America 's Fiscal 2017 Budget

The States next solution, income tax. HB 115 would raise an estimated $700 million a year, while separate legislation to increase oil taxes and restructure the Permanent Fund would generate $2 billion more. Since the Trans-Alaska Pipeline brought billions of dollars in oil revenue in 1980, Alaska has not had any state taxes. Although statewide income tax would be very unpopular amongst Alaskan residents, it would also be the most effective way to generate revenue. An income tax proposal introduced by the Alaska State House would generate $660 million per year that could be used towards the budget deficit. Revenue from an income tax alone would not be enough to fix the state’s budget deficit, but would take off a significant amount. Introducing income tax would make a significant contribution toward ending Alaska’s budget deficit in a shorter time, while in the future, it’ll

“The federal budget is the yearly plan for how the US government will spend the money it takes from taxes and borrowing.” After thoroughly analyzing the federal budget from 2012, it is unquestionably evident that a majority of the money is being put into a few major categories, leaving room for the rest of the smaller categories to be financially neglected. Is this fair? It seems that the money could be more fairly distributed, and that there is room for cuts in some of the larger categories, to improve the littler ones. In each of the three budget clusters, the US Government should make adjustments in the way it is distributing money; changes involving the big five, the middle

The main difference between the federal budget and the state and local budgets is the issue of a monetary deficit, in which expenditures in the budget exceeds revenues that were estimated. State and local governments are required to balance their budgets. The federal government is allowed to borrow money to meet its obligations and have a deficit. The federal government collects the most tax revenue, but state and local governments have a greater range of revenue options for funding their budgets. The federal government relies mainly on income taxes, capital gains and Social Security taxes. State and local governments collect sales taxes, taxes on fuel, property taxes and fees from special licenses and permits. Also, many state and local

On October 19, 2017, the Senate approved a budget that would aid Republican efforts to create tax cuts in a vote of 51-49. In essence, this budget would expand the federal deficit by 1.5 trillion dollars over a span of 10 years. According to Republicans, the intent of these tax cuts is to create more jobs as well as providing more income to Americans as a whole. However, many Democrats are starkly opposed to this budget because of how it will increase the federal deficit as well as reducing the potency of federal revenue provided by taxes. With the budget being approved by the Senate, it is now up to the House to adopt its version of the budget to officially make it into law.

The federal budget deficit is a much discussed and little understood subject in American politics. The current recession has dramatically decreased tax revenues, driving the United States federal government to increase spending in an attempt to stabilize the economy. As a result the current federal deficit is at over $1.3 trillion dollars. This is approximately $47,754 per U.S. citizen or $137,552 per U. S. taxpayer (U.S. Debt Clock: Real Time, 2012).

Our governor along with many other people in our state, recognize that our tax system is biased, unethical, and needs reform. Governor

There are some differences and similarity between the State and Federal budget. The Federal budget is bigger than the State budget. The federal government have the sovereign bank. The Federal government have the ability to print additional money when the need arises. The federal budget needs not balance revenues and expenditures for each fiscal year. At the subnational level, appropriations must not exceed revenues in the State budget. This creates restriction which is mandated for almost all the state and local finances. “This imposes a discipline at state and local government which the federal government may chronically evade. States cope by setting aside reserves in good years to hopefully cover deficits in bad revenue years” (n.d., 2012).

Collections were $61 million below expectations in July, August and September (combined total). Following that, the total receipts were $15 million, or almost 3 percent, below expectations in October, according to the Kansas Department of Revenue. Added up, in the first four months of the fiscal year starting in July, Kansas is now roughly $76 million under revenue expectations. The state broke out of an eight-month-long streak of missed estimates in November. But December’s lower-than-expected receipts (under $11 million) ruined hopes of the November figures (up $8 million) in which we thought was the start of a new, positive trend. Ever since 2013, the tax cuts have fallen short of creating the surge of new dollars that Brownback once boldly predicted would almost immediately flow to the state. Also, the state has been among the worst in the nation in recently in creating new nonfarm jobs, again, the opposite of what Brownback had said would happen after the tax cuts were implemented. On July 1, the statewide sales tax jumped from 6.15 percent to 6.5 percent. “The fact that sales tax revenue was below estimates, even after Republicans passed a massive sales tax increase, is an indication of just how much Kansas families are struggling under the Brownback tax plan,” said House Minority Leader Tom Burroughs, D-Kansas City. “A tax plan that is overly dependent upon a sales tax is neither

Some of the proposals in his plan are to cut spending to TOPS and to make cuts to health care for the funds used to go to major projects and to be spent more efficiently. The cuts to higher education of about 10 to 12% will impact the numbers of universities and colleges who will open their door in the fall. This cut will also affect students who are on TOPS simply because the scholarship only applies to schools in the state of Louisiana. Student will have even less incentive to stay in the state. An increase in taxes and other funding mechanisms are being added to the mix to change the grim look of the future. But could it be that the legislator is looking at the wrong source for budget cuts and cost saving ventures. The effects of exemptions show to be a large revenue loss that seems to have gone untouched by the legislator. In a time where people are looking for answers, considering the effects that exemptions have on the Louisiana State budget could potentially show additional measures of cost saving.

One key initiative for the Federal Budget of 2014/15 is the ‘Deficit Levy’ that will effect over 400 000 of Australia’s high-income earners. From 1 July 2014 until 30 June 2017, the Temporary Budget Repair Levy will

How does the Illinois State Budget Impasse compare with those of other states in the nation? Every year governors on the state level and the president on the national level propose a fiscal budget for the following fiscal year they believe will best strategically and responsibly allocate funding to various programs and departments to best serve their constituents. The federal fiscal year spans from October 1- September 30th (the following calendar year) and the state fiscal year spans from July 1-June 30 (the following calendar year) for nearly all states, except for the four states which mirror the federal fiscal year. Like the president and governors, Congress and individual state legislatures/General Assemblies propose their own budget they

As mentioned by Thompson (2010), in the Associated Press, “Lawmakers bridged a $19 billion shortfall, more than 20 percent of the $87.5 billion general fund spending plan”. This shows that the state was heading towards a financial crisis and more deficit creation. Moreover, Thompson (2010), in the Associated Press also points out that “It includes no tax or fee increases but uses a combination of cuts, funding shifts, delayed corporate tax breaks and assumptions about money the state hopes to receive”. The budget gave rise to other dependent costs such as delayed tax refunds. It was uncertain that the State will receive the required funds from the federal government to ensure that the important programs will function the way it used to be until the funds are received.

The funds from the bill were to be allocated to different projects that were designed to create jobs. Part of this was a distribution of the funds to states based on how effectively they would use the funds (Chenn). In an article quoted by Chenn, Daniel Wilson says that the bill is aimed at states that are in need of funds, therefore they will spend the money

Tax cuts. These tax cuts were made so that people didn’t have to worry too much about how much tax they were paying. This depended on how much money people got paid.

Revenue that comes from state income tax is said to be progressive, that is because state taxes fall differently on different taxpayers depending on the taxpayer’s income level. Typically, the percentage of income tax paid rises as the taxpayer’s income does, thus the reason they are progressive. The opposite is true for sales tax revenue. These taxes are regressive because regardless the taxpayer’s income, tax rates remain constant. This is sometimes a disadvantage for poorer taxpayers because they have to spend more of their income on what they need (Sims, 2004). The allocation of these funds for elementary and