Copyright 2011 Pearson Education, Inc. Publishing as Longman
|
|
|
- Jasper Newman
- 5 years ago
- Views:
Transcription
1
2
3 Chapter 14: Congress, The President, and the Budget The Politics of Taxing and Spending Federal Revenue and Borrowing Federal Expenditures The Budgetary Process Understanding Budgeting Summary
4 Chapter Outline and Learning Objectives Federal Revenue and Borrowing LO 14.1: Describe the sources of funding for the federal government and assess the consequences of tax expenditures and borrowing. Federal Expenditures LO 14.2: Analyze federal expenditures and the growth of the budget.
5 Chapter Outline and Learning Objectives The Budgetary Process LO 14.3: Outline the budgetary process and explain the role that politics plays. Understanding Budgeting LO 14.4: Assess the impact of democratic politics on budgetary growth and of the budget on scope of government.
6 Federal Revenue and Borrowing LO 14.1: Describe the sources of funding for the federal government and assess the consequences of tax expenditures and borrowing. Budget A policy document allocating burdens (taxes) and benefits (expenditures). Deficit Excess of federal expenditures over federal revenues. Total debt will be about $15 trillion by 2011.
7 LO 14.1
8 Federal Revenue and Borrowing LO 14.1 Expenditures Government spending Major areas are social services and national defense. Revenues Financial resources of the government Individual income tax and Social Security tax are two major sources.
9 Federal Revenue and Borrowing LO 14.1 Personal and Corporate Income Tax Social Insurance Taxes Borrowing Taxes and Public Policy
10 LO 14.1
11 Federal Revenue and Borrowing LO 14.1 Personal and Corporate Income Tax Income tax Shares of individual wages and corporate revenues collected by the government. Sixteenth Amendment Explicitly authorized Congress to levy a tax on income.
12 Federal Revenue and Borrowing LO 14.1 Social Insurance Taxes Both employers and employees pay Social Security and Medicare taxes. In 2010, employees and employers each paid a Social Security tax equal to 6.2 percent of the first $106,800 of earnings, and for Medicare they paid another 1.45 percent on all earnings.
13 Federal Revenue and Borrowing LO 14.1 Borrowing Treasury Department sells bonds when the federal government wants to borrow money. Federal debt All the money borrowed by the federal government over the years and still outstanding. Today the federal debt is about $15 trillion.
14 LO 14.1
15 Federal Revenue and Borrowing LO 14.1 Taxes and Public Policy Tax Expenditures Revenue losses from special exemptions, exclusions, or deductions allowed by federal tax law. Tax Reduction In 2001, tax cut gradually lowered tax rates over the next ten years, and in 2003, Congress reduced the tax rates on capital gains and dividends.
16 LO 14.1
17 Federal Expenditures LO 14.2: Analyze federal expenditures and the growth of the budget. Big Governments, Big Budgets The Rise of the National Security State The Rise of the Social Service State Incrementalism Uncontrollable Expenditures
18 LO 14.2
19 Federal Expenditures LO 14.2 Big Governments, Big Budgets Big budgets are necessary to pay for big governments. National, state, and local government spend an amount equal to one-third of the gross domestic product (GDP). National government s spending alone currently represent about one-fourth of the GDP.
20 Federal Expenditures LO 14.2 The Rise of the National Security State In the 1950s and 1960s the Department of Defense received more than 50% of federal budget. Defense now gets about one-sixth of all federal expenditures. This is one reason for growth of government.
21 LO 14.2
22 LO 14.2
23 Federal Expenditures LO 14.2 The Rise of the Social Service State The biggest federal spender is now income security programs. Social Security is #1 spender, now it includes disability benefits and Medicare, and its recipients are living longer. This is another reason for government growth.
24 LO 14.2
25 Federal Expenditures LO 14.2 Incrementalism A description of the budget process where the best predictor of this year s budget is last year s budget, plus a little bit more (an increment). According to Aaron Wildavsky, Most of the budget is a product of previous decisions.
26 Federal Expenditures LO 14.2 Incrementalism (cont.) Policymakers focus little attention on the budgetary base. Agencies can safely assume they will get at least the budget they had the previous year. Most of the debate and attention is on the proposed increment. Any given agency s budget tends to grow a little bit every year.
27 Federal Expenditures LO 14.2 Uncontrollable Expenditures Expenditures determined by how many eligible beneficiaries there are for a program or by previous obligations of the government and that Congress therefore cannot easily control. Social Security benefits are an example of uncontrollable expenditures.
28 Federal Expenditures LO 14.2 Uncontrollable Expenditures (cont.) Entitlements Policies for which Congress has obligated itself to pay X level of benefits to Y number of recipients. Social Security benefits are an example of entitlements.
29 LO 14.2
30 The Budgetary Process LO 14.3: Outline the budgetary process and explain the role that politics plays. Budgetary Politics The President s Budget Congress and the Budget
31 The Budgetary Process LO 14.3 Budgetary Politics Stakes and Strategies Every political actor has a stake in the budget. Think of budgetary politics as a game in which players adopt various strategies. There are plenty of players in the budgetary politics game, and they have their own strategies.
32 The Budgetary Process LO 14.3 Budgetary Politics (cont.) The Players Interest groups lobby for their needs; agencies push for higher budget requests; Office of Management and Budget (OMB) prepares the president s budget; and the president makes the final decisions on what to propose to Congress.
33 The Budgetary Process LO 14.3 Budgetary Politics (cont.) The Players Tax committees in Congress write the tax codes; Budget Committees and the Congressional Budget Office (CBO) set the parameters of the congressional budget process; and subject-matter committees write new laws, which require new expenditures.
34 The Budgetary Process LO 14.3 Budgetary Politics (cont.) The Players Appropriations Committees decide who gets what and their subcommittees hold hearings on agencies requests; Congress as a whole approves taxes and appropriations; and the Government Accountability Office (GAO) audits, monitors, and evaluates what agencies are doing with their budgets.
35 LO 14.3
36 The Budgetary Process LO 14.3 The President s Budget Budget and Accounting Act (1921) requires presidents to propose an executive budget to Congress and created the Bureau of the Budget to help them. In the 1970s, President Nixon reorganized the Bureau of the Budget and renamed it the Office of Management and Budget (OMB).
37 The Budgetary Process LO 14.3 The President s Budget (cont.) Spring Budget policy developed. Summer Budget decisions conveyed to agencies. Fall Estimates reviewed. Winter President s budget determined and submitted.
38 LO 14.3
39 The Budgetary Process LO 14.3 Congress and the Budget Congressional Budget and Impoundment Control Act of 1974 was designed to reform the congressional budgetary process. It established a fixed budget calendar; a budget committee in each house; and a congressional budget office.
40 LO 14.3
41 The Budgetary Process LO 14.3 Congress and the Budget (cont.) Congressional Budget Office To advise Congress on the probable consequences of its decisions and to forecast revenues. Budget Resolution A resolution binding Congress to a total expenditure level, supposedly the bottom line of all federal spending for all programs.
42 The Budgetary Process LO 14.3 Congress and the Budget (cont.) Reconciliation How program authorizations are revised to achieve required savings. Authorization Bill Establish, continue, or change programs. Appropriations Bill Funds programs established by the authorization bills.
43 The Budgetary Process LO 14.3 Congress and the Budget (cont.) Budgets were in red every year between 1974 reforms and Continuing Resolutions Allow agencies to spend at last year s level when Congress can not pass appropriations bills on time. Omnibus Bills Appropriations bills all together in one bill and not 13 appropriations bills.
44 LO 14.3
45 The Budgetary Process LO 14.3 Congress and the Budget (cont.) The 1974 reforms have helped Congress view the entire budget early in the process. The problem is not so much the procedure as disagreement over how scarce resources should be spent.
46 Understanding Budgeting LO 14.4: Assess the impact of democratic politics on budgetary growth and of the budget on scope of government. Democracy and Budgeting The Budget and the Scope of Government
47 Understanding Budgeting LO 14.4 Democracy and Budgeting Many politicians spend money to buy votes. Bigger budgets Many groups and people ask for government assistance. People like government programs, but they really do not want to pay for them, thus there are deficits and federal debt.
48 Understanding Budgeting LO 14.4 The Budget and the Scope of Government The size of budget is the scope of government. The bigger the government, the bigger the budget. Limits on revenues can limit what the government can do.
49 LO 14.1 Summary Federal Revenue and Borrowing The personal income tax is the largest source of revenue for the federal government, with social insurance taxes a close second. Other revenue comes from the corporate income tax and excise taxes.
50 LO 14.1 Summary Federal Revenue and Borrowing (cont.) Borrowing helps with funding the government, and the national debt and expenditures have grown rapidly in the past decade. Interest on the debt will eat up a big portion of future budgets. Tax expenditures represent an enormous drain on revenues but subsidize many popular activities.
51 Approximately what percentage of federal expenditures goes to paying interest on the federal debt? LO 14.1 A. 1 percent B. 7 percent C. 15 percent D. 25 percent E. 40 percent
52 Approximately what percentage of federal expenditures goes to paying interest on the federal debt? LO 14.1 A. 1 percent B. 7 percent C. 15 percent D. 25 percent E. 40 percent
53 LO 14.2 Summary Federal Expenditures Budgets have grown with the rise of the national security state and the social service state. National security and, especially, social services such as Social Security and Medicare, plus interest on the debt, make up most of the budget.
54 LO 14.2 Summary Federal Expenditures (cont.) Expenditures for most policies grow incrementally, with each year s budget building on last year s. Much of the budget represents uncontrollable expenditures, primarily entitlements to payments that the government has committed to make at a certain level and that are difficult to limit.
55 Which of the following comprises the largest slice of the budgetary pie? LO 14.2 A. Defense expenditures. B. Income security expenditures. C. Foreign aid expenditures. D. Domestic policy expenditures other than for income security.
56 Which of the following comprises the largest slice of the budgetary pie? LO 14.2 A. Defense expenditures. B. Income security expenditures. C. Foreign aid expenditures. D. Domestic policy expenditures other than for income security.
57 LO 14.3 Summary The Budgetary Process The budgetary process is a long and complex one that involves the president, agencies, Congress as a whole, and many important congressional committees. The president submits the budget to Congress, whose reformed budgetary process has nonetheless not brought spending in line with revenues.
58 LO 14.3 Congress drafts a resolution establishing a total expenditure level before it embarks on making the actual budget. A. continuing B. authorization C. budget D. reconciliation
59 LO 14.3 Congress drafts a resolution establishing a total expenditure level before it embarks on making the actual budget. A. continuing B. authorization C. budget D. reconciliation
60 LO 14.4 Summary Understanding Budgeting Budgets in democracies grow because the public and organized interests demand new and larger public services. Increasing budgets increase the scope of government, but decreases in taxes and increases in debt make it more difficult to add or expand programs.
61 The budget the scope of government, but the budget may also constrain the scope of government. LO 14.4 A. decreases B. reduces C. expands D. none of the above
62 The budget the scope of government, but the budget may also constrain the scope of government. LO 14.4 A. decreases B. reduces C. expands D. none of the above
63 Text Credits Budget of the United States Government, Fiscal Year 2011: Historical Tables (Washington, DC: U.S. Government Printing Office, 2010), Table 2.1. Budget of the United States Government, Fiscal Year 2011: Historical Tables (Washington, DC: U.S. Government Printing Office, 2010), Table 7.1. Budget of the United States Government, Fiscal Year 2011: Historical Tables (Washington, DC: U.S. Government Printing Office, 2010),Tables 16.1 and Budget of the United States Government, Fiscal Year 2011: Historical Tables (Washington, DC: U.S. Government Printing Office, 2010), Table 6.1. Budget of the United States Government, Fiscal Year 2011: Historical Tables (Washington, DC: U.S. Government Printing Office, 2010), Table 3.1. Budget of the United States Government, Fiscal Year 2011: Historical Tables (Washington, DC: U.S. Government Printing Office, 2010), Table 1.1.
64 Photo Credits 404: AP Photos 405T: Phillip Wallack/Corbis 405TC: AP Photos 405TB: Robert Matson 405B: Ted Korondy/Corbis 410: Mike Keefe/The Denver Post 416: AP Photos 417: AP Photos 419: Robert Matson 420: AP Photos 426: Ted Korondy/Corbis 427: Dana Fradon /The New Yorker Cartoon/
The Congress, the President, and the Budget: The Politics of Taxing and Spending
Government in America: People, Politics, and Policy Thirteenth Edition, and Texas Edition Edwards/Wattenberg/Lineberry Chapter 14 The Congress, the President, and the Budget: The Politics of Taxing and
INTRODUCTION THE GOVERNMENT S SOURCES OF REVENUE
C HAPTER OVERVIEW INTRODUCTION The central political issue for many years has been how to pay for policies that most people support. A budget is a policy document allocating burdens (taxes) and benefits
The Congress, the President, and the Budget: The Politics of Taxing and Spending
The Congress, the President, and the Budget: The Politics of Taxing and Spending National Debt, Budget Deficits and Surpluses How much money the government owes. http://zfacts.com/p/461.html Deficit: expenditures
THE CONGRESS, THE PRESIDENT AND THE BUDGET: THE POLITICS OF TAXING AND SPENDING CHAPTER 14, Government in America
THE CONGRESS, THE PRESIDENT AND THE BUDGET: THE POLITICS OF TAXING AND SPENDING CHAPTER 14, Government in America APUSGovPol Page 1 of 9 I. INTRODUCTION A. The president and Congress have been caught in
The Congress, the President, and the Budget: The Politics of Taxing and Spending
Edwards, Wattenberg, and Lineberry Government in America: People, Politics, and Policy Thirteenth Edition Chapter 14 The Congress, the President, and the Budget: The Politics of Taxing and Spending Introduction
CHAPTER 15 THE CONGRESS, THE PRESIDENT, AND THE BUDGET: THE POLITICS OF TAXING AND SPENDING CHAPTER OUTLINE
CHAPTER 15 THE CONGRESS, THE PRESIDENT, AND THE BUDGET: THE POLITICS OF TAXING AND SPENDING CHAPTER OUTLINE I. Introduction (pp. 493-496) A. A budget is a policy document allocating burdens and benefits.
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Budget, Bureaucracy, Economic Policy-Making Name: MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1. Taxing, spending, and borrowing decisions by
Chapter 14: The Congress, the President, and the Budget: The Politics of Taxing and Spending
Chapter 14: The Congress, the President, and the Budget: The Politics of Taxing and Spending 1. In the 2000 presidential election, the candidate who argued that the budget surplus should be used for a
Budget, Bureaucracy, Economic Policy-Making
Budget, Bureaucracy, Economic Policy-Making MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1. Taxing, spending, and borrowing decisions by Congress
Federal Budget and Debt
Federal Budget and Debt Introduction- Basic Terms Budget: A policy document allocating burdens (taxes) and benefits (expenditures). Deficit: An excess of federal expenditures over federal revenues. Expenditures:
14.1 Public Goods and Taxation 14.2 Federal, State, and Local Budgets 14.3 Economics of Public Choice
CHAPTER 14 Government Spending, Revenue, and Public Choice 14.1 Public Goods and Taxation 14.2 Federal, State, and Local Budgets 14.3 Economics of Public Choice 1 CONTEMPORARY ECONOMICS: LESSON 14.1 CHAPTER
PROGRAM CUTS UNDER A BALANCED BUDGET AMENDMENT: HOW SEVERE MIGHT THEY BE? By Richard Kogan
820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org November 15, 2011 PROGRAM CUTS UNDER A BALANCED BUDGET AMENDMENT: HOW SEVERE MIGHT THEY
CRS Report for Congress Received through the CRS Web
Order Code RS22128 April 27, 2005 CRS Report for Congress Received through the CRS Web Summary Discretionary Spending: Prospects and History Philip D. Winters Analyst in Government Finance Government and
AN ANALYSIS OF THE RECENT DETERIORATION IN THE FISCAL CONDITION OF THE U.S. GOVERNMENT
September 2004 AN ANALYSIS OF THE RECENT DETERIORATION IN THE FISCAL CONDITION OF THE U.S. GOVERNMENT Per Capita Net Federal Debt 1998 to 2004* (Actual Debt Compared to CBO January 2001 Forecast) $16,000
Copyright 2011 Pearson Education, Inc. Publishing as Longman
Chapter 18: Social Welfare Policymaking Types of Social Welfare Policies Income, Poverty, and Public Policy Helping the Poor? Social Policy and the Needy Social Security: Living on Borrowed Time Social
Understanding the National Debt and the Debt Ceiling
Understanding the National Debt and the Debt Ceiling Introduction On September 8, 2017, Congress passed and President Trump signed into law a temporary suspension of the national debt limit (also known
CONGRESS HAS CUT DISCRETIONARY FUNDING BY $1.5 TRILLION OVER TEN YEARS First Stage of Deficit Reduction Is In Law
820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org Revised November 8, 2012 CONGRESS HAS CUT DISCRETIONARY FUNDING BY $1.5 TRILLION OVER
CHARTS MAY 23, 2017 WASHINGTON, D.C.
CHARTS MAY 23, 2017 WASHINGTON, D.C. Peterson Foundation charts are available online and are free to use without modification for educational and editorial use, with credit to the Peter G. Peterson Foundation
ECONOMIC POLICY AND THE CHALLENGE OF DEMOCRACY
CHAPTER 18 Economic Policy LEARNING OBJECTIVES After reading this chapter you should be able to Define the key terms at the end of the chapter. Compare and contrast laissez-faire, Keynesian, monetarist,
THE PRESIDENT S BUDGET REQUEST FOR FY 2013
National Priorities Project s Data for Democracy Webinar Series The President s FY2013 Budget Request March 2012 Slide #1 THE PRESIDENT S BUDGET REQUEST FOR FY 2013 In this webinar, we will discuss: The
Defining the problem: the difference between current deficit and long-term deficits
KEY POINTS FOR FEDERAL DEFICIT DISCUSSIONS Overview: Unless our budget policies are changed, the imbalance between spending and revenues will eventually become unsustainable rapidly rising debt will threaten
Notes Unless otherwise indicated, the years referred to in describing budget numbers are fiscal years, which run from October 1 to September 30 and ar
Budgetary and Economic Outcomes Under Paths for Federal Revenues and Noninterest Spending Specified by Chairman Price, March 2016 March 2016 CONGRESS OF THE UNITED STATES Notes Unless otherwise indicated,
Reading Essentials and Study Guide
Lesson 2 Federal Government Finances ESSENTIAL QUESTION How does the government collect revenue, and on what is that revenue spent? Reading HELPDESK Academic Vocabulary coincide to happen or exist at the
Mandatory Spending Since 1962
D. Andrew Austin Analyst in Economic Policy Mindy R. Levit Analyst in Public Finance February 16, 2010 Congressional Research Service CRS Report for Congress Prepared for Members and Committees of Congress
Issue Brief. Amer ican Academy of Actuar ies. An Actuarial Perspective on the 2006 Social Security Trustees Report
AMay 2006 Issue Brief A m e r i c a n Ac a d e my o f Ac t ua r i e s An Actuarial Perspective on the 2006 Social Security Trustees Report Each year, the Board of Trustees of the Old-Age, Survivors, and
Chapter Eight: Government Budgeting
Chapter Eight: Government Budgeting Foundations of Modern Government Budgeting Pre-Civil War, budgeting informal Federal budget under $1 billion Budgetary process fragmented After 1870s, national economy
How The Chained Consumer Price Index Would Affect Social Security Benefits
How The Chained Consumer Price Index Would Affect Social Security Benefits By Mary Johnson February 2018 How The Chained Consumer Price Index Would Affect Social Security Benefits By Mary Johnson, Social
Overview of the Federal Budget
Congressional Budget Office April 17, 2015 Overview of the Federal Budget Presentation to the Maryland Association of CPAs, Inc. Barry Blom Principal Budget Analyst, Projections Unit This presentation
Generational Outlook: The Federal Budget Now and in the Future THE CONCORD COALITION
Generational Outlook: The Federal Budget Now and in the Future presented by Joshua Gordon, Policy Director THE CONCORD COALITION Composition of Projected FY 2012 Federal Government Revenues and Outlays
THE TAX POLICY. BRIEFING BOOK A Citizens' Guide for the 2008 Election and Beyond
BACKGROUND: THE NUMBERS I-1-1 THE TAX POLICY BRIEFING BOOK A Citizens' Guide for the 2008 Election and Beyond THE NUMBERS What are the federal government s sources of revenue?... I-1-1 How does the federal
Federal Spending to Top a Record $4 Trillion in FY2017
Federal Spending to Top a Record $4 Trillion in FY2017 July 11, 2017 by Gary Halbert of Halbert Wealth Management 1. June Unemployment Report Was Better Than Expected 2. Federal Spending to Blow Through
Testimony The 2014 Long-Term Budget Outlook Douglas W. Elmendorf Director Before the Committee on the Budget U.S. House of Representatives July 16, 20
Testimony The 2014 Long-Term Budget Outlook Douglas W. Elmendorf Director Before the Committee on the Budget U.S. House of Representatives July 16, 2014 This document is embargoed until it is delivered
William R. Emmons October 18, 2011
Bringing i The Federal Deficit Under Control William R. Emmons October 18, 2011 The views expressed here are mine alone, and do not necessarily represent the views of the Federal Reserve Bank of St. Louis
CHARTS MAY 7, 2013 WASHINGTON, D.C.
CHARTS MAY 7, 2013 WASHINGTON, D.C. America s long-term debt outlook is unsustainable. Unless we change course, in coming decades rising debt and interest payments will weigh down our economy and divert
Taxes Primer September 27, 2013
Taxes Primer September 27, 2013 WHERE DOES THE MONEY COME FROM? Each year, some of the revenue the federal government collects comes from various taxes. In 2012, taxpayers paid almost $2.5 trillion, which
Chapter 10 GOVERNMENT SPENDING
Chapter 10 GOVERNMENT SPENDING SECTION I THE ECONOMICS OF GOVERNMENT SPENDING Total Government Spending in 2003 was $ 3,000,000,000,000 For every man, woman, and child (per capita) $ 10,300 Spending in
AUGUST 2012 An Update to the Budget and Economic Outlook: Fiscal Years 2012 to 2022 Provided as a convenience, this screen-friendly version is identic
AUGUST 2012 An Update to the Budget and Economic Outlook: Fiscal Years 2012 to 2022 Provided as a convenience, this screen-friendly version is identical in content to the principal, printer-friendly version
Social Security and the Budget March 24, 2011
CHAIRMEN BILL FRENZEL JIM NUSSLE TIM PENNY CHARLIE STENHOLM PRESIDENT MAYA MACGUINEAS DIRECTORS BARRY ANDERSON ROY ASH CHARLES BOWSHER STEVE COLL DAN CRIPPEN VIC FAZIO WILLIAM GRADISON WILLIAM GRAY, III
THE FACTS ABOUT FEDERAL SPENDING A
POLICY BRIEF 1920 L STREET, N.W. - SUITE 200 - WASHINGTON, D.C. 20036-202-785-0266 - HTTP://WWW.ATR.ORG THE FACTS ABOUT FEDERAL SPENDING A Series Of Federal Spending Summaries From The Americans For Tax
Impact of Permanent Legislation on Budgeting and Budget Oversight
Congressional Budget Office Impact of Permanent Legislation on Budgeting and Budget Oversight Fifth Annual Meeting OECD Parliamentary Budget Officials and Independent Fiscal Institutions Robert A. Sunshine
Bush Still on Track to Borrow $10 Trillion by 2014 According to Latest Official Estimates
Citizens for Tax Justice 202-626-3780 January 30, 2004, 7 pp. Contact: Bob McIntyre Bush Still on Track to Borrow $10 Trillion by 2014 According to Latest Official Estimates Recent estimates from the Congressional
THE NEW POLITICS OF THE BUDGETARY PROCESS
THE NEW POLITICS OF THE BUDGETARY PROCESS Third Edition Aaron Wildavsky University of California, Berkeley Naomi Caiden California State University, Los Angeles LONGMAN An imprint of Addison Wesley Longman,
Does the Budget Surplus Justify Large-Scale Tax Cuts?: Updates and Extensions
Does the Budget Surplus Justify Large-Scale Tax Cuts?: Updates and Extensions Alan J. Auerbach William G. Gale Department of Economics The Brookings Institution University of California, Berkeley 1775
tbo The Budget Outlook Is Even Worse than Reported BY: DEMIAN BRADY A publication of the National Taxpayers Union Foundation FEBRUARY 8, 2019
tbo The Budget Outlook Is Even Worse than Reported BY: DEMIAN BRADY FEBRUARY 8, 2019 A publication of the National Taxpayers Union Foundation Introduction The Congressional Budget Office (CBO) has published
March 31, In fact, the Tax Foundation s calculation
820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org March 31, 2009 TAX FOUNDATION FIGURES DO NOT REPRESENT TYPICAL HOUSEHOLDS TAX BURDENS
Congressional Control of Federal Spending:
Who Controls the Budget Process (HA) The president proposes, Congress disposes. This is how an old Washington saying sums up the process of creating a federal budget. As is true of the legislative process,
Tax Foundation s Average Far More Than What Most Americans Pay in Federal Taxes FIGURE 1: April 2, 2012
820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org April 2, 2012 TAX FOUNDATION FIGURES DO NOT REPRESENT TYPICAL HOUSEHOLDS TAX BURDENS
Understanding the Federal Budget 1
Understanding the Federal Budget 1 "For in the end, a budget is more than simply numbers on a page. It is a measure of how well we are living up to our obligations to ourselves and one another." --From
Taxes and Spending. Mostly Agree
Taxes and Spending ESSENTIAL QUESTION: Who and what should be taxed? Mark the box that reflects your opinion about each statement. Completely Agree Mostly Agree Mostly Disagree Completely Disagree Businesses
Privatization of Social Security -- A Selected Bibliography (June 2010)
Privatization of Social Security -- A Selected Bibliography (June 2010) LexisNexis Statistical Insight Is There a Positive Incentive Effect from Privatizing Social Security? Evidence from Latin America,
The Federal Debt Limit
The Federal Debt Limit Introduction The Federal budget deficit and resulting debt have generated much attention lately, with threats of a government shutdown and dueling proposals from the Democrats and
Report Documentation Page Form Approved OMB No Public reporting burden for the collection of information is estimated to average 1 hour per re
Testimony The Budget and Economic Outlook: 214 to 224 Douglas W. Elmendorf Director Before the Committee on the Budget U.S. House of Representatives February 5, 214 This document is embargoed until it
ARE TAXES TOO CONCENTRATED AT THE TOP? Rapidly Rising Incomes at the Top Lie Behind Increase in Share of Taxes Paid By High-Income Taxpayers
820 First Street, NE, Suite 510, Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org ARE TAXES TOO CONCENTRATED AT THE TOP? Rapidly Rising Incomes at the Top Lie Behind
Statement of Chris Edwards, Director of Fiscal Policy, Cato Institute. before the Senate Democratic Policy Committee
Statement of Chris Edwards, Director of Fiscal Policy, Cato Institute before the Senate Democratic Policy Committee regarding the Federal Budget Deficit January 20, 2004 Mr. Chairman and members of the
CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE CBO. The Budget and Economic Outlook: Fiscal Years 2012 to 2022
CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE The Budget and Economic Outlook: Fiscal Years 2012 to 2022 4 2 0-2 -4-6 -8-10 Actual Deficits or Surpluses (Percentage of GDP) s Baseline Projection
July 23, First Street NE, Suite 510 Washington, DC Tel: Fax:
820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org July 23, 2007 CONGRESS TO CONSIDER REPEAL OF MEDICARE DEMONSTRATION PROJECT DESIGNED
WHAT THE NEW TRUSTEES REPORT SHOWS ABOUT SOCIAL SECURITY By Jason Furman and Robert Greenstein
820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org Revised June 15, 2006 Executive Summary WHAT THE NEW TRUSTEES REPORT SHOWS ABOUT SOCIAL
Federal Employees Retirement System: Budget and Trust Fund Issues
Federal Employees Retirement System: Budget and Trust Fund Issues Katelin P. Isaacs Analyst in Income Security September 27, 2012 CRS Report for Congress Prepared for Members and Committees of Congress
What The New CBO Report Shows Budget And Economic Outlook Has Not Improved by James Horney and Richard Kogan
820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org August 16, 2005 What The New CBO Report Shows Budget And Economic Outlook Has Not Improved
Report for Congress. The Budget for Fiscal Year Updated April 10, 2003
Order Code RL31784 Report for Congress Received through the CRS Web The Budget for Fiscal Year 2004 Updated April 10, 2003 Philip D. Winters Analyst in Government Finance Government and Finance Division
kaiser The President s FY 2005 Budget Proposal: medicaid and the uninsured Overview and Briefing Charts June 2004 commission on
kaiser commission on O V E R V I E W medicaid and the uninsured The President s FY 2005 Budget Proposal: Overview and Briefing Charts June 2004 1330 G S T R E E T NW, W A S H I N G T O N, DC 20005 P H
The U.S. Economy: An Optimistic Outlook, But With Some Important Risks
EMBARGOED UNTIL 8:10 A.M. Eastern Time on Friday, April 13, 2018 OR UPON DELIVERY The U.S. Economy: An Optimistic Outlook, But With Some Important Risks Eric S. Rosengren President & Chief Executive Officer
Economic Policy. Jacob Dean, Alan Avilez
Economic Policy Jacob Dean, Alan Avilez Basics - Economy is complex - Economic Theories - Market Economy - Supply / Demand - Capitalist economy ~ Market economy Laissez-Faire Economics - Absence of government
OBSERVATION. TD Economics U.S. DEFICITS & DEBT: PAST, PRESENT & FUTURE
OBSERVATION TD Economics U.S. DEFICITS & DEBT: PAST, PRESENT & FUTURE Highlights The U.S. budget deficit is declining sharply. From 1.9% in fiscal 29 and 6.8% in 212, the Congressional Budget Office (CBO)
continue to average 0.2 percent of GDP from 2018 through 2028, CBO projects.
74 The Budget and Economic Outlook: 2018 to 2028 April 2018 continue to average 0.2 percent of GDP from 2018 through 2028, CBO projects. Tax Many exclusions, deductions, preferential rates, and credits
NON-DEFENSE DISCRETIONARY PROGRAMS WILL FACE SERIOUS PRESSURES UNDER CURRENT FUNDING CAPS
820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org Revised December 6, 2012 NON-DEFENSE DISCRETIONARY PROGRAMS WILL FACE SERIOUS PRESSURES
Health Care Spending and the Aging of the Population
Order Code RS22619 March 13, 2007 Health Care Spending and the Aging of the Population Jennifer Jenson Specialist in Health Economics Domestic Social Policy Division Summary Health care spending has been
The Budget and Economic Outlook: 2018 to 2028
CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE The Budget and Economic Outlook: 2018 to 2028 Percentage of GDP 30 25 20 Outlays Actual Current-Law Projection Over the next decade, the gap between
BACKGROUNDER. Social Security s main program, also known as Old-Age and Survivors. Social Security: $39 Billion Deficit in 2014, Insolvent by 2035
BACKGROUNDER No. 3043 Social Security: $39 Billion Deficit in 2014, Insolvent by 2035 Romina Boccia Abstract Social Security ran a $39 billion deficit in 2014, closing out five years of consecutive cash-flow
What Every Actuary Should Know About Medicare From Structure to Reform
What Every Actuary Should Know About Medicare From Structure to Reform Cori E. Uccello, FSA, MAAA, MPP Senior Health Fellow, American Academy of Actuaries Thomas F. Wildsmith, FSA, MAAA Vice President
working paper President Obama s First Budget By Veronique de Rugy No March 2009
No. 09-05 March 2009 working paper President Obama s First Budget By Veronique de Rugy The ideas presented in this research are the author s and do not represent official positions of the Mercatus Center
$ALL ABOUT THE MONEY WHERE IT GOES AND WHY IT MATTERS FOR YOU
$ALL ABOUT THE MONEY WHERE IT GOES AND WHY IT MATTERS FOR YOU Every person alive has the potential to learn and grow AND to contribute their unique creativity toward making the world a better place. JOHN
The Ryan Medicare Plan: Winners and Losers
The Ryan Medicare Plan: Winners and Losers Dean Baker and David Rosnick April 2011 Center for Economic and Policy Research 1611 Connecticut Avenue, NW, Suite 400 Washington, D.C. 20009 202 293 5380 www.cepr.net
BALANCING THE FEDERAL BUDGET: ECONOMIC RATIONALE AND ISSUES
BALANCING THE FEDERAL BUDGET: ECONOMIC RATIONALE AND ISSUES Glenn H. Miller, Jr. Federal Reserve Bank of Kansas City This paper will touch only the surface of the many economic issues surrounding the question
EXECUTIVE SUMMARY America s Three Deficits
EXECUTIVE SUMMARY Most policymakers in the budget debate are ignoring the trade and investment deficits, and as a result risk making all three deficits worse. Federal policymakers are consumed by a debate
Deficits and Debt: Economic Effects and Other Issues
Deficits and Debt: Economic Effects and Other Issues Grant A. Driessen Analyst in Public Finance November 21, 2017 Congressional Research Service 7-5700 www.crs.gov R44383 Summary The federal government
Summary of Latest Federal Income Tax Data
December 18, 2013 No. 408 Fiscal Fact Summary of Latest Federal Income Tax Data By Kyle Pomerleau Introduction The Internal Revenue Service has released new data on individual income taxes, reporting on
Reviewing What Works: Evaluating Programs and Tax Expenditures
Performance Management Reviewing What Works: Evaluating Programs and Tax Expenditures by Jitinder Kohli and Seth Hanlon Center for American Progress has developed a performance review process that helps
Mandatory Spending Since 1962
D. Andrew Austin Analyst in Economic Policy Mindy R. Levit Analyst in Public Finance June 15, 2011 Congressional Research Service CRS Report for Congress Prepared for Members and Committees of Congress
CHARTS MAY 10, 2018 WASHINGTON, D.C.
CHARTS MAY 10, 2018 WASHINGTON, D.C. Peterson Foundation charts are available online and are free to use without modification for educational and editorial use, with credit to the Peter G. Peterson Foundation
GAO. The Federal Government s Long-Term Fiscal Outlook. January 2010 Update. United States Government Accountability Office
GAO United States Government Accountability Office The Federal Government s Long-Term Fiscal Outlook January 2010 Update GAO s Long-Term Fiscal Simulations Since 1992, GAO has published longterm fiscal
January 6, Honorable John Boehner Speaker of the House U.S. House of Representatives Washington, DC Dear Mr. Speaker:
CONGRESSIONAL BUDGET OFFICE U.S. Congress Washington, DC 20515 Douglas W. Elmendorf, Director January 6, 2011 Honorable John Boehner Speaker of the House U.S. House of Representatives Washington, DC 20515
o. "n August 5, the U.S. Senate cleared
economig COMMeNTORY Federal Reserve Bank of Cleveland October 15, 1993 The Budget Reconciliation Act of 1993: A Summary Report by David Altig and Jagadeesh Gokhale o. "n August 5, the U.S. Senate cleared
Notes Numbers in the text and tables may not add up to totals because of rounding. Unless otherwise indicated, years referred to in describing the bud
CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE The Budget and Economic Outlook: 4 to 4 Percentage of GDP 4 Surpluses Actual Projected - -4-6 Average Deficit, 974 to Deficits -8-974 979 984 989
This PDF is a selection from a published volume from the National Bureau of Economic Research. Volume Title: Tax Policy and the Economy, Volume 29
This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: Tax Policy and the Economy, Volume 29 Volume Author/Editor: Jeffrey R. Brown, editor Volume Publisher:
Stephanie Kelton: National Debt Washington s Wall Against Progress
Stephanie Kelton: National Debt Washington s Wall Against Progress May 10, 2016 by Robert Huebscher The much-ridiculed plan to build a wall on the Mexican border has dominated the political discourse since
Proposed Changes to Medicare in the Path to Prosperity Overview and Key Questions
Proposed Changes to Medicare in the Path to Prosperity Overview and Key Questions APRIL 2011 On April 5, 2011, Representative Paul Ryan (R-WI), chairman of the House Budget Committee, released a budget
Understanding the Federal Budget Process
Quick Guide for Community Forestry Practitioners Understanding the Federal Budget Process Each year the federal government must establish a budget from which federal programs and agencies are funded. Both
Learning Objectives. Chapter 6. Funding the Public Sector. Introduction
Copyright 2011 by Pearson Education, Inc. Chapter 6 Funding the Public Sector All rights reserved. Introduction In recent years, various U.S. politicians and pundits have called for boosts in tax rates
The Budget Control Act of 2011: Effects on Spending Levels and the Budget Deficit
The Budget Control Act of 2011: Effects on Spending Levels and the Budget Deficit Marc Labonte Specialist in Macroeconomic Policy Mindy R. Levit Analyst in Public Finance November 29, 2011 CRS Report for
Statement of. Ben S. Bernanke. Chairman. Board of Governors of the Federal Reserve System. before the. Committee on the Budget
For release on delivery 10:00 a.m. EST February 28, 2007 Statement of Ben S. Bernanke Chairman Board of Governors of the Federal Reserve System before the Committee on the Budget U.S. House of Representatives
ESTATE TAXES, DEFICITS and BUDGET IMPLICATIONS
ESTATE TAXES, DEFICITS and BUDGET IMPLICATIONS Stephen J. Entin American Family Business Foundation October 2011 INTRODUCTION The future of the Federal Estate Tax is still uncertain. Over the summer, Congress
AGENDA Thurs 4/28 & Fri 4/29
AGENDA Thurs 4/28 & Fri 4/29 QOD # 35: Best Budget Taxes/Budget Quiz Mon 5/2 Taxes People s Pie HW: People s Pie Reflection COL Project DUE: 5/2 Stock Market Project DUE: 5/9 QOD #35: Best Budget When
Senate Proposal for Balanced Budget Amendment Would Require Extreme Budget Cuts By Richard Kogan and Cecile Murray 1
820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org May 3, 2016 Senate Proposal for Balanced Budget Amendment Would Require Extreme Budget
Military Base Closures: Role and Costs of Environmental Cleanup
Order Code RS22065 Updated August 31, 2007 Military Base Closures: Role and Costs of Environmental Cleanup Summary David M. Bearden Specialist in Environmental Policy Resources, Science, and Industry Division
The key differences between the Cooper-LaTourette plan and the Simpson-Bowles commission plan are:
820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org March 28, 2012 COOPER-LATOURETTE BUDGET SIGNIFICANTLY TO THE RIGHT OF SIMPSON-BOWLES
CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE
CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE The Budget and Economic Outlook: 2017 to 2027 Percentage of GDP 4 2 Surpluses Actual Current-Law Projection 0 Growth in revenues is projected -2-4
Medicare at Risk. Alyene Senger John W. Fleming. March 2013 VISUALIZING THE NEED FOR REFORM 2010: $4,136 $128,000 $188,000 $60,000 $6,000
Medicare at Risk VISUALIZING THE NEED FOR REFORM Federal Deficit Medicare Shortfall $6,000 2010: $4,136 $188,000 $128,000 $60,000 Single Female March 2013 Alyene Senger John W. Fleming Medicare spending
Social Security and VA COLA Cuts Will Have a Big Effect on Veterans and Their Families
n. Social Security and VA COLA Cuts Will Have a Big Effect on Veterans and Their Families Some politicians in Washington are proposing to cut the cost- of- living adjustment (COLA) for people who receive
This report has been updated to reflect new data. Two Sequestrations: How the Pending Automatic Budget Cuts Would Work.
820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org December 28, 2012 This report has been updated to reflect new data. Two Sequestrations: