The White House today released their budget for fiscal year 2014. This budget proposal, arriving 65 days late, includes $3.77 trillion of total spending, increases taxes by $580 billion by ending tax deductions and closing loopholes and would leave the nation with a $744 billion budget deficit in 2014. Despite a $230 billion cut in entitlement spending, the administration’s budget still fails to balance.
National Debt “Historically High.” The national debt is $16.7 trillion and the Congressional Budget Office (CBO) warns that “federal debt held by the public is projected to remain historically high relative to the size of the economy for the next decade.”
Get our September edition of By The Numbers, a breakdown of the economic situation in the United States.
The president outlined a small legislative agenda yesterday while visiting the State University of New York in Albany. The “to-do” lists contained five measures to foster job creation in the country. The measures were designed to have a direct impact on the middle-class, but little is known about their overall cost.
The numbers say it all: Washington has spent its way into a fiscal crisis. Too keep you up to date on the situation we will be bringing you a monthly update of the Debt, Budget, and Economy in our By the Numbers series.
As millions of Americans finalize their income tax returns, Public Notice’s new poll finds that when it comes to tax increases on the wealthy, Americans are more concerned about Washington creating opportunities for the poor and middle class rather than focusing on the rich.
On April 1, 2012, the US took the top spot for having the highest corporate tax rate in the world after Japan lowered its rate to 38.01%.
Monday, the Department of Treasury released its most recent data on the current budget situation. In the month of February, the government ran a deficit of $232 billion dollars, making it the highest deficit on record.
Today, the Obama administration proposed reworking the corporate tax code. Read about how the changes would affect businesses if they are enacted.
On February 13, the President Obama submitted his proposed budget for the federal government’s upcoming fiscal year (FY2013), which runs October 1, 2013 through September 30, 2014. After cutting out the hype, rhetoric, and commentary, what is left? Here are the facts