Fiscal Year 2012 Essay

In response to a rapidly increasing national debt, President Barack Obama signed into law in August of 2011 the Budget Control Act (BCA) which mandated $1.2 trillion in across-the-board spending cuts, known as sequestration, over a 10-year period (Matthews, 2013). The BCA of 2011 was intended to serve as motivation for the Joint Select Committee on Deficit Reduction to come up with a deal for achieving equivalent spending cuts and avoid a mandatory sequestration (Matthews, 2013). The committee

President Obama’s pledge to pay for the program by taxing the rich, who is anyone that makes more than $1 million a year (which would include President Obama) and will make for “a marketplace that provides choice and competition” (Conniff, 2009). He also proposes that reform is about every American who has ever feared losing their coverage if they become too sick, lose their jobs or even change their jobs. It’s realizing that the biggest force behind our deficit is the growing costs for Medicare and Medicaid programs.”

A couple of large concerns always arise when discussing politics: the state of the Union, what the president is currently doing, and a few other topics. No topic, however, is as talked about in major concern than the federal budget. As tax payers, the American people always wishes to know where their tax dollars are going. The problem is that very few people actually know who sets the federal budget, and how much power this branch of government really has.

The federal budget is known as the notorious economic tank from which money is distributed to various programs. The money used every fiscal year, which begins October 1st and ends September 30th the next year, belongs to the people. The government raises this money through taxes and they spend it on national defense, Medicare, and social security. The federal budget is an exercise in making choices, and those options will certainly affect individuals living in the U.S. These choices cause debt to pile up on the government, who is struggling to make it disappear. The deficit and debt of a government gauges how well it is being run and how well it has been run in the past. According to The Economist the national debt is the total

Kansas City, Missouri is located at the intersection of the Kansas and Missouri rivers. It is the biggest city in the Kansas City Metropolitan Area; the most crowded city in Missouri, the seventh biggest city in the Midwest, and the 39th most crowded city in America. Additionally, the location of the city makes it an ideal transportation hub and the most geo-focal market in the country, since three interstate highways serve it. Kansas City has a diverse economy including health care, telecommunications, legal services, manufacturing, governmental services, trade, and financial services. The locale gives access to more than a million employments in more than seven hundred occupations. Key employers in the region include the manufacturing sector taking up 10% of the employment opportunities, the services sector at 48% and the wholesale and retail sector at 14%. In the essay, I will analyze the Comprehensive Annual Financial Report (CAFR) of Kansas City Missouri for the fiscal year ended April 30, 2015.

At present the GOP has a choice to make with regard to the fiscal abomination of Obamacare. It can either chose the path laid out for it by the Socialists on the nation’s Left and set a course towards historic oblivion. Or it can return to it’s principled roots of preserving liberty.

Over the course of the past few months since trump has taken office he has made several substantial proposals and decisions that will no doubt shape the future of this country. Among them are Trump’s nominations for supreme court, the construction of the wall he had promised, and the travel ban. However, there is another proposal that is of even more impact than these, the budget proposal. Labeled as the “America First” budget plan it will no doubt have a substantial impact on the years to come. It is beyond the scope of this paper though, to discuss all areas in which the budget would have a profound effect. As such, two areas will be focused on. First, being the influence it will have on Health. Trump’s “Trumpcare” proposal has already

Deficit spending generates the creation of wealth transfers from future taxpayers to future government shareholders. In the near future our children and future generations will have a portion of their personal earned incomes moved through higher tax rates compared to those who carry Treasury notes. Government debt causes our children to loose more rights and freedom. Deficit spending is very underhanded because it causes people o believe they are gaining something for nothing. In actuality, their personal wealth is reduced and gives the illusion that their money was covered by taxation. Information involving the overall cost is not even stated in the tax bill itself. Politicians tend to support deficit spending because it rewards special-interest groups and enlarges the state’s control of its private sector (Gwartney et al. 110). Without proper laws and restraints, legislators will drive up budget deficits and spend funds excessively (Gwartney et al. 110). When the government’s allocation of money exceeds its total revenue, a budget deficit occurs.

“Then would come the difficult work, turning a hard-fought, aspirational document into the actual legislation that the budget promises: an end to the Affordable Care Act; a Medicare system transformed, with vouchers for older adults to buy private insurance; drastic cuts to Medicaid and food stamps, which would be turned over to the states; and a simplified tax code with a far lower top income tax rate.”

The argument of taxation is always brought forward in presidential races. It is a major point that can heavily influence the opinion of voters and their support for a candidate. Throughout the history of the United States, the common themes of Republicans lowering taxes and Democrats raising taxes have prevailed. Although these tax plans don’t always perfectly fulfill party

“Real plans for real people.” This was the coined theme for the Bush campaign back in September. As far as I can see with his tax cut plan in doesn’t involve “real people”. It may just depend on your definition of the term, but the “real people” of America are the middle class, hard working families. Bush’s tax plan is now said to be $1.6 trillion over a ten year period of time. Most of this money will go to the upper brackets, the “better off”. Granted they do pay the most money, but then when you think about it, why do they need the cut? Can they not afford to pay their taxes?

American households and businesses would not be the only parties hurt in this ordeal though. An immediate reduction in government spending and cuts would come into play on January 1, if the White House and GOP-controlled Congress didn’t reach an agreement. The cuts would hit all areas of the federal budget, including a $55 billion reduction to the Pentagon’s budget for 2013 and other substantial cuts to FEMA and the Department of Education.

Taxes have been, are currently, and always will be a burden to all people around the United States—it’s inevitable. Several perspectives have emerged about taxation and taxation strategies, which vary across regions and party lines. Upon the election of the new Republican President Donald Trump and a Republican majority in Congress, a new stance with taxation has been enforced. Analyzing the key features of the Republican tax bill and seeing who these features impact allows us to accurately predict outcomes of the bill and decide if the bill is truly beneficial or not.

In order to sustain the economic power and prosperity that the United States has created, major change must be implemented by government leaders, not by career politicians. When a budget is in deficit there are only two ways, other than faster growth in the economy, to bring it into balance. Spending must be cut or revenue increased. Obviously, cutting spending to many of the current governmental programs is difficult because they have already been implemented and deemed necessary. Increasing taxes is also a difficult issue for politicians to handle and for the public to accept. There needs to be a healthy mix of these two options that keeps the economy powerful, while

"It's time to clean up this mess." Famous last words heard from the mouths of many different politicians when talking about the national debt and the budget deficit. Our debt is currently $4.41 trillion and we have a budget deficit of around $300 billion and growing. Our government now estimates that by the year 2002 the debt will be $6.507 Trillion. While our politicians talk of balancing the budget, not one of them has proposed a feasible plan to start paying down the debt. In the early days of our government debt was considered to be a last resort. In 1790, when Alexander Hamilton, as secretary of the Treasury, made his first report on the national debt of the United States, he estimated it at close to $70 million. After