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    Quiet Before the Storm: CBO Reports $642 Billion Deficit in 2013

    At $642 billion, the Congressional Budget Office (CBO) reports, the 2013 deficit will be lower by $200 billion than previously forecast. In February, the CBO projected a deficit of spending over revenue of $845 billion, but a large and temporary boost in revenues is pushing that figure down. Like the … More

    Budgets in Comparison: Will President Obama’s Budget Save the American Dream?

    When the President’s budget comes out Wednesday, it will complete the last piece of the budget puzzle, as the House and Senate have each duly passed a budget according to law. Never mind that the President’s budget is supposed to lead Washington budget discussions, rather than follow. The key question … More

    The RSC Budget: A First Look

    The Republican Study Committee (RSC) has proposed a budget that balances in just four years while holding tax revenue at near its historical average. It advances more aggressive entitlement reforms than the House Budget Committee plan, including Social Security, and features deeper spending cuts. Nevertheless, the plan also suffers weaknesses, … More

    The Income Tax Turns 100 Years Old

    The federal income tax is now a centenarian. On February 3, 1913, the 16th amendment to the Constitution was ratified. The revenue the income tax raises allowed Congress to greatly expand the size of the federal government. We will likely never return to a federal government the size we had … More

    Phil Mickelson and His Tax Bogey

    Professional golfer Phil Mickelson, one of California’s many but dwindling wealthy, apparently carded a bogey when he intimated over the weekend that the near 60 percent marginal tax rate on the state’s millionaires may be enough to make him flee to a lower tax burden state. In November, the state … More

    A Year Later, Keystone XL Still a Good Decision

    After being sworn-in this weekend, President Obama will soon receive a second shot at approving the Keystone XL pipeline that will bring oil down from Canada to Gulf Coast refineries. Last year the President rejected the permit application at a time when America desperately needed jobs, and when his own … More

    Chart of the Year: Entitlements and Interest Drive the Fiscal Crisis

    The end of 2012 was marked by lawmakers engaging in a distracting fiscal cliff debate over tax rates when the solution to the real fiscal crisis lies in an entirely different area of the budget. Federal spending on entitlements and interest on the debt drives the federal budget crisis. Together … More

    Powerball Jackpot Taxes: How Much Government Would They Pay For?

    The two lucky winners of the Powerball jackpot are a part of Powerball history. Of course, the winnings are subject to federal taxes, making the spoils a little less sweet. But since the President wants to tax the wealthy, let’s see how much taxing these new multimillionaires buys us in … More

    What Are Economists Really Saying About Tax Rate Increases?

    On Friday, Representative Pete Sessions (R–TX) and House Speaker John Boehner (R–OH) ran afoul of Glenn Kessler’s “Fact Checker” blog regarding a study of President Obama’s proposed tax increase. Before deciding on a tax change, policymakers are wise to look at the economic impacts of the change. Two Studies In … More

    What’s Scary: Federal Spending Per Household

    On this Halloween, ghastly, ghoulish garb and haunted houses aren’t the only sources of spookiness in Washington. Americans across the country have cause for alarm, because the federal government spent a spine-chilling $29,691 per household in 2012. As The Heritage Foundation’s “Federal Spending by the Numbers—2012” shows, federal spending per … More