The Earned Income Tax Credit "Pre-Certification" Plan Opposed by Senate Democrats

Efforts to stop the proposed "pre-certification" of Earned Income Tax Credit (EITC) recipients have growing support in the Senate.

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Still No Extension of Child Tax Credit for Low-Income Families

As 25 million families begin receiving their checks from the IRS for the $400 per child increases in the child tax credit, House Democrats used a series of procedural floor votes on July 23 to bring attention to the fact that no progress has been made to extend the credit to low-income families.

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Estate Tax Planning and Charitable Giving

Losses to charities and the people they serve would likely exceed the estimated $10 billion a year if the estate tax is repealed, because of the impacts on charitable giving behavior from total elimination of the tax.

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Economy and Jobs Watch: Soaring Deficits, Reckless Policy

The White House Office of Management and Budget (OMB) in its annual "Mid-Session Review" recently projected that the U.S. federal budget will see an unprecedented $691 billion deterioration in its budget situation -- moving from record surpluses of $236 billion in 2000 to record deficits of $455 billion in 2003.

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OMB Watch Announces New Blog

OMB Watch’s budget group is pleased to announce the launch of a new federal budget blog.

Click here to go directly to the Budget Blog.

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State Supported Colleges and University See Massive Tuition Increases

States continue to feel the impact of low revenue and a lack of support from the federal government. As a result, many state-supported colleges and universities have seen dramatic budget cuts in recent years. In an effort to minimize the damage, colleges and universities are approving skyrocketing tuitions. An informal scan of recent headlines (see below) shows some of the steep increases, with most in the double digits extending up to 28%.

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Economy and Jobs Watch: Unemployment Up, Minimum Wage Down

Unemployment Up

The first week in July brought more bad news about the weak labor market. The Bureau of Labor Statistics announced that the unemployment rate for June rose by 0.3 percentage points to 6.4 percent - a nine year high. Total employment declined this last month for the fifth straight month, with 30,000 lost jobs. Since the start of the recession, total employment has declined by 2.6 million and the private sector has lost 3.1 million jobs. This may be the first administration since Hoover’s where total employment has dropped.

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