Alternative Minimum Tax (AMT)
Beyond the Baseline: 10 Year Deficits Likely to Reach $5.9 Trillion
Aug 26, 2003 by Guest Blogger
The Congressional Budget Office’s (CBO) August 2003 Budget and Economic Update shows a baseline projection of a $401 billion deficit for 2003, and a $480 billion deficit for 2004. The 10-year baseline projections show a $1.4 trillion deficit over the next ten years; however, as the report notes, the baseline is not intended to be a good predictor of actual budgetary outcomes. A better predictor of budget deficits under current policy would put the deficit for 2004 at $496 billion and the 10-year deficit at nearly $6 trillion. Download full report (.pdf)
read in fullDisturbing Pattern Emerging on Government Budget Analyses
Aug 8, 2003 by Guest Blogger
When it comes to federal tax and budget policy, it is essential that good forecasts and good estimates exist on the effects of policy options. Unfortunately, the current administration is showing a propensity to conceal and selectively release budget information when it suits their narrow political agenda.
read in fullRevenue Loss and Social Security
Aug 5, 2003 by Guest Blogger
Bill Gale notes that the the size of the revenue loss from the recent tax cuts would have been more than enough to shore up Social Secuty and Medicare.
read in fullPoll Shows Administration?s Priorities Are Out-of-Touch with Country?s Needs
Apr 21, 2003 by Guest Blogger
A recent poll conducted by National Public Radio (NPR), the Kaiser Family Foundation, and the Kennedy School of Government reveals much about how tax payers view current proposals to reduce taxes when compared with spending on education, Social Security, health care, and even reducing the deficit. The survey, conducted between February 5 and March 17, 2003, also revealed that many people feel they don’t know enough about various tax cut proposals to offer an opinion on them. This result is disconcerting, surely, but is also very interesting given the efforts of Treasury Secretary John Snow and other White House officials in recent months to educate Americans on the administration’s tax cut agenda through road shows across the country.
read in fullCommittee for Economic Development (CED) Opposes the President?s Plan
Mar 10, 2003 by Guest Blogger
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."
read in fullWhy the Bush Plan is the Wrong Plan for US
Jan 8, 2003 by Guest Blogger
This chart compares the Bush plan to the Democratic plans: the Baucus and Pelosi economic stimulus plans. To see what goes into a good economic stimulus plan, see this chart
read in fullTax Day
Apr 15, 2002 by Guest Blogger
As people around the country bring last-minute work on their tax returns to a close today, the House Republican leaders are gearing up for their annual "Tax Freedom" day – a time for denigrating government spending and the taxes that enable the government to provide the services that help support the country. This year, the legislative focus of their Tax Freedom day is likely to be the introduction, on April 18, of legislation to make permanent last year’s $1.35 trillion tax cut, which expires (or "sunsets") at the end of 2010.
read in fullHouse Budget Committee "Balanced" Budget Resolution for FY 2003
Mar 18, 2002 by Guest Blogger
The budget resolution that the House Budget Committee marked up and passed by a party line vote (23-18) on March 13, is expected to head to the Floor for debate this week. The budget resolution is not a law, but is a broad outline for spending and tax cuts for FY 2003, which begins on October 1, 2002 and runs through September 31, 2003.
read in fullEconomic Stimulus Package Passed by Congress is Lacking: Spring 2002
Mar 8, 2002 by Guest Blogger
The House and Senate, by votes of 417-3 and 85-9 respectively, have finalized “economic stimulus” legislation, and it is now on its way to the President, who is expected to sign the bill. The bill’s title -- “Economic Recovery and Assistance for American Workers Act of 2001” -- is misleading given that it is overloaded with huge tax breaks that will do little to stimulate the economy and the provision for unemployed workers and their families is limited to a 13-week extension of unemployment benefits to those whose 26-week benefit limit has expired.
read in fullTax Cuts vs. Everything Else
Feb 28, 2002 by Guest Blogger
We can either choose to pay now, or we will have to pay later -- preventing social ills is much cheaper in the long run. From a purely economic standpoint, many economists agree that a return to deficits is not a problem -- running a surplus would actually be more of problem -- and that this economic climate prescribes more government spending, not less.
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