Deficit Reduction Proposals: Hearings Before the Committee on Finance, United States Senate, Ninety-eighth Congress, First Session, December 12, 13, 14, 1983U.S. Government Printing Office, 1984 - 801 pages |
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Page 2
... increases has any chance of becoming law . I voted against the fiscal year 1984 budget resolution last June because it relied almost entirely on tax increases , calling for $ 73 billion in new taxes but virtually no restraint on ...
... increases has any chance of becoming law . I voted against the fiscal year 1984 budget resolution last June because it relied almost entirely on tax increases , calling for $ 73 billion in new taxes but virtually no restraint on ...
Page 11
... increased future deficits . Even with the interest rates assumed in this analysis , the net interest bill grows faster than the GNP in our projection . The tax increases or other spend- ing cuts necessary to offset this rise become more ...
... increased future deficits . Even with the interest rates assumed in this analysis , the net interest bill grows faster than the GNP in our projection . The tax increases or other spend- ing cuts necessary to offset this rise become more ...
Page 43
... tax system . I think from the point of view of economic efficiency it matters as much as to what your mix of spending cuts or tax increases ... tax side , chose to raise your taxes in a way that increased marginal rates terribly on this ...
... tax system . I think from the point of view of economic efficiency it matters as much as to what your mix of spending cuts or tax increases ... tax side , chose to raise your taxes in a way that increased marginal rates terribly on this ...
Page 45
... tax burden way out there , it has not very large effects in percentage terms ... increases the burden on consumers of energy , obviously . That over the ... tax which is applied uniformly on all consumers is regressive in the sense that ...
... tax burden way out there , it has not very large effects in percentage terms ... increases the burden on consumers of energy , obviously . That over the ... tax which is applied uniformly on all consumers is regressive in the sense that ...
Page 92
... tax increases . I'm not going to take time at this moment to recommend one particular tax increase over another . And , also , there should be expenditure cuts . It's simple arithmetic . You've got a difference between revenues and ...
... tax increases . I'm not going to take time at this moment to recommend one particular tax increase over another . And , also , there should be expenditure cuts . It's simple arithmetic . You've got a difference between revenues and ...
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Common terms and phrases
Administration American average balance billion borrowing budget deficits budget resolution capital formation CHAIRMAN changes Congressional Budget Office continue corporate cost December 12 defense spending deficit problem deficit reduction package depreciation dollar economic growth economic recovery effect employment energy tax equity expenditures federal deficit Federal Reserve federal spending fiscal policy forecast funds going government spending gross national product high interest rates higher impact incentives income tax indexing industries inflation investment item allocations large deficits legislation LIBRARY OF CONGRESS major Medicare monetary policy outlays partner partnership payments PENNER percent of GNP percentage points President private sector projected proposal real interest rates recession reduce the deficit result revenues rise Robert Dole royalty trust savings Senate Finance Committee Senator MITCHELL Social Security spending cuts spending reductions statement STHEA student loans substantial surtax tax cuts tax increases tax rates taxation Treasury
Popular passages
Page 315 - Committee therefore recommends the following: 1. Congress, the Office of Management and Budget (OMB), the Congressional Budget Office (CBO) and the General Accounting Office (GAO) should agree on the definitions for all credit terminology. Currently, major differences exist in the interpretation of these terms. A unified effort would produce the reliable data necessary to assess and establish responsible levels of federal credit activity.
Page 318 - For purposes of this section, the term "new spending authority" means spending authority not provided by law on the effective date of this section, including any increase In or addition to spending authority provided by law on such date. (2) For purposes of paragraph (1), the term "spending authority" means authority (whether temporary or permanent) — (A) to enter into contracts under which the United States is obligated to make outlays, the budget authority for which is not provided in advance...
Page 140 - The views expressed in this testimony are those of the author and do not necessarily reflect the official policy or position of the Department of Defense or the US Government.
Page 318 - Such term does not include authority to insure or guarantee the repayment of indebtedness incurred by another person or government, (d) Exceptions.
Page 85 - ... end of its 1970s range would therefore require very major changes, even in comparison with the Reagan Administration's budget proposals, not to mention currently existing tax and spending legislation. The important question is what changes. The standard trio of suggested ways to reduce the federal deficit in the medium-run future includes cutting entitlement program benefits, slowing the scheduled acceleration in defense spending, and eliminating either the reduction in individual income tax...
Page 318 - Nothing contained in this Act, or in any amendments made by this Act, shall be construed as. — (1) asserting or conceding the constitutional powers or limitations of either the Congress or the President; (2) ratifying or approving any impoundment heretofore or hereafter executed or approved by the President or any other Federal officer or employee, except insofar as pursuant to statutory...
Page 318 - W4 (C) to make payments (including loans and grants), the budget authority for which is not provided for in advance by appropriation Acts, to any person or government if, under the provisions of the law containing such authority, the United States is obligated to make such payments to persons or governments who meet the requirements establ ished by such law.
Page 153 - Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.
Page 775 - The existing tax treatment of partners and partnerships is among the most confused in the entire Income tax field. The present statutory provisions are wholly Inadequate. The published regulations, rulings, and court decisions are Incomplete and frequently contradictory. As a result partners today cannot form, operate, or dissolve a partnership with any assurance as to tax consequences.
Page 64 - It is not possible to dismiss them simply by assuming that rapid growth will quickly restore the economy to full employment. The projected deficits are increasingly deficits at full employment, and in the absence of a return to full employment the deficits that actually emerge will only be larger. The issue now facing US fiscal policy is not the familiar one of the role of automatic stabilizers, or even the desirability (or lack thereof) of temporary active deficits as discretionary stabilizers,...