John Irons's Blog


Economic News, Data and Analysis

Announcement: Junior Budget Policy Analyst

OMB Watch is looking to hire a new person in our tax and budget group. Please feel free to circulate this job announcement to anyone who might be interested…

Announcement: Junior Budget Policy Analyst

OMB Watch, a nonprofit research, advocacy, and watchdog organization, is seeking to hire an entry level Junior Policy Analyst in our federal budget group. The Junior Budget Policy Analyst would undertake a wide range of activities in support of our work on federal budget and tax policy issues.

Filed under: Economics

Jesse Helms: Bush Tax changes “stink on ice”

Burried in the last bit of a Washington Post story is an interesting quote from Jesse Helms (via tapped.)

Look Who’s Talking
“I would not have voted for [President Bush’s] tax cut, based on what I know. . . . There is no doubt that the people at the top who need a tax break the least will get the most benefit. . . . Too often presidents do things that don’t end up helping the people they should be helping, and their staffs won’t tell them their actions stink on ice.”
— Former senator Jesse Helms (R-N.C.), in a recent interview with Business North Carolina magazine.

Filed under: Economics

House preserves $100,000 per person in tax breaks for millionaires

OMB Watch – Federal Budget – Weblog
The House of Representatives has declined to limit the massive tax cuts on millionaires. The cuts for millionaires average $120,000 per person; a defeated proposal would have cut that to $24,000.

Daily Report for Executives – House Kills Democratic Plan to Hike Taxes
The GOP-controlled House voted mostly along party lines June 24 to defeat a Democratic-drafted resolution revising the fiscal year 2005 budget resolution (S. Con. Res. 95) by raising taxes $19 billion on those making more than $1 million a year and funneling the funds to deficit reduction and domestic programs.
Democrats said their plan would ask the richest taxpayers to give up part of their tax cut for one year at a time of war and record deficits when more of the tight federal dollars are directed into defense and homeland security accounts, leaving priorities such as education and health care to feel the budget squeeze.
Specifically, the resolution offered by House Appropriations Committee ranking member David Obey (D-Wis.) would limit the tax cuts of those with adjustable gross incomes of at least $1 million a year in 2005 to $24,000 instead of what Obey said is the $120,000 tax break they would get under current law. Obey said even a lower $24,000 tax cut for the rich would be 24 times larger than the tax relief for those earning $50,000 a year.
“That’s hardly an outrageous sacrifice,” Obey said.
Reducing the tax cut for wealthier taxpayers would produce $18.9 billion in 2005, of which $4.7 billion would go to deficit reduction with the rest directed to eight priority areas such as health care, veterans’ benefits, education, and increased homeland security efforts.

Filed under: Economics, Policy

Web network tool

This is just way too cool…
TouchGraph GoogleBrowser V1.01

Filed under: Website