1. Budget deficit – USA - https://www.newsweek.com/us-track-second-biggest-budget-shortfall-history-1609403 2. Wealth tax - https://www.voanews.com/usa/us-politics/wealthy-americans-scramble-biden-targets-protected-assets-taxation 3. Tax code - https://jacobinmag.com/2021/07/us-tax-code-reform-billionaire-wealth-inequality-propublica-expose 4. ESG - https://www.jdsupra.com/legalnews/esg-legislation-targets-climate-risk-2932089/ 5. Healthcare - https://www.forbes.com/sites/sarazeffgeber/2021/07/02/the-states-are-not-united-when-it-comes-to-healthcare-for-seniors/?sh=89125018ae20 6. Public safety/crime - https://www.ipsos.com/en-us/news-polls/usa-today-crime-and-safety-2021 7. Foreign policy - https://www.tampabay.com/opinion/2021/07/17/will-the-foreign-policy-failures-in-haiti-and-afghanistan-mark-the-end-of-foreign-aid-column/ 8. Middle class - https://www.gobankingrates.com/money/economy/best-worst-states-middle-class/ 9. Income inequality/poverty - https://www.niskanencenter.org/why-rising-inequality-doesnt-stimulate-political-action/ 10. Housing - https://www.nar.realtor/blogs/economists-outlook/housing-affordability-falls-in-may-as-home-prices-rise-faster-than-income 11. State and local government - https://www.gao.gov/products/gao-21-562

1. FISCAL MANAGEMENT – UNITED
STATES
By: Paul Young CPA CGA
Date: July 30, 2021

2. PAUL YOUNG - BIO
• CPA, CGA
• Academia (PF1, FA4, FN2, MU1. and MS2)
• SME – Risk Management
• SME – Close, Consolidate and Reporting
• SME – Public Policy
• SME – Emerging Technology
• SME – Business Process Change
• SME – Financial Solutions
• SME – Macro/Micro Indicators
• SME – Supply Chain Management
• SME – Data, AI, Security, and Platform
• SME – Internal Controls and Auditing
Contact information email: Paul_Young_CGA@hotmail.com
LinkedIn: https://www.linkedin.com/in/paul-young-055632b/
SlideShare - https://www.slideshare.net/paulyoungcga
Twitter: https://twitter.com/paulyoungcpa

3. AGENDA
• United States Federal Government – Fiscal GAP
• Taxation / USA
• Program Spending / USA
• Trump vs Biden
• First 100 days of Biden
• Border / USA
• Tax Policy Change
• Public Safety
• Environment
• State and Local Government
• Audits and Oversight
• Emergency Financial Aid for College Students under the CARES Act
• Other Reviews

4. UNITED STATES – FISCAL GAP
Source - https://www.cbo.gov/
CBO - Budget - Fiscal
Management.pdf

5. USA FORMS OF TAXATION – FEDERAL GOVERNMENT

6. USA (FEDERAL GOVERNMENT) – PROGRAM SPENDING

7. FIRST 100 DAYS OF
BIDEN
1. Project Warp Speed / Trump https://www.thechronicle.com.au/news/world/joe-
biden-picked-up-great-tailwinds-from-trumps-project-warp-
speed/video/32e0d9044b92b6320b5fd5d82cd5e6df
2. Still a border crisis - https://www.cbp.gov/newsroom/stats/southwest-land-border-
encounters or https://www.cbp.gov/newsroom/stats/cbp-enforcement-
statistics/criminal-noncitizen-statistics
3. Crime is not abating - https://www.cnn.com/2021/04/03/us/us-crime-rate-rise-
2020/index.html or mass shootings up -
https://www.statista.com/statistics/811487/number-of-mass-shootings-in-the-us/
4. USA emissions dropped in 2019 under Trump - https://thehill.com/policy/energy-
environment/548265-us-emissions-dropped-17-percent-in-2019-epa-says
5. Wage gap / Biden climate plan - https://www.politico.com/news/2021/04/06/biden-
climate-jobs-wage-gap-479130
6. Oil and South Dakota - https://www.keloland.com/news/capitol-news-bureau/noem-
wheres-south-dakota-coverage-of-damage-from-biden-pulling-keystone-xl-permit/
7. Foreign Aid boosts without oversight - https://www.devex.com/news/devex-
newswire-biden-s-6-8b-foreign-aid-budget-boost-99628
8. Defense spending - https://www.defensenews.com/breaking-
news/2021/04/09/biden-requests-715b-for-pentagon-hinting-at-administrations-
future-priorities/
9. Minimum corporate tax - https://fortune.com/2021/04/08/yellen-biden-corporate-
minimum-tax-plan/
10. Carbon price - https://www.ft.com/content/4ecd8ace-8c5f-40ad-b2fa-c3bf27c2c621
1. Here is the scorecard - https://www.slideshare.net/paulyoungcga/united-
states-economic-and-fiscal-scorecard-february-2021-and-march-2021

8. BORDER / USA
Source - https://www.cbp.gov/newsroom/stats/cbp-enforcement-statistics
Source - https://abcnews.go.com/Politics/172000-
migrants-decades-stopped-us-mexico-border-
march/story?id=76932441

9. TAX POLICY CHANGE
Blog - Biden plan would increase taxes on multinationals by $1.2 trillion over 10 years: study.
Great work by cfo.com to publish an amazing article on the impact of corporate tax changes by Joe Biden on the tax position for
multinationals:
Here is the link to the blog - https://www.linkedin.com/pulse/blog-biden-plan-would-increase-taxes-multinationals-paul-
young/?published=t
 The Biden administration’s “Made in America” tax plan would increase taxes on U.S. multinational corporations in 2022 by 81%,
to $104 billion, and by 72% over the next decade, to $1.2 trillion, according to a Tax Foundation study.
 Tax rates on domestic income would rise more than on foreign income, resulting in a net increase in profit shifting by U.S.
companies outside the country and a reduction in their U.S. tax liabilities by $75.5 billion over 10 years, the Tax Foundation
said.
 The Biden plan would impose a 9.4% average surtax on foreign activities by U.S. multinational companies above the taxes that
they pay abroad, putting them at a competitive disadvantage and “perhaps forcing U.S. firms to sell their foreign subsidiaries,”
according to the analysis.
Source - https://www.cfodive.com/news/biden-plan-would-increase-taxes-multinationals-1-trillion-10-
years/599224/?utm_source=Sailthru&utm_medium=email&utm_campaign=Issue:%202021-04-
29%20CFO%20Dive%20%5Bissue:33927%5D&utm_term=CFO%20Dive

10. PUBLIC SAFETY
Source -
https://www.reuters.com/world/us/bide
n-administration-drops-plans-police-
oversight-citing-george-floyd-bill-2021-
04-12/

11. EMISSIONS
Source - https://www.statista.com/statistics/183943/us-carbon-
dioxide-emissions-from-1999/
https://www.whitehouse.gov/briefing-room/statements-releases/2021/04/22/fact-
sheet-president-biden-sets-2030-greenhouse-gas-pollution-reduction-target-aimed-at-
creating-good-paying-union-jobs-and-securing-u-s-leadership-on-clean-energy-
technologies/

12. GOVERNMENT OVERSIGHT AND OTHER ISSUES
• GAO Reports - https://www.gao.gov/
• Stimulus oversight - https://finance-commerce.com/welcome-ad/?retUrl=/2021/05/federal-stimulus-oversight-faces-challenges/
• Inflation - https://www.marketwatch.com/story/u-s-inflation-climbs-in-april-to-the-highest-level-in-13-years-cpi-shows-
11620823628
• Job vacancies - https://www.bls.gov/news.release/jolts.nr0.htm
• USA Manufacturing - https://www.slideshare.net/paulyoungcga/united-states-manufacturing-april-2021-and-march-2021
• Value for money - https://www.slideshare.net/paulyoungcga/the-importance-of-value-for-money-and-perfomance-based-audits
• Scorecard - https://www.slideshare.net/paulyoungcga/united-states-economic-and-fiscal-scorecard-february-2021-and-march-
2021

13. STATE AND LOCAL GOVERNMENT
• Lapsing funds - https://www.mcall.com/opinion/mc-opi-pennsylvania-state-budget-browne-20210710-
i3memxetkrbnjjwv7lcab7hene-story.html
• State Income Tax - https://en.as.com/en/2021/07/06/latest_news/1625528806_830671.html
• State and local government funding gap - https://us.beyondbullsandbears.com/2021/04/08/state-and-local-
governments-get-shot-of-stimulus/
• United states financial position worsen in 2020 - https://www.globenewswire.com/news-
release/2021/04/15/2210552/0/en/United-States-financial-condition-worsened-by-nearly-10-trillion-in-2020.html
• Spending by state ranking - https://www.usgovernmentspending.com/state_spend_rank
• States most exposed to Coronavirus - https://wallethub.com/edu/state-economies-most-exposed-to-
coronavirus/72631
• There needs to be mandatory crisis and emergency management reporting. Crisis and emergency management reports
should be subjected to annual audits (internal and external) - https://ibm.box.com/s/rsp6p9tez8uru9fo0wu5d13bxt7rtrr0

14. OVERSIGHT AND ACCOUNTABILITY
Emergency Financial Aid for College Students under the CARES Act
Many colleges and other institutions of higher education across the country closed their physical campuses in
response to COVID-19. The Coronavirus Aid, Relief, and Economic Security (CARES) Act created a relief fund, a
portion of which was slated for emergency financial assistance to students.
We reviewed the fund and found:
• As of Nov. 2020, the Department of Education had awarded $6.19 billion to 4,778 schools that applied for
emergency student aid funds
• By fall 2020, schools had distributed about 85% of these funds to students
• The average amount per student was about $830
• The majority of student aid funds went to public schools
Source - https://www.gao.gov/products/gao-21-312r

15. SUMMARY
• All levels of government and the private sector need to look at the best way to protect the environment through
growing the economy in a sustainable way – https://www.slideshare.net/paulyoungcga/economic-and-fiscal-
scorecard-the-united-states-may-2021-and-june-2021
• More value for money and performance audits by all levels of government to ensure programs are both
effective and are delivered with value for money – https://www.slideshare.net/paulyoungcga/the-importance-
of-value-for-money-and-perfomance-based-audits
• All levels of government need to continue to look at ways to move their operational model to a digital model -
http://www.businessofgovernment.org/blog/new-directions-government-digital-age

16. TRAINING AND DEVELOPMENT
• If you like to learn more about
trade and/or other subjects as
part of your professional
learning, and development
then feel free to review my
material on
https://www.udemy.com/
(search Paul Young CPA CGA)
• These subjects address how
to fixed issues with housing
and/or systemic issues related
to economy including
government policies