President to Focus on Economic Fairness in State of the Union

President to Focus on Economic Fairness in State of the Union

This evening the President will deliver his State of the Union address to a joint session of Congress. The speech is expected to be principally about the economy and the need for Congress to take additional action to bolster jobs and economic growth, including extension of the payroll tax cut for working families.  The President is also expected to address issue of economic fairness, as those very top of our society have grown wealthier from their incomes and investments than ever before, even as so many other Americans are struggling just to remain in the middle class.

The State of the Union message will begin at 9:00 p.m.

Rep. Levin to Re-Introduce Legislation to Close Tax Loophole

Rep. Levin announced on January 18 that he will soon re-introduce legislation to correct a gaping loophole in our nation’s tax law that allows wealthy investment managers to pay a much lower tax rate than other Americans.  In exchange for providing the service of managing their investors funds, these fund managers often receive a portion – usually 20 percent – of the fund’s profits, or carried interest.  The loophole in current law allows these investment managers to pay a reduced 15 percent tax rate on this income, rather than ordinary income tax rates of up to 35 percent that all other Americans pay.  Rep. Levin’s legislation clarifies that this income is subject to ordinary income tax rates.  

Lawmakers Fight to Keep Aquatic Invaders Out of Great Lakes

On January 20, Rep. Levin joined other concerned lawmakers in co-signing a letter urging House and Senate leaders to reject controversial ballast water regulations from being included in the final Coast Guard legislation.  This issue is important because the ballast water from cargo ships has been identified as a major source for the introduction of non-native invasive species into the Great Lakes, including the zebra mussel.  Once these non-native species are introduced into U.S. bodies of water, they literally alter the aquatic ecosystem and cost billions of dollars of damage.

Last November, the House approved a version of the Coast Guard bill that included a very weak national ballast water standard and also blocked states the right to regulate under what conditions ballast water is discharged into state waters.