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Feb 8, 2016

Top 400 Taxpayers See Tax Rates Rise, But There’s More to the Story

As Americans were gathering party supplies to greet the New Year, the Internal Revenue Service released their annual report of cumulative tax data reported on the 400 tax r...

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Feb 4, 2016

Chlorine Bleach Plants Needlessly Endanger 63 Million Americans

Chlorine bleach plants across the U.S. put millions of Americans in danger of a chlorine gas release, a substance so toxic it has been used as a chemical weapon. Greenpeace’s new repo...

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Jan 25, 2016

U.S. Industrial Facilities Reported Fewer Toxic Releases in 2014

The Toxics Release Inventory (TRI) data for 2014 is now available. The good news: total toxic releases by reporting facilities decreased by nearly six percent from 2013 levels. Howe...

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Jan 22, 2016

Methane Causes Climate Change. Here's How the President Plans to Cut Emissions by 40-45 Percent.

  UPDATE (Jan. 22, 2016): Today, the Bureau of Land Management (BLM) released its proposed rule to reduce methane emissions...

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DAILY FISCAL POLICY REVIEW -- 02-21-08

Economy -- Slow Growth Ahead Says Fed:
  • The Federal Reserve yesterday revised growth estimates downward to the 1.3 to 2 percent range for this year, compared to its 1.8 to 2.5 percent estimate in October. Despite yesterday's CPI figures, a 50 bp rate cut at the Mar. 18 FMOC meeting "would likely not contribute to an increase in inflation pressures"...
  • But yesterday's inflation figures pose a problem for the Fed which, on one hand, does not want to vitiate the effect of the stimulus package but, on the other, is on the lookout for... That '70s Look: Stagflation

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DAILY FISCAL POLICY REVIEW -- -02-20-08

Economy -- CPI up 4.3 percent, Year-on-Year: Per the Washington Post this morning: On the day after oil closed at a record high of more than $100 a barrel, new federal data show that... The consumer price index was 4.3 percent higher last month compared to January a year ago.

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Emergency War Spending Lacks Transparency, Increasingly Used for Non-Emergency Items

The Bush administration's emergency supplemental spending requests for the wars in Afghanistan and Iraq have lacked the transparency that normally accompanies the appropriations process, according to a new report from the Congressional Budget Office (CBO). In addition, the CBO war spending report, however constrained by available data, revealed the composition of the war funding requests has been evolving into broader Defense Department spending initiatives, such as acquiring next-generation aircraft and replacing aging aircraft.

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DAILY FISCAL POLICY REVIEW -- 02-19-08

Economy -- Sector for Stimulus 2.0?
  • Housing Hardball -- Why not go to the slowdown's source, some legislators ask? With foreclosures skyrocketing in certain parts of the country and home values falling almost everywhere, some in Washington are pushing a follow-up stimulus package aimed at shoring up the housing sector...

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    Multiple Rules Work in Concert to Undermine Medicaid

    The Bush administration is pursuing or has achieved several policy goals that work to cut social support services by reducing federal funding for Medicaid programs. The Center for Medicare and Medicaid Services (CMS) has released all of these policies — three proposed rules, one interim final rule, and two final rules — in the past nine months.

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    DAILY FISCAL POLICY REVIEW -- 02-15-08

    Economy -- Ben Bernanke Bearish: In testimony before the Senate Banking Committee yesterday, Fed Chair Ben Bernanke offered a bearish outloook on the economy... Asked about how to assess the efficacy of the recently-signed $152 billion stimulus package, Bernanke said it would be "a warning bell" if financial markets or credit conditions were to worsen... On his prediction of a "sluggish" economy over the next six months, the Dow dropped 200 points in afternoon trading.

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    CBO: Emergency War Spending Requests Lack Detail, Procurement Portion Increasing

    When asked by Senate Budget Committee Chair Kent Conrad (D-ND) to analyze the massive growth in war spending, CBO could point to general expensing areas of supplemental budget requests, but because of lack of detail in such requests, it could not provide a detailed accounting. However, CBO did find a slew of expenses, like acquiring next-generation aircraft, that the Defense Department would undertake in the absence of the wars. When federal agencies request funding during the normal appropriations process, they submit what are known as "budget justification" documents, which explain an agency's budget request in quite some detail (see e.g., the Education Dept.'s FY 2008 budget request justification materials). However, the emergency supplemental requests made by the administration for war spending do not include similarly detailed documents. Although the detail in such documents improved in 2007, specific data on war spending for earlier years is simply not available, severely limiting the ability of CBO to analyze and report on war spending. The supplemental budget requests submitted between 2002 and 2006 contained little detailed information on war expenses. DoD provided detailed justification materials for its regular budget request but did not submit similarly detailed information for its war-related expenses. In February 2007, DoD expanded the quantity of justification material submitted with its requests for war funding. In addition to providing more informative summary material, it prepared budget justification materials for each appropriation, similar to those provided for the regular budget....[B]ecause similarly detailed information is not available for 2005 or for earlier years, a detailed analysis of the changing patterns of spending is impossible.

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    DAILY FISCAL POLICY REVIEW -- 02-14-08

    Budget -- Down on the Farm: House Agriculture Chair Collin Peterson (D-MN) and the panel's ranking member, Robert W. Goodlatte (R-VA) have sent to conference a farm bill that cuts out commodity price supports for such crops corn, wheat and rice in the ninth year of the bill's ten-year provisions... Farmers who earn more than $900,000 a year and make most of their income from farming would be ineligible for farm payments... The White House praised the bill but Sen. Charles Grassley (R-IA) recommended it be "thrown in the trash barrel."

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    DAILY FISCAL POLICY REVIEW -- 02-13-08

    Budget -- Rough Patch for AMT?: Senate Budget Committee Chairman Kent Conrad (D-ND) said yesterday that he'd probably leave an AMT patch provision (est. cost $75 bn.) out of budget reconciliation instructions this year in order to facilitate both PAYGO compliance with a patch and passage of a budget... By putting tax reconciliation instructions that could be used for an AMT patch into budget resolution, a later bill to patch the AMT with offsets would require only 51 votes to pass, rather than the usual 60 votes required to avoid a filibuster.

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    DAILY FISCAL POLICY REVIEW -- 02-12-08

    Budget: Funding is Fundamental -- Bush's budget for FY09 recommends ending 103 domestic social programs (listed here), among them the $25 million (read: tiny) Reading is Fundamental (RIF) program... Treasury's explanation: "The White House doesn't quarrel with the program's goals. But it says the funds should be awarded under a competitive, merit-based process rather than automatically given to one non-profit group." OK, but do you need to kill the program first?

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    Resources & Research

    Living in the Shadow of Danger: Poverty, Race, and Unequal Chemical Facility Hazards

    People of color and people living in poverty, especially poor children of color, are significantly more likely...

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    A Tale of Two Retirements: One for CEOs and One for the Rest of Us

    The 100 largest CEO retirement funds are worth a combined $4.9 billion, equal to the entire retirement account savings of 41 percent of American fam...

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    more resources