An Examination of the Job Protection and Recession Prevention Act of 2012

Radio Announcer: “I’ll tell you what, I am appalled that this new bill about the economy is even being looked at by Congress!  The

Nationwide government officials often wonder how this country is going to overcome unemployment, and the common misconception is through the provision of low wage jobs. By providing people with some source of income, congress believes millions will no longer depend on government aid. In actuality, however, providing minimum wage work is not going to solve such a drastic problem now, in the future, or at all for that matter. Minimum wage ($5.15), while serving at the socially acceptable pay standard, does not even compare with the nationwide ?living wage? of $10.18 (Ramisch). It is becoming increasingly more difficult to survive on such tragic wages, yet there is often little debate because it is money, and every little bit matters when it comes to paying bills.

The 112th Congress was able to pass 106 policies this term, with a few exceptionally influential policies. Congress was able to pass the ‘Middle Class Tax Relief and Job Creation Act of 2011.’ This bill provides major incentives for the creation of new jobs and is essential to the revitalization of our devastated economy. Congress was also able to enact the Temporary Payroll Tax Continuation Act of 2011, “which allowed for an extension on the payroll tax holiday, unemployment compensation, Medicare physician payment, and provided consideration of the Keyston XL pipeline.” (Binder, 2003) These policies are both prime examples of the influential laws that that the 112th Congress was able to enact.

Iowa has also drastically increased its reliance on revenue from corporate income taxes in recent years, which makes the aforementioned tax incentive refunds even more alarming. In the early 2000’s, the state was collecting between 2-3% of its total revenue from corporate income taxes (Census Bureau, 2001-2002) . As of 2013, 5.1% of state revenue was collected from corporate taxes, which is only slightly below the national average of 5.3% (2014)2. The increase

Furthermore, there is little to no evidence that the Supposed “Shot of adrenaline” created many jobs in even the businesses that were making use of the policy in an honest way. In fact, according to Jordan Weissmann, a writer for Slate, “a group of economists took stock of the Kansas misadventure, using administrative tax data to figure out whether the cuts had done any good at all. In short, the researchers concluded, they had not”(Weissmann). This is alarming as if the bill did not make progress in decreasing unemployment, then the lost revenue for the state of Kansas must have caused issues in other aspects. Illustrating this point, Jordan Weismann alleges that because the State cut taxes on LLCs, it was required to “cut spending on public schools, colleges, Medicaid, and more”(Weissmann).

The bill officially titled “Unemployment Insurance Reauthorization and Job Creation Act of 2010 (HR 4853),” extended many of the Bush era tax cuts of “The Economic Growth and Tax Relief Reconciliation Act of 2001” (EGTRRA) that then President Bush signed into law. As per the announcement on Desire to Learn, I’ll call this new bill “The Bush Tax Cut Extension.” The bill was signed into law December 17, 2010. I am happy with most of the provisions and cuts as they positively affect most individuals’ lives in this country, including mine. The Bush Tax Cut Extension applies to small businesses as well but I will focus on the laws that affect mainly individuals. Working people, both rich and poor, will be able to save more with the tax

One of the downfalls resulting from the Great Recession is the unemployment rate. Approximately 14 million Americans remained unemployed and about half of them were unemployed for over six months. Of that 14 million, 11.3 million of them were barely working, and if they were employed it was mainly part time jobs. Some felt that it would take over a decade to get unemployment rates back to 5%. With unemployment rates raising it also can affect the education of our nation and the future of our nation. The children's education is affected because a lot of them are switching schools and districts due to their unstable conditions at home. More and more parents are out of jobs which makes it hard for them to support their children financially in

In the The Politics of Bad Ideas, Bryan Jones and Walter Williams examine the United States’ economic policies of the past quarter century and explore the policy practices of the nation, while stressing the importance of evidence-based policy. Jones, a political scientist, and Williams, an economist, argue that the persistence of bad ideas in shaping American policy continues to exist, despite evidence that certain policies do not work. The Politics of Bad Ideas examines why bad economic ideas, such as cutting taxes without cutting spending, have become so influential in shaping fiscal policies. Using in-depth scholarly research and economic analysis, Jones and Williams explore why these bad ideas continue to thrive, despite overwhelming evidence that they in fact cause damage to the federal government's economy in the long-run. The

The issue of federal income tax policy has been one of hot debate and controversy for many years. Discussions and arguments on the issue have been presented on the floors of Congress, in the United States Supreme Court, used by politicians as political platforms, broadcasted in televised debates, and discussed around the dinner table of American families of various socioeconomic backgrounds for years. The Federal Government of the United States of America, like any governing body whether it be at a national, state, or local level, works (for lack of a better word) to generate revenue to make possible the funding of many public programs and services and repayment of national debt. Of course, the easiest

The dean of Columbia Business School, and former top economic advisors to Mitt Romney and George Bush reviewed Jeb Bush’s tax plan and compared what they found to others who also reviewed his tax plan. I did not include this in my paper because I had a detailed outline of Jeb Bush’s tax plan by Jeb Bush himself and decided to use Bush’s hometown paper, The Miami Herald, to reveal more about his plan.

"The Numbers Don't Lie-Why Lowering Taxes For The Rich No Longer Works To Grow The Economy." Forbes. Forbes Magazine, 12 Sept. 2012. Web. 09 Sept. 2016.

By and large, every research study’s purpose assists the persons undertaking it appraise its significance in the light of individual values. Ideally, the statement spelling out the purpose should include not only the study's eventual purpose but also its immediate purpose. As noted earlier, there are various widespread contestations arising from differing appreciations of the basics of standard deductions. As a general rule, each of the deductions is seen as rising each succeeding year. Even then, in some cases, the deductions reduce in succeeding years. Consequently, the present study’s purpose is to use credible, actual data in determining whether for a fact, federal income tax-related standard deductions rise every twelve months

This report examines the provisions, purpose, and impact of the Earned Income Tax Credit (EITC). It will consider both positive and negative arguments for the program, and review suggested alternatives. Finally, it will give supporting evidence as to why the EITC is a flawed, yet overall beneficial program for the nation’s war against poverty. As one of the most heavily debated tax issues since the 90s, the EITC is an important anti-poverty program that requires attention and understanding by all American citizens.

…I asked my nominee for chair of the Council of Economic Advisers, Dr. Christina Romer, and the vice president-elect's chief economic adviser, Dr. Jared Bernstein , to conduct a rigorous analysis of this plan and come up with projections of how many jobs it will create—and what kind of jobs they will be… The report confirms that our plan will likely save or create 3 to 4 million jobs… The jobs we create will be in businesses large and small across a wide range of industries. And they'll be the kind of jobs that don't just put people to work in the short term, but position our economy to lead the world in the long-term… The jobs being created by the House bill could cost as much as 2.5 times more than jobs created without the stimulus bill. (Grassley)

Starting off with the question “So where the heck are all the jobs?”(Kessler 330) causes readers to question this themselves. Most college graduates have trouble when searching for employment. Even with a degree, a massive amount of people are unemployed and have been asking themselves that very question. The author also uses the word “heck” to demonstrate personal frustration, and to shock the reader. Kessler uses un-affective persuasive skills by presenting a logical fallacy. Kessler claims the government has spent 3 trillion in stimulus, resulting in “ all we got were lousy 36,000 jobs last month”(Kessler 330). This misleading statement is known as false analogy, ultimately hurting the effectiveness of his introduction. Recent government stimulus has been distributed to help in other areas besides employment. This stimulus serves to provide state tax cuts, as well as business aid. The fast that Kessler believes 2 trillion dollars has been wasted is very un-relevant and false to assume.