CBO Report Analyzes Effects of President?s Budget Proposals

On March 7, the Congressional Budget Office (CBO) released its annual report analyzing the effects on revenue and spending of the President’s budget proposals. The report was yet another blow to the President’s proposals for additional tax cuts.

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JCT Report Calculates Total Costs of President?s Latest Tax Cut Proposals

On March 4, the Congressional Joint Committee on Taxation (JCT) released its estimates of the costs of the tax provisions contained in the President’s FY 2004 budget proposal. Since the President’s Budget proposal is just that – a proposal – these analyses are important for providing a neutral examination of these policy changes that can permanently affect the federal government’s resources.

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CBO Issues Analysis of Options for Repeal and Reform of Estate Tax

As part of its annual look at budget scenarios, which includes a wide array of tax and revenue options, the Congressional Budget Office (CBO) recently released an analysis of four different options for the estate tax and the revenue effects of each option.

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Committee for Economic Development (CED) Opposes the President?s Plan

The Committee for Economic Development (CED), an influential organization of business leaders and educators, released a report on March 5, 2003, titled "Exploding Deficits, Declining Growth: The Federal Budget and the Aging of America."

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Fair Taxes for All Coalition

OMB Watch is a member of Fair Taxes for All (FTFA), a growing coalition united in opposition to massive, irresponsible tax cuts.

President Bush's "economic growth" plan is a tax cut for millionaires that most economists agree will not effectively stimulate our weak economy or create jobs now. The reduction in public revenue resulting from the overall Bush tax package would leave our government $2 trillion dollars poorer, at a time when many public needs must be met. The FTFA website has fact sheets on the ramifications of these proposed tax cuts on local, state, and federal revenue, as well as analyses of the tradeoffs these tax cuts force. Read more about this effort and how you or your organization can get involved.

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Federal, State, Local Budget Cuts Compounded by Shrinking Private Funds

EPI, Campaign for America’s Future and State Groups Release Reports Detailing Damage Caused by Bush Tax Cuts

Check for the report on the problems your state will face if the Bush tax cut goes through – and find out how to work to stop it.

A person can’t open a newspaper these days without catching sight of at least one article reporting on recent slashes in some local or state budget or in one of the many threads of the country’s social safety net. From coast to coast, over the course of just the last two weeks, cuts have been announced: Oregon Governor Ted Kulongoski (D) announced that several million dollars will be cut this year and next from the state’s Medicaid program, which had been heralded for its success in providing mental and dental benefits, in addition to the traditional hospital care, to Oregon’s poor, elderly, and disabled residents; newly-elected Maryland Governor Bob Erhlich (R) has proposed a $25 million cut in state-funding for child care for low-income parents – this is on top of a 70% cut in funds for Maryland’s Child Care Resource Centers Network, which provides families of all income levels with guidance and information on available local child care providers.

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Estate Tax Moves to the ?Top Ten? in the Senate

With approval of the FY 2003 spending bills finally accomplished, Senate Republican leaders unveiled their legislative agenda for the 108th Congress on February 15, 2003. Permanent repeal of the estate tax made their list of top-ten legislative items. In January 2003, Sen. Jon Kyl (R-AZ) introduced a bill to accelerate full repeal (currently scheduled for one year in 2010 by the 2001 Bush tax cut) to 2005 and permanently eliminate the estate tax thereafter. Several other bills have since been introduced to make repeal permanent after 2010.

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President Signs FY 2003 Appropriations Omnibus Bill

On February 20, nearly five months after the October 1 start of federal fiscal year 2003, the President signed into law an omnibus bill providing funding for the departments and programs covered by the 11 appropriations bills that were not completed by the October 1 deadline last fall.

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Update: FY 2003 Appropriations Drawing to a Close?

As reported in today’s Washington Post, House and Senate conferees are nearing completion on negotiations over H.R. 2, the omnibus bill for the remaining 11 FY 2003 appropriations bills that were not enacted by last October 1.

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Dynamic Dysfunctions

At the start of this Congress, the Republican-led House Ways and Means Committee made the implementation of the controversial practice of “dynamic scoring” for budget decisions one of its first orders of business.

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