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:
“The visual is sorely undervalued in modern scholarship. Art history has attained only a fraction of the conceptual sophistication of literary criticism.... Drunk with self-love, criticism has hugely overestimated the centrality of language to western culture. It has failed to see the electrifying sign language of images.”
—Camille Paglia (b. 1947)
“I am opposed to writing about the private lives of living authors and psychoanalyzing them while they are alive. Criticism is getting all mixed up with a combination of the Junior F.B.I.- men, discards from Freud and Jung and a sort of Columnist peep- hole and missing laundry list school.... Every young English professor sees gold in them dirty sheets now. Imagine what they can do with the soiled sheets of four legal beds by the same writer and you can see why their tongues are slavering.”
—Ernest Hemingway (1899–1961)
“It is ... pathetic to observe the complete lack of imagination on the part of certain employers and men and women of the upper-income levels, equally devoid of experience, equally glib with their criticism ... directed against workers, labor leaders, and other villains and personal devils who are the objects of their dart-throwing. Who doesn’t know the wealthy woman who fulminates against the “idle” workers who just won’t get out and hunt jobs?”
—Mary Barnett Gilson (1877–?)