Criticism
The TIPRA has been criticised by commentators and Democratic congressional representatives for providing what these critics believe are tax cuts only for the wealthy and corporations, doing little for low- and middle-income citizens and further increasing the federal budget deficit.
Additionally, the Act imposed a retroactive tax increase on unearned income of many Americans living abroad who claimed the Foreign Earned Income Exclusion. This increase is amplified by the rapid decline of the dollar against most major foreign currencies which has decoupled the relationship between tax rate and real earnings (i.e. Americans abroad can expect increases in overall tax even if there are no increases to their real income in local currency).
A provision amending the Internal Revenue Code of 1986 imposed of 3 percent withholding on certain payments made to vendors by government entities, starting on January 1, 2011. This implementation was pushed back to January 1, 2013. It was almost immediately criticized, and in October, 2011 the House passed HR 674 to repeal the provision entirely.
Read more about this topic: Tax Increase Prevention And Reconciliation Act Of 2005
Famous quotes containing the word criticism:
“It is the will of God that we must have critics, and missionaries, and Congressmen, and humorists, and we must bear the burden. Meantime, I seem to have been drifting into criticism myself. But that is nothing. At the worst, criticism is nothing more than a crime, and I am not unused to that.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“The greater the decrease in the social significance of an art form, the sharper the distinction between criticism and enjoyment by the public. The conventional is uncritically enjoyed, and the truly new is criticized with aversion.”
—Walter Benjamin (1892–1940)
“Good criticism is very rare and always precious.”
—Ralph Waldo Emerson (1803–1882)