House Republicans on Tuesday declined to recognize a House Democrat who was trying to speak about the need for Congress to quickly resolve its differences about how to extend the payroll tax cut. Rep. Robert Aderholt (R-Ala.) gaveled today's pro forma session to order at about 2 p.m. After the House prayer and Pledge of Allegiance, Rep. Jim Moran (D-Va.) sought to be recognized, but the session was gaveled to a close. Moran spoke for about four minutes on the House floor on the need to hold a conference on the bill, although none of it was captured by House gallery cameras or C-SPAN. Moran's effort is the second Democratic attempt in five days to speak on the floor about the need to hold a conference on the payroll tax bill. The efforts are essentially stunts meant to score political points against Republicans by calling attention to the light work schedule this month, which is typical of January. [The Hill]
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Rich-hating Legislation of the Day: The Ending Taxpayer Subsidies for Yachts Act
Sorry for being a little to the game on this one but everyone seems to still be in their meat-induced comas and this type of proposed legislation has left us wondering: IS NOTHING SACRED? If the affluent in our society can’t write off the mortgage interest on their second home that also happens to be boat, haven’t the terrorists won?
The Ending Taxpayer Subsidies for Yachts Act was introduced by Rep. Mike Quigley (D-IL) with co-sponsors Reps Tim Walz (D-MN) and Gary Peters (D-MI):
“There’s absolutely no reason why taxpayers should subsidize luxury yachts,” said Quigley. “As we work to address our budget challenges, closing this frivolous tax loophole is a no-brainer.”
“We’re going to have to make some hard decisions to tackle our national debt, but this isn’t one of them,” said Walz. “Closing this tax loophole restores the Mortgage Interest Deduction to its original purpose; helping middle class families realize the American Dream through homeownership.”
Currently, taxpayers are allowed to deduct mortgage interest for up to two homes from their tax returns. Yachts equipped with bedding, toilet facilities, and a kitchen qualify even if they aren’t used as a primary residence. The Ending Taxpayer Subsidies for Yachts Act would limit the tax deduction to only those who use their boats as a primary residence.
“We need to get the deficit under control, and that means simplifying the tax code and eliminating special interest tax giveaways like the Yacht Loophole,” added Peters. “Homeownership is part of the American Dream and we should encourage it, but yacht owners don’t need any special handouts, especially in the middle of a budget crisis.”
Also, it’s our understanding that the Reps will use the following footage to make a case for their bill:
[via DMWT]