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What was the fiscal policy during Obamas administration
Obama fiscal policy
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The Bipartisan Policy Center (BPC) Tax Reform bill is a comprehensive plan that reduces tax expenditures and raises revenue. This memorandum will discuss America’s current fiscal challenge and the role of tax reform, outline the major components of the BPC Tax Reform Plan, list advantages and disadvantages of the plan for your constituents, and make a voting recommendation. While the BPC tax reform bill does provide a model for comprehensive tax reform through spending cuts, the overall increase in revenue, especially the implementation of a value-added tax (VAT), is untenable. Vote “no” to the BPC Tax Reform Plan.
The Fiscal Challenge and Tax Reform
America is the most prosperous, resilient nation in the world. American prosperity has provided economic freedom that has enhanced our position in the global market and strengthened our national security. However, American prosperity is not guaranteed. America simultaneously faces two major fiscal challenges, economic recovery and an unsustainable debt.
America’s fiscal challenges are intertwined. America has been slow to recover from the recession that left millions of Americans unemployed, devastated home values, and closed businesses. However, even if America recovered from the recession, the debt will grow exponentially larger than the economy under existing policy. The explosion of federal spending has led to a record setting $17 trillion debt today. This debt will quickly grow to unsustainable levels as a result of the aging population, rapidly increasing health care costs, growing interest cost, and continued unchecked federal spending.
Failure to control the debt will ensure our economic recovery will fail. Growing debt will force the nation to borro...
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...ary, How It Works. Hill and Wang.
Joyce, P. 2011. The Congressional Budget Office: Honest Numbers, Power and Policymaking. Washington, DC: Georgetown University Press.
Matthews, D. 2012 “Are political parties growing more unified?” Retrieved from http://www.washingtonpost.com/blogs/wonkblog/wp/2012/09/06/are-political-parties-growing-more-unified/.
Tax Policy Center. 2010. “Bipartisan Policy Center Tax Reform Proposal.” Retrieved from http://www.taxpolicycenter.org/taxtopics/BPC_Plan.cfm.
Tax Policy Center. 2010. “Restoring America’s Future.” Retrieved from http://bipartisanpolicy.org/sites/default/files/BPC%20FINAL%20REPORT%20FOR%20PRINTER%2002%2028%2011.pdf.
Toder, E. 2012. “Distribution Estimates for Bipartisan Policy Center Tax Reform Proposal.” Retrieved from http://www.taxpolicycenter.org/taxtopics/Distribution-Estimates-for-BPC-Proposal.cfm.
Netzer, D. (1973). The incidence of the property tax revisited. National Tax Journal, 26(4), 515-535.
This deficit has to do with having responsible leader who are willing to increase awareness and make beneficial changes in the nation. In my opinion, the federal debt is a serious threat to the US that must be politically address whenever possible. I believe that the candidates of the 2016 presidential election should make this issue one of the top priorities to discuss and to dictate a considerable amount of work to fix it. That is because the worse the federal debt is, the worse the future would be to the nation. Also, voters must be well educated about this issue in order to shape their decision in voting for the candidate that seems most powerful and confident about this problem. Solving this problem may be difficult and would take time and so much effort. Therefore, the changes and solution must be on both a national and individual levels as
Whether or not to keep or discard the Bush era tax cuts for the wealthy, give tax breaks to the lowest tax bracket, and even throwing out the entire current tax code and replacing it with a simpler version, tax code and tax law has been a very controversial topic for the past few years. As it stands, the current tax code has over seventy two thousand pages, compared to the four hundred pages it had in 1913. There are many different stakeholders in this debate including taxpayers, corporations, businesses, etc. Americans for Tax Reform (ATR) is an organization that was “founded in 1985 by Grover Norquist at the request of President Reagan”(.N.p.). Their goal is to create and advocate for a simple flat tax,“...on the belief that they will provide a strong stimulus to investment, employment, and output” (Stokey 1). They promote their organization and represent taxpayers in all fifty states. Along with tax reform, ATR also advocates for individual health care, free trade, and spending transparency (.N.p.). Using very simple and easy to understand images, ATR is able to convey their goals and get information across to the general audience that visits their website.
For the past century, the United States has been regarded as the greatest hegemonic power in the world. The U.S. played the most important role in the advancement of mankind from social, political, scientific, military, and economic standpoint. Unfortunately, today this is no longer true. Since the 1980’s the U.S. has been on a gradual decline. The introduction and implementation of trickle down economics, otherwise known as “Reaganomics,” has contributed greatly to the systemic dismantling of the socioeconomic structure that made America great.
In his inaugural address, Ronald Reagan characterizes America as broken and selfish but, with hard work it can become truly great. America is the land of opportunity and we as Americans are very lucky to live here but, one cannot just think of himself, he must think of the country. No matter what shape or state America is in, there is always a way to make it better with hard
Gerson, Michael . "The real-world effects of budget cuts." The Washington Post 7 Apr.2011: n. pag. Print.
...ting a larger and larger budget deficit, leaving a huge burden for the next generation.
The US has been in and out of debt countless times throughout history, going as far back as the Civil War. However, debt did not become a truly relevant problem until much later, in the 1980s (Budget Deficits). Up to that point, large budget deficits were generally only allowed during wartime, but this pattern ended after the Great Depression. Roosevelt’s New Deal meant that the government spent much more than it previously did, even after the economy improved (Budget De...
The national debt is usually a frightening topic citizens of any country, however, in the United States, twenty trillion dollars of national debt is one of the major fears of the economy. Along with this fear comes every politician claiming to be the person to lower this astronomical debt to ease concerns in the modern American economy. In Hamilton’s Blessing, John Steele Gordon tries to alleviate these concerns by showing a plethora of benefits and good the debt has been able to do throughout the history of the United States. The central premise of the book and the main guideline for John Steele Gordon’s thinking is that the debt was used to save the Union in the 1860’s, the American economy in the 1930’s, and the wellbeing of mankind during
U.S Federal Deficit and Debts:Understanding the history and context. (2011, November 1). Utah Foundation. Retrieved January 25, 2014, from http://www.utahfoundation.org/img/pdfs/rr7
The essay titled America Remain the World’s Beacon of Success by Tim Roemer discusses the positive position America placed as a leader in many of its endeavors in the fields of technology, sciences, and healthcare. In Roemer’s opinion, America regarded upon by other countries as the litmus test comparing their success. Roemer enumerated the many achievements and discoveries America accomplished as new country at only 700 years old. Now the question remains, will the success of America continue to be sustainable? I believe it will be, and I agree with Roemer’s opinion despite the internal issues the country face on a regular basis. After all, success is a daily repeated effort in small sum.
All but four countries in the world has external debt (“Country Comparison: Debt External”). Having a debt is almost as common as having a mortgage. Since its establishment, The United States has always been in debt (“Historical Debt Outstanding – Annual”). The US national debt has had five sharp increases previously in its history. The reasons include civil car and the two World W...
Whitehouse, Office of Management and Budget (OMB), 1 Jan. 2009. Web. 13 Apr. 2014. .
... Washington, DC. Congressional Research Service. Marosi, Richard. A. (2011, July 26)
Light, Paul C., and Christine L. Nemacheck. "Chapter 7 Congress." Government by the People, Brief 2012 Election Edition, Books a La Carte New Mypoliscilab With Etext Access Card Package. By David B. Magleby. 2012 Election Edition ed. N.p.: Pearson College Div, 2013. N. pag. Print.