Uncategorized

Pay for Unemployment Insurance Extension by Closing Corporate Loopholes

As the Senate takes up the vote on extending emergency federal unemployment insurance today, one argument by opponents is that it should be paid for.  The good news for opponents of helping jobless workers is that there is a bill to do just that AND start to re-balance our deficit reduction efforts.

The Stop Tax Haven Abuse Act would raise $220 billion over the next decade by closing corporate tax loopholes that provide no economic benefit and reward profitable companies that offshore their profits or otherwise seek to evade taxes.  In some cases, these companies are rewarded for shipping jobs overseas too.

So if opponents are serious about their new-found fiscal responsibility, they should move the Stop Tax Haven Abuse Act to the floor without haste.  But they should not fail to extend unemployment insurance payments to jobless workers in the meantime.

Jobless workers continue to face too few jobs and mounting financial pressure that will flood the economic recovery. The Congressional Budget Office estimates that failing to extend emergency federal unemployment could result in the loss of 300,000 jobs as jobless workers fail to spend in the economy and businesses stop hiring or cut back.

Closing corporate loopholes and extending unemployment insurance at this fragile point in the recovery would not only be good for the economy but makes good fiscal sense.

 

Check Also

Job announcements still fall short of 16,000 new jobs needed every month in N.C. to get back to pre-Recession levels

The North Carolina GOP released a press release ...

Top Stories from NCPW

  • News
  • Commentary

State Board of Elections & Ethics Enforcement refuses to disclose any details of probe into alle [...]

Senate favors form of merit selection for judges as alternative to House judicial redistricting bill [...]

North Carolinians hoping to find out who’s been funding Rep. Justin Burr’s crusade this legislative [...]

The SePro Corporation is receiving as much as $1.3 million in taxpayer money to chemically kill the [...]

Here is something you probably haven’t heard much lately, if at all, given the shocking news from Ch [...]

Lawmakers to return to Raleigh yet again; agenda may include dangerous “de-reg” proposal The North C [...]

The three federal judges could have just come right out and said it: The Republicans who rule the N. [...]

3---number of states that adopted new state Earned Income Tax Credits in 2017---Montana, Hawaii, and [...]

Featured | Special Projects

NC Budget 2017
The maze of the NC Budget is complex. Follow the stories to follow the money.
Read more


NC Redistricting 2017
New map, new districts, new lawmakers. Here’s what you need to know about gerrymandering in NC.
Read more