Topic: Daily Deduction

Sense and Sensibilities

By :: March 26th, 2015

The GOP House passes its budget. It promises to balance the books within 10 years by cutting spending by  $5.4 trillion. Cuts include $2 trillion from repeal of the Affordable Care Act, $1 trillion from  Medicaid and the Children’s Health Insurance Program, and $1 trillion  from other unspecified benefit programs. Another $500 billion would come […]

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Tax Struggles and Tax Sneaks

By :: March 25th, 2015

Senate Finance Committee Chair Hatch wants a tax reform bill in 2015. Tax Analysts reports that the Utah Republican aims to mark up a bill later this year. Speaking at Arent Fox, LLP, yesterday, Hatch chided the Obama administration for “lacking engagement” in tax reform. While he wants to overhaul the entire tax system, Hatch […]

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Budget Alternatives, Credits, and Advances

By :: March 24th, 2015

The House Republican Study Committee offers an alternative budget. The committee’s plan would cut spending by $7.1 trillion over the next decade but would give the Pentagon $570 billion for fiscal year 2016, well above the $523 billion spending cap set back in 2011. Revenues would change, too: The plan calls for just two individual […]

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Budget Battles and Filing Follies: The Sagas Continue

By :: March 23rd, 2015

As the GOP gears up to make peace between House and Senate budgets, Senator Bernie Sanders has an idea about war funding. The GOP Congress will need to reconcile their budgets in the next several weeks—for the first time in a decade. They want to come together to repeal and offer an alternative to the […]

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Spending Cuts and Tax Cuts: Just Shake ‘Em Off

By :: March 20th, 2015

Spenders gonna’ spend, tax-cutters gonna’ cut… The House Budget Committee passed its $3.8 trillion budget, but only after giving in to GOP defense hawks: They got $20.5 billion in defense spending without offsets. Meanwhile, TPC’s Howard Gleckman tries to square the House GOP’s tax cuts with its no-tax-cut budget. He can’t. Nobody can—and it doesn’t […]

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Budget Plans and Fun with Tax Forms

By :: March 19th, 2015

The Senate GOP budget is out. It would cut spending by $5.1 trillion and reach balance in 10 years, according to its dynamic score. Like the House budget released Tuesday, it would repeal the Affordable Care Act, but unlike the House plan, it includes  reconciliation instructions that could give Congress a way to manage the […]

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Spending Cuts, Surpluses and Sales Opportunities

By :: March 18th, 2015

The House GOP Budget: No tax reform details. The House Budget Committee unveiled a budget with $5.5 trillion in spending cuts that promises balance by 2024. Committee Chairman Tom Price is confident the budget will pass the House this week. However, TPC’s Howard Gleckman says there is no chance it will become law. The budget […]

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On Budgeting, Patience, and Rube Goldberg

By :: March 17th, 2015

Out today: A first look at GOP budgets. The US hit its debt limit yesterday (at least technically), and the budget battles have begun. The Senate GOP budget resolution  reportedly won’t include detailed plans to overhaul entitlement programs—though the House GOP plan may. The Senate Budget panel version will propose only savings targets for Medicare […]

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Local Tax Threats, Hikes, and Indignities

By :: March 16th, 2015

Chicago Mayor Rahm Emanuel: Without school pension money from the state, property taxes will jump. Facing a tough runoff in his race for reelection, Emanuel is looking for fiscal help from the state, including from its GOP governor. He wants the state to help fund pensions for Chicago’s teachers as well as make other changes […]

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Raising Taxes to Fuel, Fly, and… Drink?

By :: March 13th, 2015

Have taxes, will travel. The American Road & Transportation Builders Association wants Congress to raise the federal gas tax by 15 cents a gallon to generate $401 billion in new transportation funding. Money for the Highway Trust Fund dries up in May. The group suggests the tax be offset with a federal tax rebate for middle […]

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