One trillion dollars in additional tax revenue over the next 10 years, fewer tax deductions and exemptions, and stricter enforcement of the nation’s tax laws are revenue-related centerpieces of President Barack Obama’s budget proposal. He unveiled it Tuesday, a month late.
Every budget also has a spending side. In addition to $1 trillion of additional revenue, the budget calls for $2.3 trillion of additional spending, going from $3.6 trillion to $5.9 trillion. That’s an increase of approximately 63 percent, or an average of 6.3 percent annually.
The national debt would likewise balloon, adding another $8.3 trillion. The national debt currently tops $17 trillion. But White House officials say the debt would actually shrink as a percentage of the nation’s gross domestic product.
“To build on the progress we have made in recovering from the Great Recession, the budget invests in research, clean energy, infrastructure, manufacturing and security, creating jobs now and building a...
U.S. House Ways and Means Committee Chairman Dave Camp (R-MI) has proposed legislation he says will fix the nation’s broken tax code by lowering tax rates while making the code simpler and fairer for families and job creators. House and Senate leaders have given it a tepid response.
Camp’s “Tax Reform Act of 2014” would reduce the number of tax “loopholes” while making it easier for individuals to complete their own tax returns confidently and accurately, Camp says.
“It is no secret that...
Pennsylvania taxpayers’ public pension nightmares are worse than they seem, and local governments face the prospect of tax increases or even bankruptcies caused by mounting levels of pension debt.
While Pennsylvania lawmakers try to find a foothold on the $47 billion unfunded liability in two state-level pension plans for public school employees and state workers, another potential pension crisis is unfolding in small towns, mid-sized boroughs and large cities across the Keystone State.