The Ontario government announced measures to address challenges in the overheating housing market, including initiatives to cool demand, boost supply, and expand rent control. Demand cooling measures include a 15% tax on non-resident home buyers and preventing pre-construction property flipping. Supply boosting measures aim to increase development through incentives for purpose-built rentals and leveraging provincial assets. Expanded rent control applies to all renters, including units built after 1991, but may have unintended consequences of reducing rental supply if it discourages investment.
This document discusses dynamic scoring and tax reform. It makes three key points:
1) Tax cuts do not pay for themselves through economic growth and increased revenue. Reasonable estimates show that tax cuts generate far less than $1 in revenue for every $1 cut.
2) Smart tax reform has the potential to generate $300-400 billion in additional revenue through dynamic effects, but debt-financed tax cuts have smaller growth effects because debt discourages investment and slows long-term growth.
3) Models that estimate the largest growth effects from tax cuts generally ignore the economic costs of increased debt, instead assuming future tax increases or spending cuts will stabilize debt levels. When debt impacts are considered, revenue-neutral
The document discusses the growing problem of government debt in the United States. It notes that the annual deficit has grown substantially in recent years, reaching over $1 trillion in 2010 and 2011. This level of deficit requires significant government borrowing each year. The total national debt held by the public is over $10 trillion. Cutting spending, raising taxes, and economic growth are the three main strategies proposed to address the debt, but each faces challenges. The high and growing level of debt poses economic risks going forward.
- Municipalities will see substantially lower revenues from various sources such as local service taxes, liquid fuels funds, and realty transfer taxes due to economic downturn and high gas prices in 2008. Earned income tax, business taxes, and interest earnings will also be lower.
- Unemployment rates have risen significantly while payrolls have declined sharply resulting in lower personal income tax revenues and increased costs to unemployment funds.
- Revenues are expected to remain flat or decline further while costs such as insurance, materials, and wages increase, resulting in budget deficits, staff cuts, borrowing, and reduced services for many municipalities.
Golden Door Partners: An Intro to Opportunity ZonesVijar Kohli
An Introduction to Opportunity Zones. The Investing in Opportunity Tax Act was enacted to incentivize long-term incentives in urban communities.
The Tax Act provides significant tax benefits for investors reinvest unrealized capital gains.
- The document discusses several topics related to investments and the London property market from the Summer 2016 issue of a magazine called Avantis Wealth.
- The first article analyzes whether the London property market is set to crash, noting that prices in London have skyrocketed since 2008 while remaining below peak levels in other parts of the UK. It argues oversupply of high-end properties in London combined with policies discouraging foreign buyers means a correction may be coming.
- The second piece discusses investment opportunities that are not correlated to the London property market, such as investments in care homes, German residential developments, and international resort properties, that typically offer fixed annual returns between 6-12%.
- The third section
We debunk several common myths about the national debt. Like deficits are falling; there is no harm in waiting; deficit reduction will harm the most vulnerable; and the debt can be fixed by cutting waste, fraud or foreign aid.
Jed Smith, Managing Director, Quantitative Research
NATIONAL ASSOCIATION OF REALTORS®
North Carolina Real Estate Summit
Cary, North Carolina
July 16, 2013
The Ontario government announced measures to address challenges in the overheating housing market, including initiatives to cool demand, boost supply, and expand rent control. Demand cooling measures include a 15% tax on non-resident home buyers and preventing pre-construction property flipping. Supply boosting measures aim to increase development through incentives for purpose-built rentals and leveraging provincial assets. Expanded rent control applies to all renters, including units built after 1991, but may have unintended consequences of reducing rental supply if it discourages investment.
This document discusses dynamic scoring and tax reform. It makes three key points:
1) Tax cuts do not pay for themselves through economic growth and increased revenue. Reasonable estimates show that tax cuts generate far less than $1 in revenue for every $1 cut.
2) Smart tax reform has the potential to generate $300-400 billion in additional revenue through dynamic effects, but debt-financed tax cuts have smaller growth effects because debt discourages investment and slows long-term growth.
3) Models that estimate the largest growth effects from tax cuts generally ignore the economic costs of increased debt, instead assuming future tax increases or spending cuts will stabilize debt levels. When debt impacts are considered, revenue-neutral
The document discusses the growing problem of government debt in the United States. It notes that the annual deficit has grown substantially in recent years, reaching over $1 trillion in 2010 and 2011. This level of deficit requires significant government borrowing each year. The total national debt held by the public is over $10 trillion. Cutting spending, raising taxes, and economic growth are the three main strategies proposed to address the debt, but each faces challenges. The high and growing level of debt poses economic risks going forward.
- Municipalities will see substantially lower revenues from various sources such as local service taxes, liquid fuels funds, and realty transfer taxes due to economic downturn and high gas prices in 2008. Earned income tax, business taxes, and interest earnings will also be lower.
- Unemployment rates have risen significantly while payrolls have declined sharply resulting in lower personal income tax revenues and increased costs to unemployment funds.
- Revenues are expected to remain flat or decline further while costs such as insurance, materials, and wages increase, resulting in budget deficits, staff cuts, borrowing, and reduced services for many municipalities.
Golden Door Partners: An Intro to Opportunity ZonesVijar Kohli
An Introduction to Opportunity Zones. The Investing in Opportunity Tax Act was enacted to incentivize long-term incentives in urban communities.
The Tax Act provides significant tax benefits for investors reinvest unrealized capital gains.
- The document discusses several topics related to investments and the London property market from the Summer 2016 issue of a magazine called Avantis Wealth.
- The first article analyzes whether the London property market is set to crash, noting that prices in London have skyrocketed since 2008 while remaining below peak levels in other parts of the UK. It argues oversupply of high-end properties in London combined with policies discouraging foreign buyers means a correction may be coming.
- The second piece discusses investment opportunities that are not correlated to the London property market, such as investments in care homes, German residential developments, and international resort properties, that typically offer fixed annual returns between 6-12%.
- The third section
We debunk several common myths about the national debt. Like deficits are falling; there is no harm in waiting; deficit reduction will harm the most vulnerable; and the debt can be fixed by cutting waste, fraud or foreign aid.
Jed Smith, Managing Director, Quantitative Research
NATIONAL ASSOCIATION OF REALTORS®
North Carolina Real Estate Summit
Cary, North Carolina
July 16, 2013
Federal budget slide show civic club versionAlex Cardenas
This document discusses myths and realities about the US federal budget and deficits. It contends that tax policies rather than spending have mainly driven deficits since 1981. While spending cuts could help, the largest expenditure - wars and the military - is often treated as untouchable. It also argues that solving budget problems requires addressing growing inequality in wealth and political power between the richest 10% and everyone else. Specific myths debunked include claims that Social Security and Medicare contribute to deficits, and that tax cuts for the wealthy encourage job creation. Charts show how spending has changed under Democratic and Republican presidents.
The document discusses macroeconomic concepts including monetary policy tools used by central banks like the Federal Reserve. It covers monetary policy tools such as the reserve ratio, discount rate, open market operations, and excess reserve rate. It also discusses fiscal policy and how governments can use taxing and spending policies to increase or decrease aggregate demand to address unemployment and inflation. It notes that fiscal policy tools can be limited by crowding out of private spending and how governments fund increased spending and tax cuts.
The document discusses investing in multi-family and commercial real estate properties in the United States. It argues that now is a good time to invest due to historically low interest rates, a shrinking US dollar, and high demand for rental properties. Specifically, it recommends investing in multi-family properties because they provide stable cash flow, appreciation potential, and less risk compared to single family homes. The document also outlines the real estate market cycle and suggests commercial real estate is primed for opportunities in the coming years.
This document summarizes the benefits of paying off a 15-year mortgage over a 30-year mortgage. It notes that interest payments make up the largest portion of costs over the life of a loan. With current rate differences, a homeowner could save over $177,000 in interest by taking out a 15-year loan at 4.75% instead of a 30-year loan at 5.5%. While the monthly payments would be $577 higher, the homeowner would pay off their mortgage 15 years earlier. The document encourages readers with questions to contact their Weichert Financial manager for assistance.
- Governments raise revenue through taxes, which are the single most important source of revenue.
- There are criteria for effective taxes including that they must not significantly distort economic behavior or damage incentives for productivity and growth. Taxes also should be fair and equitable in their impact.
- The economic impact of taxes includes how they can affect resource allocation, consumer behavior, productivity, and economic growth. The burden of a tax may not always fall directly on those being taxed.
Ontario Budget 2017: The Road to Election 2018Edelman
Edelman Canada shares insights on the Ontario Budget Update, highlighting keys aspects of the Provincial Budget tabled at Queen’s Park. To learn more about Edelman Canada, please visit www.edelman.ca.
This document discusses Circles, a proposed universal basic income system implemented on the Ethereum blockchain. It would provide each person with a basic income by generating a small amount of currency each week for every account. Accounts can trust each other to share in reserve funds. Groups can also be formed where members convert their private currencies to group currencies. The value of the currency depends on economic factors like growth rate and how widely it is used in networks and groups. Circles aims to provide basic income without debt obligations and in a decentralized peer-to-peer manner on the blockchain.
Where's the Money? State and Local Government Finance Forecast - Outlook 2015Jon Yoffie
"IT’S NOT DOING MORE WITH LESS, IT’S DOING MORE WITH THE SAME." Governing Publisher Mark Funkhouser coined this one in the "Where’s the Money?" briefing on state and local government revenues and budgets. State and local government revenues are up 3.3% overall, but spending next year will be a bit below the pre-Recession peak, and long-term growth rates are going to be lower than projected long-term liabilities (pensions, government retiree healthcare, Medicaid, etc.), even as federal-to-state and state-to-local funds decline. So while we’ve moved beyond doing more with less, the bottom line is still (and for the foreseeable future will be) the bottom line. Finding ways to cut costs, increase efficiencies and fund programs with creative revenue-generating or private-sector partnership solutions will be paramount.
The document discusses alternatives to Delaware's current budget proposal that aim to spread the burden of budget cuts more evenly. It proposes several alternative scenarios for increasing personal income tax rates and the corporate franchise tax cap that could generate more revenue than the current proposals. These alternatives are intended to reduce the disproportionate impact of budget cuts on state employees and generate contributions from corporations enjoying Delaware's business protections.
The document discusses macroeconomics and fiscal policy. It covers topics like government budgets, taxes, spending, deficits, debt, and how fiscal policy tools like taxes and spending can be used to increase or decrease aggregate demand. It provides information on different types of taxes and explains concepts like balanced budgets, deficits, debt, and crowding out.
Arbor Single Family Rentals Report 2020 Q1Ivan Kaufman
Unsurprisingly, COVID-19 is the unavoidable and overarching theme across all areas of commercial real estate - the singe family rental (SFR) sector is no exception.
The document discusses how government spending has increased significantly since the 1940s for several reasons: massive spending for World War 2, an expanded role for government in regulating the economy after the Great Depression, and successful public works projects. It also describes the two main types of government expenditures: purchasing goods and services, and transfer payments to individuals without goods or services in return (e.g. Social Security). Finally, it outlines several ways government spending impacts the economy, such as influencing the allocation of resources and redistributing income.
Mid Term Elections & Commercial Real Estatekottmeier
The 2010 mid-term elections resulted in Republican control of the House while Democrats retained the presidency, dividing government. This document discusses several implications for commercial real estate, including that a divided government may delay decisions around fiscal stimulus and employment, prolonging recovery in real estate markets. Additionally, debates around tax cuts, federal spending, healthcare reform, and financial reform could impact demand for office and medical space. While employment is slowly improving, decisions made by Congress will influence future projections and commercial real estate demand over the next 5 years is estimated at 550-925 million square feet of office space.
This document summarizes a study that analyzed the tradeoff between prepaying mortgages and contributing to tax-deferred retirement accounts. The study found that about 38% of U.S. households that are accelerating mortgage payments could benefit financially from instead increasing contributions to tax-deferred accounts. Reallocating savings in this way could yield returns of 11-17 cents per dollar, saving U.S. households up to $1.5 billion per year. The behavior seems to be driven by an aversion to debt rather than financial considerations, as mortgage interest payments are tax deductible while retirement account earnings are tax deferred, making retirement accounts the more advantageous choice for many households.
This document discusses a graduated income tax plan proposed for Michigan that would cut taxes for 95% of state residents. Key points:
- The plan would establish a graduated income tax scale to make everyone pay an equal share of taxes based on their income, rather than high-income individuals paying a smaller share.
- Under the plan, a family making $80,000 would save $600 per year in taxes, an 18% cut. More than 4.4 million filers would receive an $830 million total tax cut.
- 89% of business owners would receive a tax cut as well. The plan aims to stimulate economic growth and help small business owners.
- A family making $50,
1) Total government debt levels in OECD countries have risen dramatically due to deficits incurred from responding to the financial crisis, putting pressure on government budgets.
2) At the same time, financing is still needed for goals like poverty reduction and climate change mitigation.
3) A financial transaction tax is proposed as the best policy alternative to raise revenues from the financial sector to address these issues, rather than increasing taxes on individuals or public spending cuts.
4) Unlike an insurance scheme or tax on bank balance sheets, a financial transaction tax could generate hundreds of billions annually, curb speculative trading, and regulate the financial sector in a low-cost way.
This document discusses chapter 17 from a macroeconomics textbook about government budgets, taxes, and spending. It covers two objectives of fiscal policy, tools the government uses like taxes and spending, how these impact aggregate demand, different types of taxes, deficits and debt, and reasons why government may want to take on debt like for investment.
Most states are facing significant budget shortfalls due to declining tax revenues during the recession. The crisis has led to widespread budget cuts, layoffs, and proposals for new taxes or reliance on federal stimulus funds. Massachusetts faces a projected $5.4 billion budget deficit for fiscal year 2010 due to a $3.4 billion loss in tax revenues over the previous year. Addressing the large deficit will require difficult choices about funding priorities and revenue sources.
The UK Government tried to fool us into believing there were WMD to justify war in Iraq. Is it doing it again with the economic crisis to justify public sector cuts?
The document summarizes projections from the Congressional Budget Office (CBO) and the White House Office of Management and Budget (OMB) on revenues, spending, deficits, and debt under current law and the President's budget. It shows that:
- Revenues have averaged 17.4% of GDP over the past 50 years while spending has averaged 20.1%, leading to growing budget deficits and debt levels.
- Under current policies, debt is projected to continue rising to over 80% of GDP by 2025 according to CBO and OMB estimates.
- The President's budget proposes new initiatives, tax cuts, and health care and other reforms to reduce deficits by around $930 billion compared to a baseline that
Individual income and payroll taxes cover over two-thirds of government spending. In 2015, one-eighth of the government’s spending will be financed by deficits. The top 20% of households pay almost 70% of the nation’s taxes, with the top 1% paying nearly a quarter. Tax expenditures have grown over time and now equal over a quarter of total government spending.
Federal budget slide show civic club versionAlex Cardenas
This document discusses myths and realities about the US federal budget and deficits. It contends that tax policies rather than spending have mainly driven deficits since 1981. While spending cuts could help, the largest expenditure - wars and the military - is often treated as untouchable. It also argues that solving budget problems requires addressing growing inequality in wealth and political power between the richest 10% and everyone else. Specific myths debunked include claims that Social Security and Medicare contribute to deficits, and that tax cuts for the wealthy encourage job creation. Charts show how spending has changed under Democratic and Republican presidents.
The document discusses macroeconomic concepts including monetary policy tools used by central banks like the Federal Reserve. It covers monetary policy tools such as the reserve ratio, discount rate, open market operations, and excess reserve rate. It also discusses fiscal policy and how governments can use taxing and spending policies to increase or decrease aggregate demand to address unemployment and inflation. It notes that fiscal policy tools can be limited by crowding out of private spending and how governments fund increased spending and tax cuts.
The document discusses investing in multi-family and commercial real estate properties in the United States. It argues that now is a good time to invest due to historically low interest rates, a shrinking US dollar, and high demand for rental properties. Specifically, it recommends investing in multi-family properties because they provide stable cash flow, appreciation potential, and less risk compared to single family homes. The document also outlines the real estate market cycle and suggests commercial real estate is primed for opportunities in the coming years.
This document summarizes the benefits of paying off a 15-year mortgage over a 30-year mortgage. It notes that interest payments make up the largest portion of costs over the life of a loan. With current rate differences, a homeowner could save over $177,000 in interest by taking out a 15-year loan at 4.75% instead of a 30-year loan at 5.5%. While the monthly payments would be $577 higher, the homeowner would pay off their mortgage 15 years earlier. The document encourages readers with questions to contact their Weichert Financial manager for assistance.
- Governments raise revenue through taxes, which are the single most important source of revenue.
- There are criteria for effective taxes including that they must not significantly distort economic behavior or damage incentives for productivity and growth. Taxes also should be fair and equitable in their impact.
- The economic impact of taxes includes how they can affect resource allocation, consumer behavior, productivity, and economic growth. The burden of a tax may not always fall directly on those being taxed.
Ontario Budget 2017: The Road to Election 2018Edelman
Edelman Canada shares insights on the Ontario Budget Update, highlighting keys aspects of the Provincial Budget tabled at Queen’s Park. To learn more about Edelman Canada, please visit www.edelman.ca.
This document discusses Circles, a proposed universal basic income system implemented on the Ethereum blockchain. It would provide each person with a basic income by generating a small amount of currency each week for every account. Accounts can trust each other to share in reserve funds. Groups can also be formed where members convert their private currencies to group currencies. The value of the currency depends on economic factors like growth rate and how widely it is used in networks and groups. Circles aims to provide basic income without debt obligations and in a decentralized peer-to-peer manner on the blockchain.
Where's the Money? State and Local Government Finance Forecast - Outlook 2015Jon Yoffie
"IT’S NOT DOING MORE WITH LESS, IT’S DOING MORE WITH THE SAME." Governing Publisher Mark Funkhouser coined this one in the "Where’s the Money?" briefing on state and local government revenues and budgets. State and local government revenues are up 3.3% overall, but spending next year will be a bit below the pre-Recession peak, and long-term growth rates are going to be lower than projected long-term liabilities (pensions, government retiree healthcare, Medicaid, etc.), even as federal-to-state and state-to-local funds decline. So while we’ve moved beyond doing more with less, the bottom line is still (and for the foreseeable future will be) the bottom line. Finding ways to cut costs, increase efficiencies and fund programs with creative revenue-generating or private-sector partnership solutions will be paramount.
The document discusses alternatives to Delaware's current budget proposal that aim to spread the burden of budget cuts more evenly. It proposes several alternative scenarios for increasing personal income tax rates and the corporate franchise tax cap that could generate more revenue than the current proposals. These alternatives are intended to reduce the disproportionate impact of budget cuts on state employees and generate contributions from corporations enjoying Delaware's business protections.
The document discusses macroeconomics and fiscal policy. It covers topics like government budgets, taxes, spending, deficits, debt, and how fiscal policy tools like taxes and spending can be used to increase or decrease aggregate demand. It provides information on different types of taxes and explains concepts like balanced budgets, deficits, debt, and crowding out.
Arbor Single Family Rentals Report 2020 Q1Ivan Kaufman
Unsurprisingly, COVID-19 is the unavoidable and overarching theme across all areas of commercial real estate - the singe family rental (SFR) sector is no exception.
The document discusses how government spending has increased significantly since the 1940s for several reasons: massive spending for World War 2, an expanded role for government in regulating the economy after the Great Depression, and successful public works projects. It also describes the two main types of government expenditures: purchasing goods and services, and transfer payments to individuals without goods or services in return (e.g. Social Security). Finally, it outlines several ways government spending impacts the economy, such as influencing the allocation of resources and redistributing income.
Mid Term Elections & Commercial Real Estatekottmeier
The 2010 mid-term elections resulted in Republican control of the House while Democrats retained the presidency, dividing government. This document discusses several implications for commercial real estate, including that a divided government may delay decisions around fiscal stimulus and employment, prolonging recovery in real estate markets. Additionally, debates around tax cuts, federal spending, healthcare reform, and financial reform could impact demand for office and medical space. While employment is slowly improving, decisions made by Congress will influence future projections and commercial real estate demand over the next 5 years is estimated at 550-925 million square feet of office space.
This document summarizes a study that analyzed the tradeoff between prepaying mortgages and contributing to tax-deferred retirement accounts. The study found that about 38% of U.S. households that are accelerating mortgage payments could benefit financially from instead increasing contributions to tax-deferred accounts. Reallocating savings in this way could yield returns of 11-17 cents per dollar, saving U.S. households up to $1.5 billion per year. The behavior seems to be driven by an aversion to debt rather than financial considerations, as mortgage interest payments are tax deductible while retirement account earnings are tax deferred, making retirement accounts the more advantageous choice for many households.
This document discusses a graduated income tax plan proposed for Michigan that would cut taxes for 95% of state residents. Key points:
- The plan would establish a graduated income tax scale to make everyone pay an equal share of taxes based on their income, rather than high-income individuals paying a smaller share.
- Under the plan, a family making $80,000 would save $600 per year in taxes, an 18% cut. More than 4.4 million filers would receive an $830 million total tax cut.
- 89% of business owners would receive a tax cut as well. The plan aims to stimulate economic growth and help small business owners.
- A family making $50,
1) Total government debt levels in OECD countries have risen dramatically due to deficits incurred from responding to the financial crisis, putting pressure on government budgets.
2) At the same time, financing is still needed for goals like poverty reduction and climate change mitigation.
3) A financial transaction tax is proposed as the best policy alternative to raise revenues from the financial sector to address these issues, rather than increasing taxes on individuals or public spending cuts.
4) Unlike an insurance scheme or tax on bank balance sheets, a financial transaction tax could generate hundreds of billions annually, curb speculative trading, and regulate the financial sector in a low-cost way.
This document discusses chapter 17 from a macroeconomics textbook about government budgets, taxes, and spending. It covers two objectives of fiscal policy, tools the government uses like taxes and spending, how these impact aggregate demand, different types of taxes, deficits and debt, and reasons why government may want to take on debt like for investment.
Most states are facing significant budget shortfalls due to declining tax revenues during the recession. The crisis has led to widespread budget cuts, layoffs, and proposals for new taxes or reliance on federal stimulus funds. Massachusetts faces a projected $5.4 billion budget deficit for fiscal year 2010 due to a $3.4 billion loss in tax revenues over the previous year. Addressing the large deficit will require difficult choices about funding priorities and revenue sources.
The UK Government tried to fool us into believing there were WMD to justify war in Iraq. Is it doing it again with the economic crisis to justify public sector cuts?
The document summarizes projections from the Congressional Budget Office (CBO) and the White House Office of Management and Budget (OMB) on revenues, spending, deficits, and debt under current law and the President's budget. It shows that:
- Revenues have averaged 17.4% of GDP over the past 50 years while spending has averaged 20.1%, leading to growing budget deficits and debt levels.
- Under current policies, debt is projected to continue rising to over 80% of GDP by 2025 according to CBO and OMB estimates.
- The President's budget proposes new initiatives, tax cuts, and health care and other reforms to reduce deficits by around $930 billion compared to a baseline that
Individual income and payroll taxes cover over two-thirds of government spending. In 2015, one-eighth of the government’s spending will be financed by deficits. The top 20% of households pay almost 70% of the nation’s taxes, with the top 1% paying nearly a quarter. Tax expenditures have grown over time and now equal over a quarter of total government spending.
The document summarizes projections from the Congressional Budget Office (CBO) and the White House Office of Management and Budget (OMB) on revenues, spending, deficits, and debt under current law and the President's budget. It shows that:
- Revenues have averaged 17.4% of GDP over the past 50 years while spending has averaged 20.1%, leading to growing budget deficits and debt levels.
- Under current policies, debt is projected to continue rising to over 80% of GDP by 2025 according to CBO and OMB estimates.
- The President's budget proposes new initiatives, tax cuts, and health care and other reforms aimed at stabilizing the debt slightly below current levels through 2025
The document discusses the history and future of "doc fixes" - legislative actions to prevent cuts to Medicare physician payments resulting from the Sustainable Growth Rate (SGR) formula. It notes that while the SGR failed to control costs, doc fixes have led to over $165 billion in deficit reduction through offsets. It describes the bipartisan "Tricommittee" reform package and proposes a "PREP Plan" to permanently replace SGR with value-based payments while fully offsetting costs through delivery system and beneficiary reforms estimated to save over $200 billion.
The CBO January baseline report projects that trillion-dollar deficits will return and the national debt will continue rising rapidly as a percentage of GDP. The president's FY2017 budget aims to stabilize the debt ratio by proposing $3.2 trillion in tax increases and $445 billion in health care savings to pay for $1.25 trillion in new spending initiatives and sequester relief. However, the budget would still leave debt levels at post-WWII record highs without putting debt on a clear downward path or sufficiently addressing entitlement reforms.
Slides from June 30, 2016 Committee for a Responsible Federal Budget webinar on the June 2016 paper "Promises and Price Tags: A Fiscal Guide to the 2016 Election." Watch the video at http://www.crfb.org/events/watch-promises-and-price-tags-fiscal-guide-2016-election.
This document from the Committee for a Responsible Federal Budget (CRFB) analyzes and compares the fiscal impact of tax and spending proposals from Hillary Clinton and Donald Trump. It finds that under current policies, debt is projected to rise to 127% of GDP by 2026. Clinton's proposals could increase debt to between 87-140% of GDP, while Trump's could increase debt to between 90-150% of GDP. To stabilize or reduce debt levels, the candidates' plans would require substantial tax increases, spending cuts, or higher than projected economic growth.
This document summarizes key information about health care spending and coverage in the United States. It shows that most health spending goes to hospital care, physician services, and prescription drugs. It is financed through private insurance, Medicare, Medicaid and other payers. The US spends a higher percentage of GDP on health care than other countries. The Affordable Care Act expanded coverage through reforms like the individual mandate, Medicaid expansion and subsidies. Repealing the ACA could increase the number of uninsured by over 20 million and add $150-1.75 trillion to the federal deficit over 10 years. Partial repeal options could also have significant costs depending on the specific provisions changed or delayed.
The document discusses various budget gimmicks that allow Congress to circumvent budget rules and create the appearance of fiscal discipline while not actually reducing deficits. It identifies 20 specific gimmicks and categorizes them into assumption gimmicks, manipulating the budget window, discretionary spending gimmicks, and other gimmicks. Examples are provided for many of the gimmicks. The overall document aims to educate about how budget rules are worked around and define technical terms.
The document discusses projections from the Congressional Budget Office (CBO) regarding rising US budget deficits and debt levels. It notes that deficits were projected to exceed $1 trillion per year by 2022 under prior law and have increased further due to recent tax and spending legislation. If current policies are extended indefinitely, deficits could reach $2.4 trillion by 2028 and debt could exceed 113% of GDP, posing fiscal and economic risks. Higher interest rates could also significantly increase interest costs and debt levels.
US Budget Watch 2024: Fiscal Challenges Facing the Next AdministratinCRFBGraphics
This slide deck accompanied a presentation given by Marc Goldwein, senior vice president and senior policy director of the Committee for a Responsible Federal Budget, regarding the fiscal challenges that the winner of the 2024 presidential election will have to face, the principles that make for a fiscally responsible campaign, and the kinds of fiscal policies candidates are talking about on the campaign trail.
The document discusses rising US budget deficits and national debt levels. It notes that budget deficits over the past 11 months totaled $2.2 trillion and are projected to continue growing over the next decade. The national debt held by the public is approaching record levels at over 100% of GDP. Interest costs on the debt are also exploding and will rise further as interest rates increase. Recent student loan forgiveness actions would have cost over $1 trillion if not for the Supreme Court ruling. Income-driven repayment plans are now very costly compared to prior estimates.
The document discusses various tax provisions known as "extenders" that expired at the end of 2013 and would cost $85 billion to extend for 2014 and 2015. It notes that making some of the extenders permanent, like bonus depreciation, would significantly increase the cost. The House Ways and Means Committee approved extending some provisions permanently at a 10-year cost of $310 billion, while the Senate Finance Committee approved a two-year extension costing $84 billion. Extending the provisions without paying for them would increase budget deficits and debt levels. The document lists various policy options that could help pay for any extension of the expired tax provisions.
CRFB Webinar - Where Do We Stand on the National Debt - june 29 2020CRFBGraphics
On June 29th, Committee for a Responsible Federal Budget Policy Director Marc Goldwein gave a webinar detailing where the national debt and deficit stand in the post-COVID environment, featuring CRFB's updated 10-year budget projections. This slide deck accompanied that webinar.
The document discusses rising US budget deficits and debt levels. The budget deficit has increased sharply in recent years and is projected to continue growing significantly over the next decade, driven by rising spending on entitlement programs like Medicaid and Medicare. The national debt has also risen dramatically and is approaching record high levels as a percentage of GDP. Higher interest costs on the growing debt are contributing to rising deficits. Recent student loan forgiveness actions would have cost over $1 trillion if not for the Supreme Court ruling. Income-driven repayment plans for student loans have also become much more expensive than originally estimated.
The document discusses the state of the US budget and debt prior to and under the Trump administration. The key points are:
- When Trump took office, debt was at a post-WWII high of over 100% of GDP and projected to rise sharply due to tax cuts, spending increases, and entitlement growth.
- Major trust funds were projected to become insolvent in the early-to-mid 2020s, requiring cuts up to 30% to benefits.
- Tax cuts, spending increases, and making temporary policies permanent could lead to trillion dollar annual deficits by 2027 and debt exceeding 108% of GDP.
- Entitlement growth and rising interest costs will exacerbate long-term debt problems if reforms are
Individual income, payroll, and corporate income taxes cover about two-thirds of US government spending, with the remaining one-third financed by borrowing. In 2014, around 15% of government spending was expected to be financed through deficits. Tax expenditures, such as deductions, credits, and exclusions, have grown over time and now cost almost as much as total income tax revenue. Many tax expenditures function similarly to government spending programs.
National Commission on Fiscal Responsibility and Reform Co-chair DraftPorts-To-Plains Blog
The document outlines a proposal from congressional co-chairs to reduce the federal deficit and debt through 2020. It proposes:
1. Enacting tough discretionary spending caps that would save $200 billion in domestic and defense spending in 2015.
2. Passing comprehensive tax reform that lowers rates, simplifies the code, and broadens the tax base to reduce the deficit.
3. Achieving nearly $4 trillion in total deficit reduction through a combination of spending cuts, tax reform, and changes to mandatory programs like healthcare, farm subsidies, and retirement benefits.
CRFB Webinar - The COVID-19 Economic Crisis, the Federal Response, and Our Ri...CRFBGraphics
This brief presentation contains a number of charts and other visualizations that help make sense of our nation’s fiscal state prior to the onset of the pandemic, the nature and scale of the current economic crisis, how the Federal Government has responded thus far, and the future implications of that response for the federal budget, deficit and debt.
This document summarizes Maryland's proposed FY2018 budget. It allocates $43.5 billion for operating expenses, with the largest amounts going to health ($14.1B), education ($8B), and higher education ($6.4B). The $4.5B capital budget allocates most funds to state facilities, health, and education projects. The budget relies on individual income taxes, sales taxes, and federal funds as main sources of revenue. However, federal funding is at risk of being cut under the new administration. The budget process in Maryland involves agencies, the governor, and legislature. Significant threats to the budget come from potential changes to federal policy around healthcare, taxes, and funding for social programs.
The document discusses Warren Global Corp's Millennium Agency Reform Package proposal for reforming 18 US government agencies over 10 years to reduce costs. Implementing Millennium at FDIC alone could reduce its $39.68 billion budget by $25.99 billion. In total, applying Millennium to 18 agencies could reduce the national debt by $22.81 trillion by 2024, leaving a $4.47 trillion surplus. Millennium requires a one-time $218 million investment and 3 months to install, after which the FDIC budget could be reduced by $193 million per month.
The document summarizes key findings from the Congressional Budget Office's April 2018 baseline report. It finds that trillion dollar deficits will return by 2020 under current policies, driven by recent tax cuts and spending increases. The growing costs of major health and retirement programs, along with rising interest costs on the debt, will cause debt levels to exceed the 50-year historical average as a share of the economy. Trillion dollar annual deficit reduction would be needed to balance the budget by 2028 or stabilize debt levels.
The FY 2014 Budget Proposals and Where Do We Go From HereMercatus Center
This document summarizes Dr. Jason Fichtner's presentation on the FY 2014 budget proposals and the current fiscal condition. It discusses the Congressional Budget Office's baseline projections of budget deficits and debt through 2023. It notes that autopilot spending on entitlement programs like Medicare, Medicaid and Social Security are driving deficits and debt. The document compares the Obama administration's and House Republican budgets and shows that deficits would remain even if discretionary spending was frozen or cut by 1-2% due to growth in mandatory spending on entitlement programs.
Draft Proposal from the National Commission on Fiscal Responsibility and ReformToby Murdock
The document outlines a proposal from co-chairs to reduce the federal deficit and debt through spending cuts and tax reform. It proposes $4 trillion in deficit reduction through 2020, including $1.5 trillion from discretionary spending cuts, $733 billion from mandatory spending cuts, and $751 billion from tax reform. Specific policies include caps on discretionary spending at 2010 levels with a 1% annual cut through 2015, illustrative defense and domestic spending cuts of $100 billion each in 2015, and reforms to entitlement programs, health care, and the tax code. The goal is to reduce the deficit to 2.2% of GDP by 2015 and achieve a balanced budget by 2037.
THE HIGH COST OF LABOR IN NEW YORK CITY AND ITS IMPACT ON THE CITY BUDGETLuis Taveras EMBA, MS
This brief sheds some light on Mayor Bloomberg’s quote: “What’s the next mayor going to do? Print money?” Now you have a much better understanding as to where he is coming from.
Similar to Avoiding Budget Gimmicks Chartbook 2015 (20)
The Committee for a Responsible Federal Budget gave an overview of the latest COVID relief deal and how much it will boost incomes and economic growth, and discussed the proposal for $2,000 checks.
The Committee for a Responsible Federal Budget published the only existing comprehensive study to detail and compare the fiscal cost of President Donald Trump and Vice President Joe Biden's campaign agendas. We estimate that both candidates would add trillions to the debt – but in very different ways.
The Congressional Budget Office (CBO) released two new outlooks in september that highlight our nation's unsustainable budget trajectory over the next decade and beyond. From the federal debt reaching almost double the size of the economy by 2050, to deficits higher than in any point in modern history, CBO's report shows that our nation's fiscal outlook is much worse than estimated last year.
Slide deck from a May 11, 2020 webinar on who is buying the federal debt resulting from the COVID-19 economic relief efforts. Watch the video of the webinar at http://www.crfb.org/events/6-trillion-dollar-question-who-will-buy-our-debts.
The document discusses how population aging is contributing to slower economic growth and rising government debt in the United States. It presents a framework for Social Security reform that could increase economic growth by promoting delayed retirement, rewarding work at all ages, increasing savings, and improving the sustainability of Social Security. Key aspects of the framework include raising the retirement age while protecting vulnerable workers, basing benefits on all years of earnings rather than average lifetime earnings, and automatically enrolling workers in supplemental retirement accounts. The reform aims to boost labor supply, savings, and long-term economic growth while restoring solvency to Social Security.
This document discusses federal budget priorities and spending on children. It finds that while children represent the future and economic growth, they receive a relatively small portion of federal spending. Spending on children has declined as a share of the budget since 2010 and is projected to continue declining. It is more temporary, discretionary and lacks built-in growth compared to spending on older populations. The long-term outlook for children is especially troubling as interest on the debt is projected to surpass spending on children. Some potential solutions proposed include accounting for children more in budget projections, prioritizing children through new committees or positions, and improving policies around children's health care and dedicated revenue sources.
The document summarizes a report from the Congressional Budget Office (CBO) that finds trillion dollar deficits will return by 2020 under current law. It notes that recent tax cuts and spending increases have increased the projected deficits substantially. The growing costs of Social Security, healthcare programs, and interest on the debt will be the main drivers of spending increases and higher deficits over the long run according to the CBO projections.
A primer with answers to all your questions about a federal government shutdown. Such as, What services are affected in a shutdown and how?, How would federal employees be affected?, Does a government shutdown save money?, and more.
A comprehensive fiscal analysis of the policies put forward by presidential candidates Donald Trump and Hillary Clinton. It shows how each would affect the federal budget and national debt. See more at http://crfb.org/.
The Committee for a Responsible Federal Budget (CRFB) 2015 annual report summarizes the organization's work over the past year to promote fiscal responsibility. Some key highlights include: welcoming new leadership; providing bipartisan budget solutions to Congress; increasing media mentions as a trusted source of budget analysis; producing extensive research reports; and engaging in fact-checking during the 2016 presidential campaign to ensure candidates addressed fiscal challenges. The CRFB leveraged respected research and outreach to lawmakers to impact budget policy debates and help move the country toward a more fiscally sustainable path.
Interest payments on the national debt will be the fastest growing part of the federal budget. Learn more about the relationship between interest rates and debt.
The next President will need to confront a number of budgetary challenges and will likely sign into law many federal tax and spending changes. Yet too often, election campaigns are about telling voters what they want to hear rather than what they need to know. To separate fiction from reality, the new Fiscal FactChecker series will monitor the 2016 Presidential campaign on an ongoing basis. To start with, we have identified 16 myths that may come up during the campaign.
August 14 marks the 80th birthday of the Social Security program, which was established in the Social Security Act of 1935. Over the past 80 years, Social Security has provided important cash benefits and income security to seniors, survivors, individuals with disabilities, and their families – including to nearly 60 million people today. Yet Social Security is on a financially unsustainable course – and is not on track to be able to pay full benefits through its 100th birthday.
Sadly, instead of identifying solutions to prevent depletion of the trust funds, many commenters have relied on myths and half-truths to avoid having a conversation about the necessary choices. In this paper, we identify eight such myths – though there are many more
The budget conference committee will negotiate differences between the House and Senate budget resolutions to produce a unified concurrent budget resolution. The committee consists of 30 lawmakers from both chambers. They must agree on top-line spending levels, revenue estimates, and any policy directives. If approved by both chambers, the concurrent resolution establishes guidelines for subsequent appropriations bills but does not enact binding policies or law changes. The last time a budget conference produced a concurrent resolution was in 2009.
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Food safety, prepare for the unexpected - So what can be done in order to be ready to address food safety, food Consumers, food producers and manufacturers, food transporters, food businesses, food retailers can ...
Donate to charity during this holiday seasonSERUDS INDIA
For people who have money and are philanthropic, there are infinite opportunities to gift a needy person or child a Merry Christmas. Even if you are living on a shoestring budget, you will be surprised at how much you can do.
Donate Us
https://serudsindia.org/how-to-donate-to-charity-during-this-holiday-season/
#charityforchildren, #donateforchildren, #donateclothesforchildren, #donatebooksforchildren, #donatetoysforchildren, #sponsorforchildren, #sponsorclothesforchildren, #sponsorbooksforchildren, #sponsortoysforchildren, #seruds, #kurnool
AHMR is an interdisciplinary peer-reviewed online journal created to encourage and facilitate the study of all aspects (socio-economic, political, legislative and developmental) of Human Mobility in Africa. Through the publication of original research, policy discussions and evidence research papers AHMR provides a comprehensive forum devoted exclusively to the analysis of contemporaneous trends, migration patterns and some of the most important migration-related issues.
About Potato, The scientific name of the plant is Solanum tuberosum (L).Christina Parmionova
The potato is a starchy root vegetable native to the Americas that is consumed as a staple food in many parts of the world. Potatoes are tubers of the plant Solanum tuberosum, a perennial in the nightshade family Solanaceae. Wild potato species can be found from the southern United States to southern Chile
Synopsis (short abstract) In December 2023, the UN General Assembly proclaimed 30 May as the International Day of Potato.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
United Nations World Oceans Day 2024; June 8th " Awaken new dephts".Christina Parmionova
The program will expand our perspectives and appreciation for our blue planet, build new foundations for our relationship to the ocean, and ignite a wave of action toward necessary change.
Working with data is a challenge for many organizations. Nonprofits in particular may need to collect and analyze sensitive, incomplete, and/or biased historical data about people. In this talk, Dr. Cori Faklaris of UNC Charlotte provides an overview of current AI capabilities and weaknesses to consider when integrating current AI technologies into the data workflow. The talk is organized around three takeaways: (1) For better or sometimes worse, AI provides you with “infinite interns.” (2) Give people permission & guardrails to learn what works with these “interns” and what doesn’t. (3) Create a roadmap for adding in more AI to assist nonprofit work, along with strategies for bias mitigation.
RFP for Reno's Community Assistance CenterThis Is Reno
Property appraisals completed in May for downtown Reno’s Community Assistance and Triage Centers (CAC) reveal that repairing the buildings to bring them back into service would cost an estimated $10.1 million—nearly four times the amount previously reported by city staff.
3. CRFB.org
2
Gimmick #1: Using War Spending to Circumvent Budget Caps
Source: CBO, Budget Conference Agreement
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
President's Request
Appropriated Level
$38B
Billions
Congress provided $38 billion more in the war account than the Pentagon requested.
Proposed Level
4. CRFB.org
$400
$450
$500
$550
$600
$650
$700
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
Base Defense
War Spending
Current
Policy*
Budget
Resolution
$38b
3
Budget Resolution Increases Defense Spending with OCO
Billions
Source: S. Con. Res. 11,
*Current policy assumes the Budget Control Act defense caps and the President’s request for OCO spending
Higher-than-needed war spending lets Congress exceed caps by $185 billion through 2021.
5. CRFB.org
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
2010 2013 2016 2019 2022 2025
WarSpending
Gimmick #2: Claiming Phony War Savings
Source: CRFB calculations based on CBO and OMB data
Note: Spending refers to budget authority. “Current War Spending, Inflated” refers to CBO’s current law baseline war
budget authority. “Planned Troop Drawdown” uses CBO’s drawdown of war spending assuming troop levels are reduced to
30,000 by 2017.
~$450 Billion Slush Fund
Caps on future war spending only “save” money that would never have been spent.
Billions
4
Current War Spending, Inflated
CBO War Drawdown
President’s War Drawdown
6. CRFB.org
5
“There is clearly bipartisan opposition to using the Overseas Contingency Operations budget
as a slush fund for non-war related projects.”
— Rep. Chris Van Hollen (D-MD), Ranking Member of the House Budget Committee
“The savings from troop reductions in Iraq and Afghanistan do not represent actual savings.”
— James Horney, Center on Budget and Policy Priorities
“Drawing down spending on wars that were already set to wind down and that were deficit
financed in the first place should not be considered savings. When you finish college, you
don’t suddenly have thousands of dollars a year to spend elsewhere — in fact, you have to
find a way to pay back your loans.”
— Maya MacGuineas, Committee for a Responsible Federal Budget
“An honest budget cannot claim to save taxpayers’ dollars by cutting spending that was not
requested and will not be spent.”
— Rep. Paul Ryan (R-WI), former Chair of the House Budget Committee
War Gimmicks Cannot Be Used As Slush Fund Or Savings
7. CRFB.org
6
$0
$5
$10
$15
$20
$25
2003 2004 2005 2007 2008 2009 2010 2011 2012 2013 2014 2015
Gimmick #3: Using CHIMPS to Monkey With Budget Caps
Phony cuts known as CHIMPS have become increasingly common since 2011.
These cuts are used to pay for more discretionary spending above budget caps.
Source: CRS, CBO, CRFB calculations
Billions
$12
Timing
Shifts
$7
Empty
Cuts
<$1 Legitimate
Changes
8. CRFB.org
7
Gimmick #4: Double Counting
Budget rules sometimes allow lawmakers to count the same money twice.
For example: The Tax Reform Act of 2014
$125 Billion
Revenues from
repatriation
Offset a transfer to the
Highway Trust Fund
Offset tax rate
reductions
But in reality, a dollar can only be spent once.
9. CRFB.org
Gimmick #5: Savings Now That Reverse Later
Source: JCT
Pension smoothing increases revenues in early years, but decreases them over time.
Billions
8
-$5
-$4
-$3
-$2
-$1
$0
$1
$2
$3
$4
$5
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Total Revenues: $18 billion
Total Costs: $12 billion
Costs
Continue
10. CRFB.org
Pension Smoothing Does Not Generate Real Savings
“These are gimmicks, plain and simple...collecting more taxes now and less in
taxes later doesn't help our bottom line.”
— Maya MacGuineas, Committee for a Responsible Federal Budget
“This proposed change in pension funding rules can’t ‘pay for’ anything. While it
would raise money at first, it would lose money in later years.”
— Chye-Ching Huang, Center on Budget and Policy Priorities
“The proposal to ‘smooth’ pension contributions would merely shift tax revenue
from the future into the present while destabilizing pensions even further and
increasing the risks of a taxpayer pension bailout.”
— Romina Boccia, Heritage Foundation
“Such tactics mock the very idea of PAYGO. These are not offsets. They are
charades.”
— Bob Bixby, Concord Coalition
9
11. CRFB.org
10
-$30
-$20
-$10
$0
$10
$20
$30
$40
$50
$60
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Source: CRFB staff calculations based on CBO estimates. For simplicity, numbers exclude interest savings.
*LIFO (Last-In First Out) Accounting is a preferential method of measuring profits from inventory sales and one of
the ten largest breaks in the corporate code.
Billions End of the 10-year budget window
Costs
Continue:
~$10 bn/yr
Using one-time savings to pay for a permanent tax cut will increase debt in future years.
SavingstotheFederalBudget
10-Year Costs From a 1% Corporate Rate Cut:
$113 billion
10-Year Savings from
Repealing LIFO*:
$114 billion
Gimmick #6: Using Temporary Savings To Offset Permanent Costs
Debt Impact
12. CRFB.org
Gimmick #7: Shifting Savings Inside The Budget Window
Source: Congressional Budget Office and CRFB staff calculations
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
$20
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
MandatorySequesterSavings
10 Year Increase in Savings: $2.1 Billion 11th Year
Cost: $2.1
Billion
The “Pathway to SGR Reform Act” shifted $2 billion of the sequester from 2024 to 2023.
Billions
11
13. CRFB.org
$0
$5
$10
$15
$20
$25
$30
$35
$40
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
CumulativeCosts
12
$25
billion
savings
$8.6
billion
interest
Accrued interest from waiting 10 years could leave a third of a bill’s costs unpaid.
Billions
Near Gimmick: Offsetting 1st-Year Costs With 10th-Year Savings
$25
billion
costs
Source: Congressional Budget Office and CRFB staff calculations