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buindia · 1 year

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Find Out About Deficit Budgeting and Its Effects and More

When government expenditure exceeds its income, which includes fees, taxes, and investment returns, there is a federal deficit budgeting.

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sniffanimal · 3 months

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if I let myself think about the American ideal of individualism and how it's woven into so many spaces and how fundies homeschool their kids to intentionally isolate them and how union busters only exist because of the fear of community and how people think other human beings can be a drain on society just because they need help I get so light headed I pass out

#badger rants #my school district is facing a maassive budget deficit and having to argue that my job is legally and morally necessary is a doozy #like without me the student i woork with couldnt attend school because she would die #and if she stayed home her parents wouldnt be able to both work to support her. and she woouldnt have friends or get to be a teenage girl #augh im gooing th pass out

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alwaysbewoke · 1 month

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x

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godisarepublican · 1 month

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The only deal we should make with Biden

He can pay the Ukraine out of any money in the budget surplus.

Too bad there's a deficit, right?

#god is a republican #make america great again #Budget deficit #Washington #suck my freedom #donald trump #kyle rittenhouse #gop #republicans #conservatives #trump #congress

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dontmeantobepoliticalbut · 8 months

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By Sharon Parrott

It’s tempting to ignore a budget resolution released just days before the start of the fiscal year that it’s meant to guide, and amid the chaotic debate around a short-term extension of government funding to avoid a shutdown. But House Budget Committee Chair Jodey Arrington’s proposed budget is important for what it illustrates about House Republicans’ disturbing vision for the country: health care stripped away from millions of people, higher poverty and hunger, capitulation to climate change, more tax cheating by high-income people, and large-scale disinvestment from the building blocks of opportunity and economic growth—from medical research to education to child care. It would narrow opportunity, worsen racial inequities, and make it harder for people to afford the basics. It reflects the wrong priorities for the country and should be roundly rejected.

Chair Arrington made clear in his remarks the intent to extend the expiring tax cuts from the 2017 tax law, which included large tax cuts for the wealthy. In addition, the budget resolution itself would pave the way for unlimited, unpaid-for tax cuts that could go well beyond those extensions. The extensions alone would give annual tax breaks averaging $41,000 to tax filers in the top 1 percent and cost more than $350 billion a year, the Congressional Budget Office estimates. The budget reflects none of these costs and fails to explain how—or whether—they will be offset.

A shocking share of the spending cuts Chair Arrington specifies target people with low and moderate incomes, including $1.9 trillion in Medicaid cuts and hundreds of billions in cuts to economic security programs, such as cuts to assistance that helps people afford food and other basic needs. Just last week the Census Bureau released data showing that poverty spiked last year, more than doubling for children. Rather than proposing policies that could reverse this deeply troubling trend, the budget proposal would deepen poverty and increase hardship.

The budget would also make deep cuts in the part of the budget that is funded annually through appropriations bills. Disingenuously, the budget resolution shows that these cuts total more than $4 trillion over ten years—but hides the program areas that would be cut, labeling them “government-wide savings.” But this year’s House Appropriations bills—which include substantial cuts—make clear that cuts would fall on a wide range of basic functions and services that support families, communities, and the broader economy, including Social Security customer service, support for K-12 and college education, funding for national parks and clean air and water, rental housing assistance for families with low incomes, and more.

Chair Arrington claims the budget’s deep and damaging program cuts are in the name of deficit reduction. But the failure to identify a single revenue increase for high-income people or corporations—and in fact, to potentially shower them with more unpaid-for tax cuts—is an extreme and misguided approach. Moreover, calling for a balanced budget in ten years is merely a slogan that has little to do with addressing our nation’s needs—and the budget resolution resorts to gimmicks and games to even appear to get there, including $3 trillion in deficit reduction it claims would accrue from higher economic growth it assumes would be achieved by budget policies.

A budget plan should focus on the nation’s needs and lay out an agenda that broadens opportunity, invests in people and families, reduces the too-high levels of hardship and financial stress faced by households across the country, and raises revenues for those investments. But the Arrington budget blueprint would shortchange much-needed investments and lock in wasteful tax cuts to the already wealthy for the next decade.

House Republicans are pursuing a damaging agenda at every turn—first threatening the nation with default, and now demanding deep cuts in an array of priorities in this year’s appropriations debate, risking a government shutdown, and proposing a budget blueprint that would take the country in the wrong direction.

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thest4tekid · 5 days

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Okay guys. Since I'm learning and trying to adapt in order to reach my goals, I'm gonna try something new(ish) this week.

Goals for the week:

workout 10 minutes every day, alternating cardio and a specific body part.

stretch daily after my workout.

shower and brush my teeth (this has historically been something I just don't do).

hit all of my fitness goals, regardless of if I work or the weather is bad.

drink at least 32oz of water (this will increase weekly).

study for at least 10 minutes.

read a little bit nightly.

I'll report in nightly with what goals I did and didn't accomplish that day, and journal a bit about the day like I've been doing.

Trying to get my life fully organized and in focus.

✌🏻

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dontmean2bepoliticalbut · 1 year

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#us politics #quotes #thom hartmann #democrats #debt ceiling #national debt #federal deficit #national deficit #118th congress #biden administration #donald trump #trump administration #trump tax cuts #taxes #federal budget #tax the 1%#2023

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desperatepleasures · 4 months

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ok well i did my january budget and as predicted it was Bad but. we stay silly!!

#no but over half my expenses were plane tickets so it's literally fine #i went slightly over budget on food/snacks/sbux but tbh otherwise my spending was Fine #there were surprisingly few medical expenses this month #and my only other Fun Expenses were my humidifier & seat cushion & the kkm novels and they weren't horribly expensive #OH and part of my food budget was the like $140 adagio order i did at the beginning of the month lol #<- that tea supply should last the majority of the year tho i think. idk maybe less if im good about not going to sbux #....HA i also got some money back based on a funny mistake i won't get into here #it wasn't enough to make up the deficit but it helped!#doth oversharing hour

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intelligentchristianlady · 1 year

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Different Priorities

"Biden’s budget blueprint aims to cut federal budget deficits by nearly $3 trillion over the next decade. As part of the budget, Biden wants to increase the Medicare payroll tax on people making more than $400,000 per year, as well as impose a tax on households worth more than $100 million.

"Biden will release his fiscal 2024 budget plan tomorrow and has faced pressure to cut spending by House Republicans, who have refused to raise the nation’s debt limit – setting up the risk of a national default.

"House Republicans, however, have yet to offer a blueprint to balance the federal budget, but nevertheless are reportedly planning to pursue cuts to the foreign aid budget, as well as health care, food assistance, and housing programs for poor Americans." (x)

#Federal budget #budget deficit #debt limit #Democratic plan #Republican plan #priorities #let those who can do so pay more vs. penalize US citizens

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buindia · 1 year

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Find Out About Deficit Budgeting and Its Effects and More

When government expenditure exceeds its income, which includes fees, taxes, and investment returns, there is a federal deficit budgeting.

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casapazzo · 11 months

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Opinion by Catherine Rampell and graphics by Youyou Zhou

The White House and Congress recently agreed to claw back more than $20 billion earmarked for the Internal Revenue Service. This deal was, ostensibly, part of a grand bargain to reduce budget deficits.

Unfortunately, it’s likely to have the opposite effect. Every dollar available for auditing taxpayers generates many times that amount for government coffers — and the rate of return is especially astonishing for audits of the wealthiest Americans, according to new research shared exclusively with The Post.

A team of researchers at Harvard University, the University of Sydney and the Treasury Department examined internal IRS data for approximately 710,000 in-person audits from 2010 to 2014. Here’s what they found:

Gift link: https://wapo.st/3NtUKDH

#irs #taxes pay for goods and services #federal budget #budget deficit #refusing to collect money from the richest americans but make poor people jump through hoops for pennies #is just the dumbest most futile exercise #beyond being shitty to poor people just because you can and it makes you feel good #which of course is why it's GOP policy

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tomorrowusa · 2 years

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It’s a vicious circle.

The GOP gives enormous tax breaks to the filthy rich.

Democrats get elected and revoke those tax breaks or let them expire.

The GOP screams about the out of control budget deficit – even though it’s shrinking because the government is getting more revenue.

The GOP gets back in power and gives even more tax breaks to lazy billionaires like Trump. The budget deficit increases.

You’ll hear a lot more bullshit from Trump Republicans in the next few weeks about the deficit. Bullshit is too nice a word – it’s outright lies.

In a statement, the Treasury Department and White House Office of Management and Budget said the annual deficit plummeted from $2.8 trillion in 2021 to roughly $1.4 trillion in 2022 — a decline driven primarily by the expiration of trillions in pandemic-era emergency spending. The gap between revenue and spending also shrank in part due to stronger-than-expected tax receipts, as a booming U.S. economy and large corporate profits helped bring in additional funds to federal coffers.

Here’s the part the Trumpsters really don’t want people to hear. (emphasis added)

“The federal deficit went up every year in the Trump administration — every single year he was president,” President Biden told reporters, criticizing the GOP tax law of 2017 that added more than $1.5 trillion to the deficit. “On my watch, things have been different — the deficit has come down both years I’ve been in office, and I’ve just signed legislation that will reduce it even more in the decades to come.”

Trump Republicans use disinformation about the deficit as an excuse to cut programs that help middle class and poor Americans. And when they cut such programs the money doesn’t go into reducing the deficit; it goes instead into more tax breaks for the filthy rich who then show their gratitude by making large contributions to the GOP.

Trump Republicans are big on the same sort of economics that recently created chaos in the UK and brought down Prime Minister Liz Truss.

The perception that the GOP is good for the economy is akin to astrology. At best, their economic policies provide a sugar high for a short period before things come crashing down.

Somehow people forget that both the Great Depression and the Great Recession were brought on by GOP administrations. Democrats were then elected and cleaned up the mess created by GOP predecessors.

#budget deficit #trump republicans #the economy #tax breaks for the filthy rich #republicans are bad for the economy

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nordfjording · 2 years

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#though its high key fucking typical that i get sick just as i was starting to lose weight again #and i cant really afford to take off from work rn bc i budgeted my holiday for july #which means i cant keep the deficit i want to bc then i tend to drag symptoms longer

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dontmeantobepoliticalbut · 1 year

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Progressive U.S. lawmakers on Monday took House Republicans to task after the Congressional Budget Office said the erstwhile deficit hawks' first bill before the 118th Congress—a measure critics say is meant to "protect wealthy and corporate tax cheats"—will swell the federal deficit by more than $100 billion.

"They all run on reducing the deficit and now the House GOP's first... bill will increase the deficit by $114 billion," tweeted Rep. Ilhan Omar (D-Minn.). "Make it make sense."

Increasing the federal deficit can help people and the economy. Republicans have been criticized for hypocritically pushing cuts to social safety net programs in the name of fiscal responsibility while being willing to raise the deficit to help corporations and the rich.

The nonpartisan Congressional Budget Office (CBO) estimated that the euphemistically named Family and Small Business Taxpayer Protection Act—which faces a vote as soon as Monday evening—would "decrease outlays by $71 billion and decrease receipts by $186 billion over the 2023-2032 period."

That's because the legislation would rescind $72 billion of $80 billion worth of new Internal Revenue Service (IRS) funding authorized under the Inflation Reduction Act (IRA) passed by the Democrat-controlled 117th Congress and signed into law last year by President Joe Biden.

In a December 30 letter to colleagues, House Majority Leader Steve Scalise (R-LA) said the proposed bill "rescinds tens of billions of dollars allocated to the IRS for 87,000 new IRS agents" under the IRA, a GOP talking point that has been widely debunked.

"Today, Republicans in Congress demonstrated their commitment to 'fiscal responsibility,'" Sen. Elizabeth Warren (D-Mass.) sardonically tweeted. "The first bill advanced by the GOP adds $114 billion to the deficit—by allowing the super-wealthy to cheat their taxes while everyone else pays. Corporate lobbyists are popping champagne."

Congressional Progressive Caucus Chair Pramila Jayapal (D-Wash.) lamented that the "first order of business in the GOP House of Representatives" will be to "vote to increase the deficit $114 BILLION by letting tax cheats dodge paying what they owe."

"Once again," she added, "they're putting politics over poor and working people."

Advocacy groups also questioned GOP lawmakers' motives for introducing the bill, with Americans for Tax Fairness tweeting that "House Republicans are using their new majority to try and repeal IRS funding that will make rich and corporate tax cheats pay what they owe."

"The GOP wants to let their rich friends keep cheating the rest of us," the group added.

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wausaupilot · 2 days

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Under shadow of looming staff cuts, proud moment for EEA students Thursday

At least nine students will graduate this week from Wausau's Enrich, Excel, Achieve Learning Academy, as proposed staff cuts continue raising alarm bells for students, parents and staff.

Damakant Jayshi At least nine students will graduate this week from Wausau’s Enrich, Excel, Achieve Learning Academy, as proposed staff cuts continue raising alarm bells for students, parents and staff. A graduation ceremony is scheduled for the EEA students at the Wausau East High School Auditorium at 6 p.m. on Thursday. Wausau East houses the EEA. Based on accounts shared by students,…

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#EEA #EEA graduating ceremony #Enrich Excel Achieve Learning Academy #Wausau School District #Wausau School District budget deficit

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hislop3 · 1 month

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Monday = Budget Day

As much as politics consumes the news, little on policy is included. Most days, the political stuff such as trials, Congressional hearings, back and forth tabloid (almost) stuff is front and center, missing is the “meat”. Reminds me of the 80’s Wendy’s commercial titled, “Where’s the beef?” https://www.youtube.com/watch?v=riH5EsGcmTw While I know that the national election, inclusive of the…

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