CBPP: Updated Child Tax Credit Expansion Analysis

The Center on Budget and Policy Priorities has updated their analysis of the proposed expansion of the Child Tax Credit (CTC) that is currently being debated in Congress. The CTC expansion is included as part of the "tax extenders" package of tax cuts that is scheduled to be debated this week. Looks like the expansion would help some pretty hard working folks:

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What About the Rest of Us?

As Wall Street collapses under the weight of its greed, bad luck, and basic stupidity, the Free MarketTM crusaders of the Bush White House have come out of the pro-regulation, big-government closet. This morning, Treasury Secretary Henry Paulson said that the federal government will ride to the rescue of the investors in distress.

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Feds Seeking Back Taxes from Feds

Federal News Radio posted a short report from earlier this week about efforts at the Internal Revenue Service (IRS) to collect over $3.5 billion in back taxes from federal employees. The Internal Revenue Service is trying to collect billions of dollars in unpaid taxes from nearly half a million federal employees. According to IRS records, 171,549 current federal workers did not voluntarily pay their federal income taxes in 2007. The same is true for 37,752 active duty military and nearly 200,000 retired civilian and military personnel.

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A Chance to Change Wall Street

If anything, the meltdown on Wall Street has shown that executive compensation and performance are hardly related.

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POGO Running on All Cylinders

Earlier this week, we highlighted two hearings in the House of Representatives that were focusing on issues of waste, fraud, and abuse and federal contracting. Our friends over at the Project on Government Oversight (POGO) have had their A-game this week. They not only testified at one of those hearings, but have provided some excellent previews, commentaries, analysis and reports, and summaries on the hearings this week. All of the POGO materials are worth at least glancing through, if not reading thoroughly.

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Congress Running Short on Time

It looks like the end of the current congressional session is in sight, maybe. While legislators had an insurmountable work load to complete in the three weeks of work in September, Senate Majority Leader Harry Reid (D-NV) still hopes to adjourn the Senate a week from tomorrow (Sept. 26). Reid is hoping the Senate can still finish quite a lot in the next 6 days, including energy legislation, a tax cut extension bill (with an Alternative Minimum Tax patch), a new economic stimulus package, and some number of appropriations bills and a continuing resolution.

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Tax Legislation Update

The Senate is getting serious about approving an AMT patch, the tax extenders package, energy-related tax cuts, and a package of tax cuts intended to provide relief for the Midwest flood victims. Although the $17 billion energy section of the bill is fully offset, the AMT/extenders section is only partially offset. On Wednesday, Senate Majority Leader Harry Reid (D-NV) filed for cloture for the bill, setting up a vote on the measure as early as Thursday. The $124 billion bill breaks down like this: Tax Package to be Considered by Senate, Week of Sept. 15, 2008 Provision Cost Offset

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Toxic Waste of Financial System Meltdown Could Seep into Your Savings Account

This past weekend, the Federal Reserve Bank decided to suspend a rule intended to prevent the poor decisions of investment banks from affecting your savings account (and ultimately all taxpayers).

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Happy Birthday OMB Watch!

We'll be shutting down the BudgetBrigade a bit early today to head off to OMB Watch's 25th Anniversary celebration. Yup, that's right. OMBW is 25 years young this year and we're primed and ready for our quarter life crisis! We're taking some time to celebrate tonight with friends and supporters and remember 25 years of fighting for a more transparent and accountable federal government.

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DHS Fails in Contracting Oversight Efforts

The Washington Post has an article this morning that details severe contracting problems at the Department of Homeland Security. The Post describes the agency's efforts to oversee $15 billion in contracts over the last six years as having "failed."

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