HR5252, otherwise known as "The War is Making You Poor Act," sponsored by U.S. Rep. Alan Grayson, D-Fla., is important for every Mainer. It is co-sponsored by 18 representatives so far, covering the entire political spectrum.
It reads “To reduce the $159.3 billion from the discretionary overseas contingency operations funds in the president’s fiscal year 2011 budget for operations in Iraq, Afghanistan and Pakistan (without preventing use of mandatory funds from the Department of Defense budget to execute the War on Terror), and amend the Internal Revenue Code of 1986 to provide individuals a War is Making You Poor tax credit against the savings attributable to the overseas contingency operations reduction."
If passed, Americans would not be required to pay any federal tax on the first $35,000 of their income. Married couples would not be required to pay any federal tax on the first $70,000 of their income.
Funds for the wars in Iraq and Afghanistan would have to come from within the current standard military budget, rather than billing extra amounts for the wars. President Barack Obama is asking for $159.3 billion more as a part of the National Defense Authorization Act for Fiscal 2011. If we didn't allow this extra $159 billion it could be used for tax credits and leave $16 billion for paying down the national debt!
We all feel discouraged about paying taxes because we know so much of our money is wasted.
True fiscal conservatives should be enthusiastic to support it.
Joan Braun, Weld