Blog: The Fine Print / Revenue & Spending

Fear and Spending

Nov 15, 2007 by Matt Lewis

One of the more disturbing aspects of the spending debate has been the President's reliance on scare tactics. Essentially, Congress has not given him a big enough target, so he must conjure one up. He calls the tobacco tax "habit-forming," while closing the carried interest loophole will raise everyone's taxes. He says that Congress wants to spend over $200 billion more than he would with this year's appropriations bills. SCHIP will ineluctably bring us down the path to "socialized" medicine.

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Baucus and the Estate Tax: Setting the Record Straight

Nov 14, 2007 by Adam Hughes*

Today, the Senate Finance Committee heard from Warren Buffett and other witnesses about the merits and demerits of the federal estate tax at a hearing entitled "Uncertainty in Planning Under the Current Law." Interestingly, BNA's write-up of the hearing summarized the position of the Committee Chair as follows:

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Earmarkwatch.org

Nov 14, 2007 by Matt Lewis

Ever wanted to do some investigative reporting on earmarks, but you just didn't know how to get started? Well, earmarkwatch.org is the site for you! You can dig into thousands of identified earmarks, with the help of research resources and relevant questions, to see if they're good public policy, or just pork barrel politics.

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Labor/HHS Vote Thursday

Nov 14, 2007 by Matt Lewis

The House Labor/HHS veto override vote will likely be held late Thursday night, far sooner than most expected. Perhaps the House leadership is confident of a veto override, fresh off overriding the President's veto of the water resources bill. One last push might be all it takes! Take action!

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CBO's Health Care Projections

Nov 14, 2007 by Matt Lewis

CBO just released an impressive document on health care costs and long-term fiscal issues. It includes:
  • A more realistic projection of health care costs, absent changes in federal law
  • The relative importance of an aging population, health care costs, and social security costs
  • A systematic explanation of the rise in health care costs and its value
  • A discussion of possible remedies to excess health care costs

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Stan Collender's Got A New Blog

Nov 14, 2007 by Matt Lewis

You've read his columns (excerpted maybe too often on this blog)- now you can read his new blog.

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JEC Report: the Cost of Stay-the-Course in Iraq

Nov 13, 2007 by Dana Chasin

If you are like many Americans who perceive geometrically escalating costs of the wars in Afghanistan and especially Iraq, unaccountably greater now than in recent years, you might look ahead at cost projections and just drop your jaw. There appears to be a very serious misunderstanding. Many Americans are suffering under the misapprehension that current troops levels in Iraq are unsustainable and that, in any case, the weight of political sentiment strongly militates against maintaining current troop strength and increases in American treasure expended on the war going forward.

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Bill to Give More Low-Income People Child Tax Credit

Nov 13, 2007 by Matt Lewis

The carried interest provisions may have gotten the headlines, but the AMT patch package that the House passed late last week also includes some important changes to the Child Tax Credit. The Center on Budget and Policy Priorities has a good rundown of how the tax credit works, and what's wrong with it. Essentially, the way it's structured now, millions of low-income families get no benefit at all, while many more are seeing their credit reduced by inflation.

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Appropriations Update- Standoff Over Labor/HHS

Nov 13, 2007 by Matt Lewis

Congress has now sent the President the Defense appropriations bill, an extension of this year's continuing resolution, and the Labor/HHS appropriations bill. The President will sign the Defense bill, the first appropriations bill of the year to be enacted, and the CR, but he's expected to veto Labor/HHS, and doesn't even seem to be considering negotiating with Congress over its funding levels. The Hill:

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House Passes AMT Patch with Carried Interest

Nov 9, 2007 by Dana Chasin

The House voted 216-193 today to pass the (OMB Watch-endorsed) Temporary Tax Relief Act of 2007, the one-year, $51 billion AMT patch to keep 20 million additional taxpayers from having to pay the tax this year. It complies with PAYGO by raising enough to pay for the patch, the costly such compliance yet, re-affirming the House's commitment to PAYGO principles. And it includes the carried interest pay-for provision closing a tax loophole which actually allows equity fund managers to pay only 15 percent tax on their bonuses -- a lower rate than anyone except the most destitute Americans.

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