Category: federal revenue

CBO Releases Estimate of Biden’s 2023 Budget, Hiking Taxes Part of Proposals to Increase Federal Revenue

September 15, 2022
Business & MarketsCBOCongressional Budget Officeeconomic policieseconomyfederal revenueGDPinflationPolicies & ImpactsUS
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The Congressional Budget Office (CBO) released its estimate of the Biden administration’s annual set of budgetary proposals to Congress, and examined how the proposals, if enacted, would affect budgetary outcomes in relation to CBO’s baseline projections. Based on CBO projections, President Joe Biden’s proposals will have the effect of budget deficits totaling $13.1 trillion over…

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Ottawa’s ‘Imprudent’ Spending Caused $160 Billion in Debt Pre-COVID: Study

March 7, 2022
CanadaCCP VirusCOVID-19deficitfederal revenuefederal spendingGDPinflationpopulation growthWorld
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Debt incurred by the federal government was already at a record high before COVID-19 struck Canada, according to a new study, which argues that the escalating spending and deficits in the five years before 2020 has seriously exacerbated the country’s current fiscal challenges. “The COVID-19 pandemic has no doubt worsened Ottawa’s fiscal challenges, but it…

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Why Full Expensing of R&D Should Remain in the Tax Code

March 3, 2021
asset depreciationbusiness investmentfederal revenuefull expensingOpinionresearch and developmentTax benefitstax codeTax Cuts and Jobs ActTax DeductiontaxesViewpoints
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Commentary Ask a thousand random people what the 2017 tax reform law did, and probably none of them would tell you about full expensing of business investments—instead, they’d likely cite individual or corporate income tax reductions. And yet, the ability to immediately deduct investment expenses was one of the most important, pro-growth provisions in the…

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