Word: billion
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Dates: during 2000-2009
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...office. But since deficits do matter - and since Reagan's so-called supply-side cuts blasted an enormous hole in the budget - the President had to come back in 1982 with the largest peacetime tax increase in American history: the Tax Equity and Fiscal Responsibility Act, which raised $37.5 billion, or 1% of gross domestic product (GDP), per year. He also signed a $3.3 billion gasoline-tax increase. The next year, he signed another whopping tax hike, designed to save Social Security...
...recession-driven low of 17.7% last year, but averages out to just under 19% from 1980 to today. If the not-so-onerous Clinton tax rates are restored when the economy recovers, the federal Treasury would be enriched by nearly $300 billion per year...
...matter now? Because we are in the midst of a debate over how to fund a health-care-reform plan - and the idea of raising taxes, even just a little bit, to pay for it is causing heart failure among our legislators. They are looking for somewhere between $30 billion and $35 billion per year. If the bill isn't properly funded - if working-class families don't receive large enough tax credits to help pay for their newly mandated health insurance, if they're forced to pay thousands of dollars in new out-of-pocket expenses - Republicans will...
...only way to create health-care reform that will survive and be popular is to write a bill that doesn't stint on funding and promises to control future costs. The best way to do that is to end the $250 billion in subsidies the Federal Government pays to employees who receive corporate health-care benefits - benefits that aren't taxed. The money would be better, and more fairly, spent giving people tax credits to pay for health care, according to their income. This would have the additional benefit of controlling insurance costs, since people are more likely to shop...
...four issues are hardly the sweeping small-government manifesto that the Contract with America embodied. The Virginia Representative is starting small, searching out building blocks on which all Republicans - moderate and conservative - can agree. For example, Cantor notes that state unemployment burdens are expected to double from $30 billion in 2009 to more than $60 billion in 2012, resulting in what he says will be a doubling of business taxes from $250 to $500 per worker per year by 2012. "Eric's correct, in my opinion, to place an emphasis on trying to make our nation more competitive and prop...