A Congressional Budget Office Report Since the individual income tax was instituted in 1913, the profits of most businesses have been allocated, or “passed through,” to their owners and subjected to that tax—rather than to the corporate income tax. However, most business activity (specifically, the total revenue that businesses receive as receipts from sales of goods and services) has occurred [...]
My apologies for making light of a very serious situation. Unfortunately, according to the Congressional Budget Office we are not ONLY fast approaching the aptly described fiscal cliff on January 01,2013 – but the Federal Debt ceiling as well. The following is their report released today. – Kensei Federal Debt and the Statutory Limit, November 2012 The Congress has traditionally [...]
S. 3085, Responsible Homeowner Refinancing Act of 2012 As introduced in the United States Senate on May 10, 2012 The Home Affordable Refinance Program (HARP) is administered by the Federal Housing Finance Agency (FHFA) to assist certain homeowners with refinancing mortgages that are guaranteed by Fannie Mae and Freddie Mac, also known collectively as the housing government-sponsored enterprises, or GSEs. [...]
Federal highway and mass transit programs are financed largely by a variety of transportation-related excise taxes. The largest share of the revenues comes from the federal tax on gasoline, including gasoline that is blended with ethanol. Revenues from those taxes are credited to the Highway Trust Fund, and most of the spending for those programs is attributable to that fund. [...]
March 20, 2012 At the request of the Chairman of the House Budget Committee, Congressman Paul Ryan, the Congressional Budget Office (CBO) has calculated the long-term budgetary impact of paths for federal revenues and spending specified by the Chairman and his staff. The calculations presented here represent CBO’s assessment of how the specified paths would alter the trajectories of federal [...]
On April 8, 2010, CBO Director Doug Elmendorf sat down with reporters to discuss, among other things, the nation’s unsustainable fiscal path. Here are some of those excerpts: ” … a recent CBO report that pegged an increase in the public debt from $7.5 trillion at the end of 2009 to $20.3 trillion at the end of 2020 if President [...]
An Analysis of the President’s Budgetary Proposals for Fiscal Year 2011 March 2010 Summary This report presents a more detailed analysis of the proposals contained in the President’s budget request for fiscal year 2011 than the preliminary analysis that the Congressional Budget Office (CBO) released on March 5, 2010, and it incorporates the impact of legislation that has recently been [...]
Effects of the Patient Protection and Affordable Care Act on the Federal Budget and the Balance in the Hospital Insurance Trust Fund Congressional Budget Office December 23rd CBO has been asked for additional information about the projected effects of the Patient Protection and Affordable Care Act (PPACA), the pending health care reform legislation, on the federal budget and on the [...]
Now I’ve heard it all – Democratic pundits are claiming that they didn’t have the necessary 218 votes yet – because of the rally held on the steps Thursday and other delaying tactics that the Republicans are using. HUH? THEY don’t have the votes – and it’s the Republican’s Fault? Guy’s maybe…just maybe if you really had a bill that [...]