Blog: The Fine Print / Revenue & Spending
Payroll Tax Cut Extension Back on the Table?
Nov 5, 2012 by Craig Jennings
House Budget Committee Ranking Member Chris Van Hollen (D-MD) made a few waves in October when he said that the payroll tax cut should be extended beyond the end of the year. Van Hollen noted that, given the state of the economy, extending the payroll tax cut would put money into the "pockets of working Americans who actually go out and spend that money."
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European Consideration of Tax on Financial Transactions: A Model for the U.S.?
Oct 15, 2012 by Craig Jennings
As Congress considers options to halt a slide down the fiscal slope, it should look to the financial transactions tax (FTT). The FTT can raise large sums of revenue with small rates while tamping down on the excesses of an industry that most Americans feel hurts the economy more than it helps, according to a poll from the Pew Research Center. American lawmakers are wrestling with how to handle the expiration of the Bush tax cuts while closing the federal budget deficit, but finance ministers in the European Union (EU) who are also facing budget shortfalls have advanced the FTT closer to European law.
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Administration Specifies Forthcoming Sequestration Spending Cuts
Sep 17, 2012 by Patrick Lester
On Sept. 14, the Obama administration released a new report specifying cuts in federal spending that will take effect starting Jan. 2, 2013, if Congress does not take corrective action before then stopping the cuts from taking place. The report was mandated by the Sequestration Transparency Act of 2012 (P. L. 112–155), enacted on Aug. 7.
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Simpson-Bowles 2.0
Aug 20, 2012 by Patrick Lester
The leaders of a bipartisan panel that unsuccessfully pushed forward a deficit reduction plan last year are quietly meeting behind the scenes to lay the ground work for another push after the November elections, according to an August 17 report in the National Journal.
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Possible 2013 Budget Cuts to Be Specified Within a Month
Aug 14, 2012 by Patrick Lester
The outlines of a broad set of possible cuts in federal domestic and defense-related programs in early 2013 should become more clear within the next month. Under new legislation signed into law on Aug. 7, called the Sequestration Transparency Act, the Obama administration must lay out how an expected $109 billion in cuts will be implemented in 2013 unless Congress takes action to delay or stop them.
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The Disconnect Between American Voters and Members of Congress
Jul 25, 2012 by Katherine McFate
This afternoon, the Senate voted 51-48 to restore reasonable tax rates on the top two percent of Americans. Ending the Bush tax cuts for households making more than $250,000 would generate almost a trillion dollars in revenue over the next ten years. This revenue could be used to pay down the deficit and build a platform for future growth by investing in education, infrastructure, research, clean energy, and more. With this vote, a majority of senators acknowledged the need for more revenue and for a fairer tax system.
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Treasury Department: We’re Going to Show You the Money
Jul 18, 2012 by Craig Jennings
Testifying before a Senate hearing on federal spending transparency, Richard L. Gregg, the Treasury Department's Fiscal Assistant Secretary, announced a major advancement in federal spending transparency: starting in 2013, the public will be able to see Treasury data on agency expenses and payments to recipients of federal contracts, grants, and loans.
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America Would Know Less Under House Census Policy
May 16, 2012 by Gavin Baker
Since 1790, Americans have used the Census as a tool to understand who we are and where we stand as a nation. However, our ability to gather this crucial data would be crippled under a bill recently passed by the House.
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DATA Act Passes House, Moves on to Senate
Apr 25, 2012 by Gavin Baker
Today, the House passed the Digital Accountability and Transparency Act, or DATA Act (H.R. 2146), by a voice vote with strong bipartisan support. The bill to strengthen the transparency of federal government spending was sponsored by Oversight and Government Reform committee chairman Darrell Issa (R-CA) and ranking member Elijah Cummings (D-MD) and 13 other representatives.
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DATA Act Comes to House Floor
Apr 24, 2012 by Sam Rosen-Amy
During this period of political gridlock, it's rare to find a bipartisan legislative initiative that we can enthusiastically support. But tomorrow, the House of Representatives will vote on just such a bill, the Digital Accountability and Transparency Act (DATA Act). The DATA Act would greatly enhance federal spending transparency, bringing new datasets online and helping standardize reporting across the government.
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