December | 2010 | Emptysuit

Archive for December, 2010

Michelle Obama Wears Thrift Store Dress

Michelle Obama wore a thrift-store dress to the “Christmas in Washington” concert. The “couture” black-lace overlay frock, featuring a high, square neckline and a full skirt was plucked from New York Vintage in Chelsea. Michelle Obama Elle’s Best Dressed “Political Chic”

The secondhand 1950s piece — believed to be the first vintage dress worn by a first lady to a public event — was made by American designer Norman Norelli, who died in 1972 and was among the most influential designers of his time.

2010: 12/17
CATEGORY: Michelle Obama
3 comments

2011 Omnibus Spending Bill (Summary)

Summary: Fiscal Year 2011 Consolidated Appropriations Bill

Washington, DC – The Senate Appropriations Committee released details of the FY 2011 Consolidated Appropriations Act, a substitute amendment to the House passed Continuing Resolution (H.R. 3082). The legislation is $29 billion below the cost of the budget proposed by the President and equal to the topline Budget Authority level of $1.108 trillion as proposed in the Sessions-McCaskill amendment.

The Omnibus, in contrast to a Continuing Resolution, lives up to Congress’ constitutional responsibility to provide federal agencies with the direction and the resources they require, most critically for national defense and homeland security. Below are a number of specific programs that would be impacted if forced to operate under a Continuing Resolution. A CR would fail to implement more than $10.2 billion in cuts made to wasteful, poor performing, or terminated military programs. In the Omnibus, these funds are redirected to high priority programs.

Head Start: The Omnibus includes an $840 million increase for Head Start, including increases to improve the quality and oversight of Head Start programs across the country. The CR includes an increase of only $314 million, putting over 60,000 disadvantaged children in limbo over whether they’ll receive comprehensive early childhood care next year.

Child Care: The omnibus includes a $681 million increase for child care for low-income families. The CR includes an increase of only $374 million, meaning about 45,000 fewer low-income children and their families would receive child care subsidies. These are families that are working, or in some cases looking for work, and that depend on these subsidies to do so. Read more

2010: 12/16
CATEGORY: National Issues
15 comments

Obama Attack Social Security

Obama’s tax compromise not only gives a 700 billion dollar tax break to billionaires but has an even more dangerous aspect. It is the Trojan horse provision that threatens to destroy Social Security by undermining the longterm solvency of the social insurance system. Obama is proposing to knock 2 per cent off deductions that every worker regularly contributes to the Social Security Trust Fund. Social Security is funded by a 6.2 percent payroll tax on the first $106,800 earned by a worker. The tax is matched by employers. The package negotiated by Obama would reduce the tax paid by workers to 4.2 percent for 2011. Read more

2010: 12/13
CATEGORY: National Issues
9 comments

The Bush Tax Cuts

The Bush tax cuts refers to two laws created and passed during the presidency of George W. Bush that generally lowered tax rates and revised the code specifying taxation in the United States. These were the:

Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA)
Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA)

The Economic Growth and Tax Relief Reconciliation Act of 2001 (Pub.L. 107-16, 115 Stat. 38, June 7, 2001), was a sweeping piece of tax legislation. It is commonly known by its abbreviation EGTRRA, often pronounced “egg-tra” or “egg-terra”, and sometimes also known simply as the 2001 act. The Act made significant changes in several areas of the US Internal Revenue Code, including income tax rates, estate and gift tax exclusions, and qualified and retirement plan rules. In general, the act lowered tax rates and simplified retirement and qualified plan rules such as for Individual retirement accounts, 401(k) plans, 403(b), and pension plans. Many of the tax reductions in EGTRRA were designed to be phased in over a period of up to 9 years.

One of the most notable characteristics of EGTRRA is that its provisions are designed to sunset, or revert to the provisions that were in effect before it was passed. EGTRRA will sunset on January 1, 2011 unless further legislation is enacted to make its changes permanent. The sunset provision sidesteps the Byrd Rule, a Senate rule that amends the Congressional Budget Act to allow Senators to block a piece of legislation if it purports to significantly increase the federal deficit beyond a ten-year term. In addition to the tax cuts implemented by the EGTRRA, it initiated a series of rebates for all taxpayers that filed a tax return for 2000. The rebate was up to a maximum of $300 for single filers with no dependents, $500 for single parents, and $600 for married couples. Read more