Report: Revenue Reducitons Harming Children

The Every Child Matters Education Fund recently released a report on the effect of federal revenue reductions on children.

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Long-term fiscal imbalance

Jagadeesh Gokhale and Kent Smetters argue that short-term deficit projections are inadequate to address the growing fiscal imbalance in Medicare and Social Security. At the very least, the OMB should return to 10-year projections rather than their current 5-year horizon.

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New Deficit Report from CBPP

An analysis of the new budget deficit estimates from CBPP:

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$455 Billion Deficit

The White House Office of Management and Budget (OMB) recently projected that the US federal budget will see an unprecedented $691 billion deterioration in its budget situation -- moving from record surpluses of $236 billion in 2000 to record deficits of $455 billion in 2003. This paper outlines some of the basic characteristics of the current situation and places them in the context of recent history.

OMB Watch - Interpreting the Return to Budget Deficits

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Federal Deficit Over $450 Billion

OMB today released its mid-session review, which updates budget and deficit projections.

The deficit is now projected to be $455 billion (4.2% of GDP) for FY 2003, and $475 billion next year.

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Estate Tax Factsheet

Here's some information on the estate tax...

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Watcher Articles

There are five new budget articles in the current issue of The Watcher.

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OMB Watch Comments on EITC "Pre-Certification"

The IRS is planning a "pilot" project to require "pre-certification" of EITC recipients beginning in August 2003. The project is targeted at filers who claim children who are not their own. Comments on the form that requires documentation or affidavits proving residency of children with the claiming tax filer for six months of the tax year were due July 14. Comments on the overall process are can be made through December 31, 2003. See the IRS announcement for more information.

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From the Tax Policy Center

Here's the latest from the Urban-Brookings Tax Policy Center:

TAX EVASION, IRS PRIORITIES, AND THE EITC Leonard E. Burman Testimony to United States House of Representatives

THE AMT: PROJECTIONS AND PROBLEMS Leonard E. Burman, William G. Gale and Jeff Rohaly TAX NOTES, July 7, 2003

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