Blog: The Fine Print / Revenue & Spending

Red States Do Well Under Bush

Sep 25, 2006 by Matt Lewis

According to a provacative new paper by Peter Francia and Renan Levine, Bush's policies have disproportionately benefited red states over blue states.

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Trifecta's Slow Death?

Sep 22, 2006 by Matt Lewis

For Dana's take on what Sen. Frist's next move on the "trifecta" bill might be, check out his new post on TPM Cafe. Last Friday, the four GOP Senators tapped by Bill Frist to find enough sweeteners to get the Democratic votes needed to pass the three-part package known as the “trifecta” were due to offer Frist a legislative option.

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Joint Economic Committee Decries Income Inequality

Sep 22, 2006 by Craig Jennings

Although today's Joint Economic Committee press release was intended to bemoan the absolutely crushing burden of income taxes paid by the top 50% of income earners which has stymied all attempts to get this economy moving [/sarcasm], it actually underscores a troubling trend in income distribution. According to the new data, the top half of taxpayers ranked by income paid 96.70 percent of the individual income taxes paid in 2004, compared to 86.05 percent in 1949, 89.35 percent in 1959, and 90.27 percent in 1969.

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1 Down, 11 To Go: Defense Appropriations to Pass

Sep 22, 2006 by Matt Lewis

Looks like Congress will pass the defense appropriations bill ($$) before the campaign recess.

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The Daily Opportunity Cost of Interest Expense

Sep 21, 2006 by Matthew Madia

According to the House Budget Committee Democratic Caucus' Materials for Five-Minute Speeches on the Budget, released Tuesday, federal government spending on publicly held debt is $504 million every single day. What could we do with today's worth of interest expense alone, if we didn't owe it to our creditors? We could:
  • hire 8,930 new airport security agents
  • increase the solvency of Social Security by half a billion dollars
  • give every college freshman $342 in tuition assistance
  • provide full health care benefots to 71,479 more veterans

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HUD Secretary Politicized Contracts

Sep 21, 2006 by Matt Lewis

The Department of Housing and Urban Development (HUD) Inspector General has found that HUD Secretary Alphonso Jackson "instructed staff to award HUD contracts to President Bush’s political allies and withhold them from his political opponents." Think Progress has more. Just another reason why we need a grants and contracts database. And for backgound, see here.

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Evasive Manuevers

Sep 21, 2006 by Matt Lewis

The Washington Post and the New York Times today have high-profile stories on how lawmakers and Administration officials have let corporations find ways around paying federal taxes and fees. Both are worth a look. Washington Post: A Quiet Break for Corporations New York Times: Suits Say U.S. Impeded Audits for Oil Leases

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Giving Credit Where Credit is Due: IRS

Sep 20, 2006 by Adam Hughes*

We've been posting recently about some of the bizarre and downright ridiculous things going on over at the Internal Revenue Service lately concerning enforcement of the country's tax laws (see this recent analysis for more background). While these policy changes certainly deserve criticism, you have to tip your hat when things go right. Within two days last week, the IRS announced the two largest tax settlements in the agencies' history (one individual and one corporate) related to tax evasion.

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Clearer Marks On Earmarks

Sep 20, 2006 by Dana Chasin

To follow up on H. Res. 1000, the new House earmarks rule, two points of clarification (courtesy of congressional sources):
  • When will it apply, in the first instance? In the case of appropriations bills already passed by the House, H. Res. 1000 will apply only to items “air-dropped” in conference. Appropriations bills not yet passed will need to list all earmarks/sponsors in committee reports and conference reports.

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Trifecta: On its Death (Tax) Bed?

Sep 20, 2006 by Adam Hughes*

The death of the death of the death tax could be imminent. House Majority Leader John Boehner (R-OH) said yesterday it was "doubtful," that the House would consider a new or conference version of H.R. 5970, the "trifecta" bill, prior to pre-midterm adjournment. The trifecta, weighted down by a $750 billion estate tax cut, passed the House in July, but failed in the Senate by three votes on a procedural motion in early August. Per the Washington Post, "headed nowhere [is] the permanent estate tax repeal that Republicans have tried all year to push across the finish line."

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