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Posts Tagged ‘Congressional Budget Office’

How can anyone figure out The Heath care Reform Bill when people can’t even figure out the Tax Code?

Republican Rep. Jason Chaffetz, R-Utah, is irked that nearly 100,000 civilian federal employees owe the IRS $962 million in back taxes. He thinks they should pay up or be fired.   Chaffetz has introduced a bill that calls for the federal government to “ferret out” civilian employees who have “seriously delinquent tax debt” and prevent the hiring of other tax delinquents.  More than 3 percent of the 2.8 million federal civilian employees owed the Treasury unpaid federal income taxes in 2008, according to the IRS. If you include retirees and military service members, the numbers go from nearly 100,000 up to 276,000 current or former workers who owe $3 billion in taxes.  Writes,  http://thewere42.wordpress.com/2010/03/19/tax-scam-uncle-sam-you-oughta-be-fired-says-utah-rep-chaffetz/

How many pages of tax code are there?

Title 26 contains all the Federal IRS CODE.
Title 26 contains 20 Volumes.
All 20 volumes contain a total of 14,872 pages of tax code.
All 20 volumes weight in at 35 Pounds 
All 20 volumes cost $1,080.00

Obtained from the GPO- Government Printing Office, as of April 1st 2009, 14,872 pages of tax code.  It is over 24 times longer than the King James version of the Bible at 608 pages. Over 11 times longer than War and Peace by Leo Tolstoy-1296 pages.  It’s 20 volumes are about 5 feet thick! Laying the pages end to end it would be over 2.5 miles  The average reader would take 31 days of non stop reading to read all of the tax codes.

How many pages in the Health Care Reform Bill?

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The non-partisan Congressional Budget Office projects that publicly held debt will reach 56.1 percent of GDP under current law. If President Obama’s budget is implemented, CBO projects debt to reach 82.4 percent of GDP  according to http://www.heritage.org/research/features/BudgetChartBook/Obama-Budget-Increase-Debt-26-Percent-GDP.aspx 

You can keep track of our spending ways at the National Debt clock  http://www.brillig.com/debt_clock/ 

While George Bush may not be a saint, but Obama is looking more and more like a sinner- spending more than any other President in history. The National Debt was $10.6-trillion on the day Barack Obama took office, if his budget projections come to fruition, he’ll run up nearly as much government debt in four years as President Bush did in eight. 

From, A Pfennig for For your thoughts http://www.dailypfennig.com/ , “we’ll see the Budget Deficit, which is expected to be $180 Billion for the month of May… If it tallies there at $180 Billion, the Budget Deficit in the first 5 months of this year will have exceeded $650 Billion… And that’s before the $787 Stimulus gets added… And other items that will come along… And don’t forget that we posted a deficit in April!  I still believe the Budget Deficit will be at least $3 Trillion this year! That would push our National Debt to around $14 Trillion…” For a great explanation of “why do the annual federal budget deficits not match increases in the national debt,” visit http://www.independent.org/blog/?p=2355

Twice as nice for a Wednesday, both Trade Deficit and Budget Deficit will be released today. Ten Banks are going to repay their TARP (troubled assets relief program) funds, to the tune of nearly $70 billion, but that will barely put a dent in America’s economic decline, say nothing of the move toward socialized everything. 

Senators Joseph Lieberman (I-Conn.) and Lindsey Graham (R-S.C.)”vowed again Tuesday to vote against — and, if possible, filibuster — the troop-funding bill and all other legislation until they get their way,” according to http://www.huffingtonpost.com/2009/06/09/lieberman-graham-threaten_n_213262.html The hissy fit is over a photo amendment that would prevent the release of the Gitmo torture photos forever and ever.

“Transparency in government is an American value, but it is not without limits, no more than any of the values embraced in our Constitution,” Lieberman said. “The transparency in this case is needless and dangerous transparency.”

Their actions have merit.  The world does not need to see how low America stooped.  Too bad these two didn’t have the balls necessary during the campaign to warn that an Obama administration of transparency, would only come when it was convenient for Obama.  If nothing else, this Senate delay saves us a few bucks while the debate goes on.

According to CNN- President Barack Obama on Tuesday proposed making “pay-as-you-go” rules for federal spending into law.  The so-called PAYGO proposal requires Congress to balance any increased spending by equal savings elsewhere. By all accounts, added entitlement spending will be offset with spending cursor tax increases. Talk about bait and switch!

ABC points out, “discretionary spending – roughly 40% of the federal budget – is not covered by PAYGO.” The PAYGO rules will apply to new tax cuts and mandatory spending, with four major exemptions – any renewal of the 2001 and 2003 tax cuts, the continued efforts to “patch” the Alternative Minimum Tax, any effort to address physician’s payments in Medicare, and modifying the estate tax.” http://blogs.abcnews.com/politicalpunch/2009/06/president-obama-paygo-and-the-deficit-hole.html 

“”This is like quitting drinking, but making an exception for beer and hard liquor,” said Maya MacGuineas, President of the Committee for a Responsible Federal Budget (CRFB). “Exempting these measures from PAYGO would increase the ten-year deficit by over $2.5 trillion dollars. That’s not fiscal responsibility.” I’ll have a nice chardonnay please, and it better not be the frig from France.

60% of the budget is not subject to PAYGO.  Why is no one having a hissy fit over that?  While President Obama may enjoy a 60% approval rating, PAYGO and his expensive socialistic plans still don’t achieve his goals.  Bush might have spent a pretty dime, but at least is was shining in democracy. 

 debt by country
 

 

 

 

 

 

 

props to http://chalktalk-talk.blogspot.com/2009/06/worldwide-national-debt.html on the Percent of GDP.  Japan debt is equally dismal especially in light of recent military actions on the part of it’s neighbor North Korea.   Obama who continues his spiel of climate change for jobs might want to take a look at Japans which “is doing the smart thing by not meeting it’s ‘Kyoto Protocol’ targets and is only pledging to cut it’s future CO2 emissions by 8%. Via http://motorcitytimes.com/mct/japan-will-protect-its-economy-first/  Right now they need jobs and so do we.

I think I”ll have a Saki instead of that chardonnay after all.

My share of I.O.U.S.A. debt leaves little room for more than a sip out of the White House Fountain.

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