Blog: The Fine Print / Revenue & Spending

Tax Cuts Grow Debt, Not Economy

May 17, 2006 by Matthew Madia

Today, President Bush signed the $70 billion Deficit Growth Package (aka Tax Relief Extension Reconciliation Act of 2005) into law. And as he places more debt on the shoulders of our children and grandchildren, he continues to mislead the American people by claiming that the 2003 tax cuts are the cause of the growing economy. One of the most important decisions we made was to cut the taxes on dividends and capital gains. These cuts were designed to lower the cost of capital and to encourage businesses to expand and hire new workers. And these tax cuts are doing exactly what we expected.

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BREAKING: House Budget Vote TODAY!

May 17, 2006 by Adam Hughes*

Call Congress Today House Republican leaders are planning to VOTE TODAY ON THE BUDGET RESOLUTION. The vote is not assured and your call is crucial!Call your Representative toll free at 800-459-1887 and tell them to vote NO on the irresponsible budget.

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Watcher: May 17, 2006

May 17, 2006 by Guest Blogger

Dishonest Budget Gimmick Enables Passage of Irresponsible Tax Cuts Fed. Report Underscores Estate Tax's Importance House Fails to Pass Budget Again -- Approps Move Forward Just the Same

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Offensive Op-ed in Today's Hill on the Estate Tax

May 17, 2006 by Guest Blogger

The Hill is running a terribly misinformed op-ed today on the estate tax. The op-ed, which actually calls the victims of the estate tax "real and tragic" in the first paragraph, only gets worse from there. (I personally would not call the situation of any multimillionaire "tragic," but some people like to put a little flair in their writing).

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National Guard Border Deployment Would Be "horribly over-expensive"

May 17, 2006 by Adam Hughes*

Last year Department of Homeland Security head Michael Chertoff declared that deploying the National Guard to the Mexican border for border patrol activities would be "a horribly over-expensive and very difficult way to manage [the illegal immigration] problem." CQ's Patrick Yoest reports: “Why don’t you put the National Guard on the border to back up the border patrol and stop the bleeding, and then start to increase the Border Patrol, the high-tech and all of that?” [Fox News talk show host Bill] O’Reilly asked…

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Do Tax Cuts Pay For Themselves? No

May 16, 2006 by Guest Blogger

President Bush is slated to sign the $70 billion tax reconciliation bill tomorrow, and this provides as good an opportunity as any to disprove a myth that unfortunately has been floating around the anti-tax ranks for some time now: that tax cuts pay for themselves, or even come close to doing so.

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How Much for that Unmanned Aerial Vehicle in the Window?

May 16, 2006 by Adam Hughes*

Last night, President Bush unveiled his shopping list for immigration reform. Without once mentioning the cost or a way to finance the latest splurge, Bush asked the American people to once again open up their collective wallet and pony-up the plastic for another spending spree. However, given Bush’s predilection for deficit-spending, it won’t just be the American people, but our children and grandchildren who will be footing this bill. Some of the items on the shopping list:
  • 6,000 border patrol agents
  • 6,000 National Guardsmen

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Despite Budget Failure, House Moves to Appropriations

May 16, 2006 by Adam Hughes*

Despite lacking a budget resolution, the House of Representatives is expected to take up its first three appropriations bills this week, likely starting with the Agriculture bill on Wednesday. Because they have yet to pass a resolution however, the House will have to establish a discretionary spending cap before they can consider the first appropriations bill on the floor. To do so, the House would likely add a "deeming resolution" to the first bill on the floor.

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Senate Shirks Fiscal Responsibility; Passes Tax Reconciliation Bill

May 14, 2006 by Guest Blogger

Thursday evening the Senate passed the almost $70 billion tax reconciliation bill, by a vote of 54-44. Sens. Rockefeller (D-WV) and Specter (R-PA) did not vote. Democrats who crossed the aisle to vote with Republicans were Nelson (D-FL), Nelson (D-NE), and Pryor (D-AR). Republicans who crossed the aisle were Snowe (R-ME), Chafee (R-RI), and Voinovich (R-OH). Voinovich spoke extensively on May 3 on the Senate floor about the fiscal state of the U.S. and about how this is not the time to be continuing to irresponsibly cut taxes. He said:

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OMB Watch Job Opening

May 14, 2006 by Guest Blogger

Job Opening We are looking to hire a budget and tax policy analyst. Check out the job description and send applications to ombwatch@ombwatch.org.

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