Estate Tax - Cost of Repeal

The CBO today released its baseline budget estimates for 2005-2014. Included in the document is the cost of extending the repeal of the estate tax.

For the 2005-2014 period, an extension of the repeal would cost $205.6 billion. See page 93 for details. The yearly breakdown is below.

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10 trillion dollar turnaround

The Century foundation has just released a report entitled "How the Federal Budget Forecast Went From $5 Trillion in the Black to $5 Trillion in the Red In Just Two and a Half Years," by Bernard Wasow.

The report shows how we went from record surpluses to massive deficits.
 

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Cutting the Deficit?

According to the President's State of the Union speech, the current administration claims it will "cut the deficit in half over the next five years."

This is a shift from just 6 months ago when the administration was claiming that "the budget deficit is expected to be cut by more than half by 2006."

In fact, administration policies are unlikely to cut the deficit in half EVER.

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WHAT DO YOU THINK ABOUT TAX AND BUDGET ISSUES?

WHAT DO YOU THINK ABOUT TAX AND BUDGET ISSUES? OMB WATCH wants to hear from you.

Over the past months, nonprofits from across the country have been telling us about the adverse consequences of federal and state budget cuts. OMB Watch is issuing a call to action to nonprofits for a long-term campaign to take the offensive on tax and budget issues -- a campaign about what we are for, not just what we are against.

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Arizona Charities and the Estate Tax

A story from the Arizona Republic

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Another Weak Jobs Report

Last month, only 57,000 jobs were created - well below what is needed to employ new entrants into the labor market.

For more see:

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