cuts to expire for families earning over $250K
Includes Rep. Schakowsky’s higher tax rates for millionaires and billionaires (from 45% to 49%)
Taxes all capital gains and qualified dividends as ordinary income
Corporate Income Tax
Ends deferral and reforms foreign tax credits
Enacts a financial speculation tax
Prices carbon pollution with a rebate to hold low and moderate income households harmless
Eliminates corporate tax subsidies for oil, gas, and coal companies
Enacts a financial crisis responsibility fee
Includes same defense spending targets as last year’s budget, returning defense spending to 2006 levels
At the request of Social Security groups, this budget no longer includes “scrap the cap” proposals.
No benefit cuts, but includes savings from public option, negotiating drug prices, and reducing fraud, among others
Please don’t hesitate to contact me at Chamberlain@ProgressiveCongress.org if you have any additional questions.
Charles Chamberlain, Executive Director