Congress to move highway package with $20B in taxes, revenue

The Hill ^ | 6/29/12 | Pete Kasperowicz

[ColdOne]

The highway, student loan and flood insurance package Congress is expected to approve today includes provisions that would raise $20 billion in new tax and fee revenues from companies, according to an estimate from the Joint Committee on Taxation.

One of the new measures would adjust the way pension liabilities are measured for companies. Currently, companies are generally required to contribute more into their pension plans because interest rates are at historic lows.

The bill would adjust the way interest rates are factored in, and allow companies to contribute less to pensions. However, that would also lead to increased tax revenues from these companies, and this change would raise an estimated $9.4 billion over the next decade.

[formosa]

More taxes. What a shame. More jobs lost. Time to reign in the governments power to tax and spend!

[Sequoyah101]

Brilliant. Cripple more pensions. I’m surprised there are enough defined pension plans to even worry with.

With politicians the immediate solution to any problem is to raise taxes and revenue.

In business, when faced with challenging times the immediate solution is to cut people.

Neither approach has a good ultimate outcome.

[EagleUSA]

More taxation and another attack on capitalism.

This country better vote right in November. Save America or lose it.

[RC2]

If I heard right, there were 6,300 earmarks attached to this bill. Spending hasn’t stopped.

[kabar]

The bill would adjust the way interest rates are factored in, and allow companies to contribute less to pensions. However, that would also lead to increased tax revenues from these companies, and this change would raise an estimated $9.4 billion over the next decade.

To put things into perspective. The U.S. national debt rises at an average of approximately $3.8 billion per day. So the revenue raised over 10 years will equal two and one-half days of current debt.

[alloysteel]

Since it is the “highest court in the land”, may I suggest, maybe, Pike’s Peak?

[Lorianne]

Oink, oink.

Politicians cannot help themselves. However, we are ultimately to blame for we send them there to spend, spend and spend some more!

[CdMGuy]

So now, the Federal government which established the Pension Benefit Guarantee Corporation (PBGC) in order to protect the pensions of current and retired company employees is willing to allow companies to UNDERFUND their pension plans in order for the Feds to collect higher corporate income taxes. This is beyond outrageous as the majority of pension funds already are underfunded. The level of corruption in Washington is beyond comprehension, no matter whether Dem or Repub.

[LibLieSlayer]

Boy... old boner and mcconman are certainly the greatest leaders of our modern times.

LLS

[LibLieSlayer]

Spending will never stop until the Republic falls... and that will happen soon. It is unavoidable. I hate it but there is nothing that will be done because those in DC are against every avenue of rescue. DC=District of Corruption.

LLS

[Iron Munro]