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 from the womb of art that criticism was born.”
—Charles Baudelaire (1821–1867)
“Unless criticism refuses to take itself quite so seriously or at least to permit its readers not to, it will inevitably continue to reflect the finicky canons of the genteel tradition and the depressing pieties of the Culture Religion of Modernism.”
—Leslie Fiedler (b. 1917)
“A friend of mine spoke of books that are dedicated like this: “To my wife, by whose helpful criticism ...” and so on. He said the dedication should really read: “To my wife. If it had not been for her continual criticism and persistent nagging doubt as to my ability, this book would have appeared in Harper’s instead of The Hardware Age.””
—Brenda Ueland (1891–1985)