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    Tax Revenue Rose Five Times Faster Than Spending Fell in 2013

    The monthly Treasury statement of the actual budget figures for 2013 this week shows tax revenue rising five times faster than spending fell in 2013. Taxes revenue climbed by 13.2 percent from $2.45 trillion in 2012 to $2.77 trillion in 2013. Spending, on the other hand, fell by only 2.4 … More

    Obama’s New "Grand Bargain" Is Another Tax Increase

    President Obama gave his second in series of summer speeches on the economy today. Like his first speech last week, he recycled several old policies that he’s trotted out before. The only new policy of note was another attempt at a so-called “grand bargain.” The President’s latest iteration of a … More

    Immigration: Study on Taxes Leaves Out Costs of Amnesty

    The Institute on Taxation and Economic Policy (ITEP) released a report today calculating “Undocumented Immigrants’ State and Local Tax Contributions.” It concludes that “the 11.2 million undocumented immigrants living in the United States are already paying a significant share of their income in state and local taxes, and that figure … More

    Congressional Budget Office Looks at a Carbon Tax

    The Congressional Budget Office (CBO) recently released its report on the impact of a carbon tax. (Disclaimer: I provided comments to the CBO on a draft of the report, earlier this year.) The economic parts were pretty sensible and conclude that (be sure you are sitting down)—there are no free … More

    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