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The Congressional Connector
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Week of June 25 - 29, 2007 |
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Rep. Levin Introduces Legislation to End Unfair Tax Break
On June 22, Rep. Levin introduced legislation to end the tax advantage currently enjoyed by some investment fund managers that allows them preferential tax treatment on the compensation they receive for their services. The legislation [H.R. 2834] would ensure that investment fund managers who take a share of the funds’ profits as compensation for investment management services, known as “carried interest,” are taxed at an appropriate ordinary income tax rate. Currently, the managers of private investment partnerships are able to receive compensation for these services at the much lower 15% capital gains tax rate rather that the ordinary income tax rate by virtue of their fund’s partnership structure.
On introducing the bill, Rep. Levin said, “Congress must ensure that our tax code is fair. We have to be sure that the lower capital gains tax rate is not being inappropriately substituted for the tax rate on wages and earnings. Investment managers are being paid to provide a service to their limited partners and fairness requires they be taxed at the rates applicable to service income just as any other American worker.”
For more information, click here.
Lawmakers Attempt to End Mountaintop Removal Coal Mining
Mountaintop removal is a mining method where the top of a mountain is literally blown off so that mining companies can more easily extract thin seams of coal. This mining practice creates millions of tons of waste rock, which is usually dumped into nearby valleys. Mountaintop removal has already buried and polluted over 1,200 miles of streams. Rep. Pallone of New Jersey recently introduced legislation [H.R. 2169, the Clean Water Protection Act] that would prohibit the dumping of mining fill into rivers and streams. Rep. Levin is a cosponsor of this bill.
How Much Should be Spent on Foreign Aid?
If you took a poll, most people would probably say that the federal government spends too much on foreign aid. If you then asked them what would be a reasonable percentage of the federal budget to spend on foreign aid and related programs, most would probably limit outlays in this area to between 5% and 10% of federal spending. In fact, the U.S. spends less than one percent of its budget on foreign operations programs and the State Department. That’s still a lot of money, but less than most people think it is. On June 21, on a vote of 241 to 178, the House of Representatives approved the international affairs budget [H.R. 2764] for fiscal year 2008. This bill funds everything from the State Department and our foreign embassies, to international disaster assistance, to reconstruction aid and counter-narcotics efforts in Afghanistan, to programs to fight the spread of deadly diseases, like AIDS, malaria and tuberculosis.
For a detailed summary of the bill, click here.
House Works on Energy and Water Funding Measure
On June 19 and 20, the House debated the Energy and Water funding bill for 2008 [H.R. 2641]. This is one of the twelve federal appropriations bills that Congress must approve each year. H.R. 2641 provides a total of $31.6 billion, for Department of Energy programs as well as the Army Corps of Engineers. With rising energy costs hitting consumers hard, and with growing concern over global climate change, the legislation invests nearly $2 billion on energy efficiency and renewable energy programs, including solar, biofuels, hydropower, and geothermal energy. Among many other provisions, H.R. 2641 provides $235 million to the Department of Energy to collaborate with the automobile industry on developing technologies for higher fuel efficiency such as improved batteries or engines that burn clean diesel.
For more information, click here.
Members of Congress Surveyed to Learn Where They Stand on Health Care
Americans pay top dollar for their health care, yet the U.S. health care system often falls short of people’s expectations. Congress has begun debating changes to the health care system and the Leadership of Congress has pledged to find funds within the budget to provide health insurance to millions of uninsured children. Recently, a non-partisan, nonprofit health research group surveyed members of the House and Senate to find out where they stand on a number of critical health-related issues pending before Congress. Rep. Levin was one of the House members who participated in the survey.
To view the survey questions and his answers, click here.
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