Sentences with phrase «cutting federal revenue»

According to Wall Street Journal reporter Richard Rubin, «Each percentage - point reduction in the 35 % corporate tax rate cuts federal revenue by about $ 100 billion over a decade, and independent analyses show economic growth can't cover all the costs of rate cuts.»

Not exact matches

WASHINGTON, Oct 9 - A top Senate Democrat on Tuesday said new tax revenues should go to reducing the federal deficit, not cutting tax rates, dismissing as «obsolete» a Reagan - era model of tax reform.

And all of them argue that the proposed tax cuts, estimated to reduce federal revenue by more than $ 1.4 trillion, won't increase federal deficits, an assertion that's been contradicted by Congress's official tax scorekeeper.

The University of Pennsylvania's Wharton School model found that the current iteration of the Senate's tax bill, called the Tax Cuts and Jobs Act, would decrease federal revenue and add to the national debt outside of a 10 - year window.

The Tax Foundation found that federal revenue would fall by $ 2 trillion if the corporate tax cuts are put in place.

Eliminating the state and local tax deduction would raise about one - quarter of the $ 4 trillion in revenues that some Republicans say they need to prevent tax cuts from creating a massive increase in the federal budget deficit.

«Each one percentage point cut to the corporate income tax rate costs the federal government about $ 2 billion in annual revenues,» wrote the authors, one of whom was CLC chief economist Andrew Jackson...

These included overly optimistic economic growth and oil price assumptions; cutting the contingency reserve by two - thirds; selling shares in GM at fire sale prices; raiding EI revenues; and even booking «savings» from unilateral changes to federal employees» sick leave benefits.

Here's what you need to watch for as the federal parties release their platform budgets, like appearances of the cost - cutting fairy, and the revenue fairy

The federal government's fiscal position would no longer be sustainable — it would be running a structural deficit which could only be eliminated through program cuts and / or revenue increases.

While reducing federal spending during an economic slowdown was not the President's preference, he recognized the political realities and undertook a series of negotiations with the Republican Speaker of the House, John Boehner, aimed at achieving a compromise plan to reduce the deficit over time through a combination of spending cuts and revenue increases.

That change would have raised revenue to help Republicans offset the losses from the massive rate cuts, and some proponents of it argued that the state and local tax deduction (known as «SALT») amounted to a federal subsidy of high - tax states.

«If they were at the same 21 percent share of corporate profits as they had averaged in the two decades before these cuts, the federal government would have about $ 25 billion more in corporate tax revenues annually.

Contrary to what the Prime Minister said, federal corporate tax cuts have led to a significant fall in corporate tax revenues.

Federal corporate tax revenues are expected to rise in coming years, but will remain well below the shares of corporate profits and the proportion of the economy they had been prior to these tax cuts.

While federal and provincial governments will continue to play an important role investing in infrastructure, they simply do not have the resources to meet the demand — pegged at somewhere in the neighbourhood of $ 500 - billion — without a large increase in tax revenues or drastic cuts to social programs.

Combined, this would generate almost $ 1.3 trillion in federal revenue, which is enough to offset the loss of appropriations caused by the cut.

It should go without saying that these tax cuts will reduce overall federal revenue.

The revenue neutral Ryan budget cuts federal spending by over 5 trillion dollars over the next ten years.

Finally, the report noted that state and local revenue gains from federal tax reform will be further offset by higher costs for state and local borrowing, resulting from tax reform, and greater demand for public services as charitable donations drop and federal budget cuts continue.

Because of lower - than - expected federal assistance for Medicaid, Albany instituted an across - the - board budget sweep of 1.1 percent, cutting state spending and also siphoning off theoretically separate revenue streams dedicated to specific programs and agencies, like the MTA.

Proponents of raising taxes on New York's wealthiest say they have a new impetus to increase the state's revenue — the continued bad news from Washington about deep federal cuts to health care and other areas.

Both hospitals fall under the umbrella of the Greater Hudson Valley Health System, which announced the cuts on Monday due to substantial reductions in reimbursement from the federal and state governments and decreases in revenue caused by healthcare reform.

We applaud Governor Paterson's argument that, should New York receive a significant cash infusion from the federal government for Fiscal 2010, the state should use those revenues to cut back on significant proposed tax and fee hikes, rather than restore or increase governmental spending.

The state is facing uncertainty over how deeply President - elect Donald J. Trump and the Republican - led Congress will cut into federal tax revenue and how the looming repeal of the Affordable Care Act might affect the state.

To raise revenues, Cuomo proposed requiring extending sales tax collections on online sales, imposing a surcharge on certain health insurers who received a windfall from federal tax cuts, tapping hundreds of millions of dollars in proceeds from lawsuit settlements and raising taxes «e-cigarettes» and taxing opioids (2 cents per milligram prescribed to go to anti-addiction programs).

Tax revenues from Wall Street, meanwhile, are shrinking, and the state's federal stimulus money, which has added up to about $ 6 billion annually since 2008, will be cut off in another year, two at most.

Whenever the next update comes out, it probably will show a worsening FY 2018 budget gap, and perhaps even a true potential deficit for the current year — depending on whether Cuomo forces a post-election special session based on his power to cut spending in the wake of big enough drops in federal revenue.

The advocates — whose job is to always say it's not enough — don't recognize the state must to be mindful of spending in a year when federal tax policy and federal healthcare cuts, among other things must be accounted for because revenue is tight.

If enacted, the state would deposit the tax revenue in a proposed health care shortfall fund that would offset losses to New York from cuts in federal health care funding to the state.

That revenue makes up for anticipated cuts from the state and federal government.

But Republicans have insisted the bill, which adds nearly $ 1.5 trillion to the federal deficit, gives many if not most middle - class Americans a tax cut at the same level as the 21 percent corporate benefit, boosting investment, job creation, higher wages and offsetting tax revenues.

The state's fiscal picture faces challenges from lower - than - expected revenue growth and the potential for federal cuts and tax changes, according to Comptroller Tom DiNapoli's office.

«No rational analysis says that we can begin to reduce the size of the federal deficit without a combination of cutting spending and raising revenue,» added Bloomberg.

At Friday's hearing, the Council was skeptical of the administration's plan, with Ferreras - Copeland questioning whether it addressed long - term budgetary concerns from federal cuts under the Affordable Care Act and the system's decline in revenue generation.

The Republican - led federal government has toyed with several decisions that Cuomo has said would drastically cut needed revenue to the state.

A Cuomo administration budget official said the proposed payroll tax also could be used to raise more revenue by seizing some of the tax cuts promised to corporations and the wealthy under the federal tax law, as a way to shore up state finances.

They agreed with the governor's view that the state will probably have to close a $ 4 billion deficit next year, due to lowered tax revenues and federal health care cuts.

The proposed cuts include $ 269.78 billion from energy programs, including $ 158.7 billion of fossil fuel subsidies; $ 167.09 billion of agricultural subsidies, including $ 89.82 billion of federal crop insurance disaster aid; $ 212.02 billion of transportation subsidies, including $ 125.80 billion of general revenue transfers to the Highway Trust Fund; $ 101.8 billion of federal flood, crop and nuclear insurance subsidies; and $ 24.99 billion from wasteful or environmental damaging public lands and water projects.

Cutting their salaries wouldn't save the university money, they argued; instead, it would deprive the university of revenue from overhead costs on federal grants and deprive the state of sorely needed tax revenue.

Three specific events triggered the 2012 crisis: an abrupt reduction in federal and state funding (see Figure 1), the inability of the district to cut many of its costs, and political pressures on the district to spend available revenues in a given year.

When the economy turns south, school districts do not cut the fat but push for new revenue sources: more state aid, money from gamblers, fees for services, and now a federal bailout.

Emergency fiscal aid from the federal government helped prevent even deeper cuts but ran out before the economy recovered, and states chose to address their budget shortfalls disproportionately through spending cuts rather than a more balanced mix of service cuts and revenue increases.

Note that since the income tax is one of the most progressive taxes in the federal system, an across - the - board income tax cut that increases every tax filer's after - tax income by the same percentage would tend to make the overall tax system less progressive, because it would collect proportionally less revenue from one of the most progressive sources.

At some point the bond market will stop financing our debt spending, at which point we can either cut federal spending 50 % overnight to bring it in line with tax revenues, renege on the debt, or «monetize» the debt by printing money.

While his promise to cut taxes, mostly to the benefit of upper income earners, will probably lead to a short - term boost in U.S. GDP growth, it also threatens to leave a significant shortfall in federal tax revenue down the road — as much as $ 6.2 trillion over the next decade.

As discussed last month, this is a bit of a too much of a good thing crash all around — tax cuts into a strong economy sending inflation and interest rates high enough to lead the Federal Reserve to (potentially) over react and raise rates too high, causing a recession and growing debt issues as the government refinances debt at higher rates, all while a tax cut reduces federal reFederal Reserve to (potentially) over react and raise rates too high, causing a recession and growing debt issues as the government refinances debt at higher rates, all while a tax cut reduces federal refederal revenues.

Revenue from the tax «would be used to cut the state's sales tax, and to create a Working Families Rebate, based on the federal Earned Income Tax Credit (EITC), to boost the incomes of low - income households.»

They have the check book power right now, when it's needed, and the long term revenue will boost federal coffers for ever, cutting the need for some future taxes.

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