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NJ-3: Adler promotes effort to preserve Bush tax cuts

by: Rosi Efthim

Sat Sep 18, 2010 at 12:56:25 PM EDT



Is John Adler actually literally letting financial industry lobbyists write his copy now? That's what a letter Adler's shopping around to Democrats reads like. From TPM we learn that NJ-3's Democratic congressman is trying to generate signatures from his colleagues on a letter to Nancy Pelosi to extend more taxes to wealthy folks.

The letter to Democratic leadership promotes the extension of Bush-era dividends and capital gains tax rates, passed in 2003 and due to expire at the end of this year. And again, caving to Republicans is foolish when there is an actual Republican option to vote for. And besides any political calculation that may be present, extending this is plainly wrong. I cannot imagine any other Democratic congressman in the NJ delegation signing this. Text of Rep. Adler's letter is after the jump.  

Rosi Efthim :: NJ-3: Adler promotes effort to preserve Bush tax cuts
Via Talking Points Memo:

Dear Speaker Pelosi:

A number of tax cuts enacted in the past decade are due to expire at the end of this year. Our fiscal policy should be one that maximizes economic growth and private sector job creation. That is why we strongly believe that Congress should extend the current tax rates for dividend and long-term capital gains taxes.

By keeping dividends and capital gains tax rates linked and low for everyone, we can help the private sector create jobs and allow seniors and middle class households to save and invest more. A dividends tax increase would impede our nation's economic recovery by decreasing the amount of capital that companies would have access to, thereby slowing the private sector's ability to grow and create jobs.

We also have a responsibility to protect middle class families and seniors from harmful tax increases and their economic impact. Raising the tax rate on dividends would likely cause some companies to forego paying dividends and others to pay a lower amount to shareholders. These outcomes would disproportionately affect seniors and those saving for retirement as they represent a large portion of investors who own dividends paying stocks. Many seniors depend on this income to supplement their fixed retirement income. A recent study found that in 2007 over 27 million tax returns had dividends qualifying for the tax rate reduction. Of those returns, 61 percent were from taxpayers age 50 and older and 30 percent were from taxpayers age 65 and older.

Our economy is fragile. We need tax policies that will promote our recovery. Raising taxes on capital gains and dividends could discourage individuals and businesses from saving and investing. We urge you to maintain the current tax rate for both dividend and long-term capital gains taxes.

Sincerely,

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"maximizes economic growth and private sector job creation." (4.00 / 1)
Yes, let's go to the Clinton-era tax rates instead of the Bush-era ones.  


Frank LoBiondo Record and Jon Runyan Watch

I am happy to be bipartisan (0.00 / 0)
I'm willing to compromise with the conservative Reagan-era dividend tax rates:

http://seekingalpha.com/articl...


Frank LoBiondo Record and Jon Runyan Watch


[ Parent ]
Adler is spot on ...... (0.00 / 0)
A article is Barrons today points out Tech companies are sitting on a treasure chest of cash ...problem is most of that is outside the USA .Cisco alone has over 30 billion dollars .Cisco plans to offer a cahd dividend of 1% plus  Cisco vows it would boost hiring here by 10% if he could efficiently bring the cash home. but instead are looking to Germany or elsewhere .So do we cut off our nose to spite our face and let this money walk away ?

Wow. (4.00 / 1)
Those socialist countries are just KILLING us!

As scarce as truth is, the supply has always been in excess of the demand.


[ Parent ]
Adler is a Sellout (0.00 / 0)
1. Voted Against Healthcare Reform

2. Wrote exemptions in FinReg for his rich friends on Wall Street

3. Betrayed everyone on Net Neutrality

And now he is attacking Speaker Pelosi and trying to force through tax cuts for the top 2%?

There are worse things than having Jon Runyan as Congressman, keeping John Adler for one.


I'm very torn. (0.00 / 0)
Deeply disappointed in this freshman Democrat. Completely certain that the unprepared Mr. Runyan would be a worse representative. Utterly unmotivated to do anything but watch it all play out.  

It's not a particularly snappy signature, but here's what I think we need in the next NJ Democratic State Chair.  

Say What??? (0.00 / 0)
"Completely certain that the unprepared Mr. Runyan would be a worse representative."

Based on what? They both would have voted no on Healthcare/wrote negative op-eds about it.

I'm not sure Runyan is smart enough collude with Scott Garrett and write a huge loophole for Goldman Sachs in a FinReg bill.

When someone Promises on net neutrality then betrays you (to get more money from Comcast), it's Worse then if someone admits they aren't with you, because you are relying on their support.

There is no evidence Adler's preparation or experience has led him to make more progressive choices, if anything it's lead him to understand how to manipulate working and middle class voters into thinking he represents them while working for Big Business.

The Adler-Runyan contest is the Iran-Iraq war, it's too bad both sides can't lose. But Adler is worse, he shakes your hand then stabs you in the back.


[ Parent ]
progressivetruth (0.00 / 0)
I get everything you're saying. And I agree. He's a disaster, and I'm angry and disappointed. What I said wasn't meant to minimize the feeling you have, and that I share, and that we both know is so widespread about this guy.

But Runyan's a whole different kind of disaster; no better and maybe worse. As I said, I'm really conflicted, and I'm glad I don't have to make that choice in the voting booth. I get to vote for Ed Potosnak, where the choice is very, very clear.  

It's not a particularly snappy signature, but here's what I think we need in the next NJ Democratic State Chair.  


[ Parent ]
A Republican majority (4.00 / 1)
will have the power to endlessly subpoena and demagogue "investigative" hearings to derail the lukewarmest milquetoast the Obama Administration dribbles out. To the extent Runyan would help create that majority, it would be a greater evil by orders of magnitude.

The problem is that Democrats - STILL - don't understand how to play politics. This tax issue should have been a single line-item buried in the thousands of pages of healthcare bill. Or it could have been used, rather than future food stamp benefits, to pay for extended unemployment benefits. Instead, we have to fight this stupid battle on the worst possible political ground as we head into an election.

And, it is being fought without any ammunition and minimal air cover from Democratic leadership. Other than Robert Reich - who doesn't carry much authority with the general public - no one has been talking about the declining value of a working man's paycheck or how CEO salaries continue to climb even during a recession when performance suffers.

The issue in Adler-Runyan is whether or not this particular Congressional district remains in Democratic hands, or whether that was a once-in-a-couple-of-lifetimes anomaly. It's also about whether the talk about the Democratic Party being a big tent is just talk, or whether it extends to Blue Dogs who are trying desperately to hang onto their seats. The way to change a Blue Dog's vote isn't to punish them for doing what they see as necessary, but to help them build a constituency strong enough to support electoral challenges - and then to exercise the greater freedom that comes with it.


[ Parent ]
On Thurman's point (0.00 / 0)
Executive Excess, the annual report comparing CEO salaries to those of workers, reports this in its 2010 publication:

after adjusting for inflation, CEO pay in 2009 more than doubled the CEO pay average for the decade of the 1990s, more than quadrupled the CEO pay average for the 1980s, and ran approximately eight times the CEO average for all the decades of the mid-20th century.

American workers, by contrast, are taking home less in real weekly wages than they took home in the 1970s.

Even more infuriating, their 2005 report, which deals with the cost of war profiteering by corporations.  

It's not a particularly snappy signature, but here's what I think we need in the next NJ Democratic State Chair.  


[ Parent ]
Vote for Adler (4.00 / 1)
I will vote for Adler for one reason, and one reason only.  If the split in the House is close, I don't want John Boehner to become Speaker by one vote.  If Adler loses and Pelosi is still speaker, I won't be disappointed.  Living in Tea Party Burlington County, I'm used to being disappointed in election outcomes.  An Adler loss would at least make room for a real Democrat in 2012.

Blog: http://www.deciminyan.org

deciminyan (0.00 / 0)
An excellent use of the html strike function in the comment above.  

It's not a particularly snappy signature, but here's what I think we need in the next NJ Democratic State Chair.  

[ Parent ]
That's it (0.00 / 0)
I officially don't care whether he wins or loses.  I don't live in his district, but if I did I would vote for a third party candidate.

That boy needs to go. (0.00 / 0)
But not this year.  We need primaries to get rid of blue dogs, not general elections where we may lose everything.

One Vote.  Yours.  It really does matter.

We did (0.00 / 0)
We did have a primary, and Barry Bendar got a respectable 25% of the vote, but his campaign was conducted on a shoestring without much mainstream media attention.  Perhaps if progressive Democrats could identify and field a challenger to Adler (assuming he wins) right after the election, we could have a chance in 2012.

Blog: http://www.deciminyan.org

[ Parent ]
We need to let DFA know as soon as (4.00 / 1)
we do that.

One Vote.  Yours.  It really does matter.

[ Parent ]
If Adler wins (0.00 / 0)
I would completely support a stepped up effort across the spectrum to strengthen a progressive electoral challenge there. Sometimes it takes more than one cycle to build. If Runyan wins, it will be just as important to do that. My 2cents.


It's not a particularly snappy signature, but here's what I think we need in the next NJ Democratic State Chair.  

[ Parent ]
Adler's district has a lot of seniors (0.00 / 0)
Most seniors rely on dividend income, which comes from retained earnings from companies after they pay their taxes. Arguably there is some merit to the assertion that taxing dividends is double taxation.

Personally, I would like to see a tax exemption on say the first $25,000 of taxable dividends that would give a break to the middle class.

"Discrimination caused by ignorance and fear is a tax on human progress" - Barbra Casbar Siperstein


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