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Under current law, major tax policies implemented to ease consumers through the financial crisis are scheduled to end January 1, 2013. Income and payroll tax rates will rise, and many relying on extended of unemployment benefits will be cut from the rolls. In addition, federal discretionary spending will be slashed. Almost everyone believes the scope and magnitude of these changes, if they go through as planned, will trip up U.S. economic growth. After the election, the lame duck Congress could act to delay the cuts, but much will depend on who wins the presidential election. Please join us to talk about Congress, politics and the tax and spending policy choices between now and January 1, 2013.
The D.C. Council has taken steps to accelerate tax cuts for all income earners. They're part of a broader overhaul of the city's tax levels, but some council members argued there wasn't enough time for a rigorous debate about the new schedule. We explore the debate over cutting taxes for D.C. residents and how it affects the city's ability to pay for critical local services.