Word: taxed
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Dates: during 2000-2009
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...other words, if the CBO estimates play out without a change in policy, Obama is on track to accomplish exactly what he promised to change during the campaign, creating a massive burden for the next generation to fund politically popular policies in the short term, like tax cuts and spending programs. (Read "How to Understand a Trillion-Dollar Deficit...
...Congress and the White House now face a limited set of options, especially as they struggle to maintain the president's priorities, which include more spending for education, health care and energy reform. They can pare back the spending plans, propose further tax increases, or hope that the CBO got the projections wrong and the economy does not deteriorate any faster than already expected. "I think it's easy to exaggerate fluctuations in the deficit projections, which are driven by small changes in underlying assumptions," Orszag told reporters. "I also recognize that despite that, the CBO numbers are going...
...sacrifice some worthy priorities" to make his budget responsible. White House aides say that the president has already made significant sacrifices by scaling back his campaign promises in the current budget. To make the numbers balance under a rosier outlook, Obama shrunk the size of the "Make-Work-Pay" tax credit by 20%, to $800 per family. He slowed down his foreign aid spending plans, scrapped a plan to reduce income taxes for the elderly, and proposed higher taxes for wealthy taxpayers who make charitable contributions...
...Apple. At the budget end of the scale, New York City's Apple Core Hotels is holding a lottery to offer 10 rooms at a special rate of $4.15, instead of the usual $125 rack rate. To enter the "Tax Time" lottery - which includes a room with complimentary breakfast, free Wi-Fi, gym and business center access, as well as in-room video games and movies on-demand - call the Apple Core Reservations Department by March 29 (you can't enter online). The drawing will be held March 30. Good for stays April 1 to 15. Participating hotels include...
...Democrat Barney Frank, chairman of the House Financial Services Committee, echoed those concerns, arguing that pursuing restitution by other means was preferable. House Ways and Means Chairman Charlie Rangel also opposed using the tax code "as a political weapon" until the Speaker sat on him to write the legislation passed Thursday in the House. Senate Finance Committee Chairman Max Baucus defended his measure, saying that by expanding the pool of bonus recipients to all institutions that have received $100 million from the government, the legislation would likely survive judicial challenge. "We've pushed the constitutional question pretty hard with constitutional...