Blog: The Fine Print / Revenue & Spending

IRS Cleared to Begin Wasting Money Again

Jun 21, 2006 by Adam Hughes*

Earlier this year we blogged (here and here) about a new program authorized by Congress to allow the IRS to outsource its tax collection to private collection agencies. This program has caught the wary eye of a few folks in Congress, most of all Representative Steve Rothman (D-NJ). Rothman recently successfully lead the charge against this policy, blocking the IRS from spending money on the program in the FY 2007 Treasury-Transportation bill recently approved by the House. Now all that is necessary to stop the program is successful passage in the final appropriations bill later this year.

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Social Security is the Solution

Jun 21, 2006 by Craig Jennings

In all the talk about the deficit and Social Security one rarely hears of the heroic role that Social Security plays in masking a $170 billion in budget shortfalls.

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Coburn/Obama Disclosure Bill Gains Array of Endorsements

Jun 21, 2006 by Matthew Madia

We previously blogged on an effort by Sens. Coburn and Obama (and Carper and McCain) to establish a comprehesive website the public could search for information on federal financial assistance, including federal contracts and grants, by Jan. 1, 2007. OMB Watch has circulated an endorsement letter for the legislation that currently has 32 organizations signed on. The National Taxpayers Union circulated their own endorsement letter, attracting additional support from conservative circles.

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Estate Tax on Chopping Block in House Again

Jun 20, 2006 by Adam Hughes*

House Republicans are moving quickly on a proposal to roll back the estate tax so much that it almost amounts to a repeal. House Ways and Means Committee Chairman Rep. Bill Thomas (R-CA) introduced a bill Wednesday that more or less matches the bill proposed by Sen. John Kyl (R-AZ). A floor vote is expected for Thursday. The Center on Budget and Policy Priorities estimates that the Thomas bill would cost the Treasury $602 billion between 2012-2021, or 75 percent of a full repeal. You can find more details on how the Thomas bill would change the estate tax in this Washington Post article.

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Republicans Tell More Supply-Sider Bedtime Stories

Jun 20, 2006 by Craig Jennings

This morning’s Senate Budget Committee’s markup session on Judd Gregg’s (R-NH) Stop Over-Spending Act of 2006 saw more Republican hand wringing over the budget deficit, but not much more. Republican senators took turns this morning bemoaning the level of federal expenditures and how that spending has crated the huge deficits we now face.

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Congress to Terminate Invaluable Data Collection Program

Jun 20, 2006 by Adam Hughes*

Does welfare reform work? Do food stamps really feed the needy? Are government assistance programs really helping those in need? How effective is our social safety net? Congress certainly doesn’t want to know. Right now, the House Appropriations Committee is considering a Bush recommendation to terminate a program designed to answer these questions.

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Sen. Lincoln Called Out on "Incoherent Vision of Gov't"

Jun 20, 2006 by Adam Hughes*

Sen. Blanche Lincoln was called out in the LA Times on Sunday by The New Republic Senior Editor Jonathan Chait for what he called Lincoln's "incoherent vision of government." Chait points out the irony of Lincoln's actions on June 8 when she went to the Senate floor to speak passionately for repeal of the estate tax to protect mythical small farms and businesses while in the very same day delivering an irate speech about the need for more government investment in anti-hunger programs.

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Line-Item Veto Act on Congressional Agenda

Jun 19, 2006 by Adam Hughes*

Tomorrow the Senate Budget Committee will be marking up the Legislative Line Item Veto Act. On June 15, the House Rules Committee approved legislation (H.R. 4890) that would give line-item veto power to President Bush, in an 8-4 party-line vote.

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True Patriot: Frist Wants to Bring Up Estate Tax Before July 4

Jun 16, 2006 by Guest Blogger

Senate Majority Leader Bill Frist (R-TN) outlined his schedule for the next two weeks today, and his plans include bringing up the estate tax again. Frist told reporters, "I'll do everything I can to have another vote on the 'death tax' by July Fourth;" who knows if he will seriously be able to get away with doing this, or if he is only stating his desire to bring up the issue again to pander to his base. Frist acknowledged that he does not have the necessary support in the Senate for full repeal, and so he will probably turn to Sen. Kyl's compromise.

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Tax Gap Sits at $345 Billion

Jun 15, 2006 by Guest Blogger

The Senate Finance Committee held a hearing Tuesday at which the $345 billion tax gap was one of the main topics of discussion. At the hearing, IRS Commissioner Mark Everson voiced his concerns regarding corporations becoming increasingly adept at taking advantage of the complex tax code in order to pay fewer taxes. Ranking member Max Baucus (D-MT), who apparently has long been concerned about the tax gap, asked Everson to provide an estimate of the resources it would take to begin closing the gap.

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