04/09/01: Bush Budget

[Freakapotimus]

Monday April 9 10:14 AM ET

Bush Budget Sees Higher Receipts Despite Tax Cuts

WASHINGTON (Reuters) - U.S. federal tax receipts would rise by an average annual rate of 3.6 percent over the next five years, even with the $1.6 trillion tax cut proposed by President Bush, according to the administration's fiscal 2002 budget released on Monday.

The budget, spelling out the details of Bush's spending and tax plans for the fiscal year beginning October 1, said the projected growth in tax receipts from 2002 to 2006 is largely due to assumed increases in incomes because of economic growth and inflation.

``In the absence of the president's proposed tax reductions, receipts are projected to grow at an average annual rate of 5 percent between 2002 and 2006,'' the budget document said.

Even though the president has just released the details of his budget, the House of Representatives and Senate have already begun work on next year's budget plan and Bush's proposed 10-year tax cut package. Last week, the evenly divided Senate scaled back Bush's tax cut by about 25 percent to $1.2 trillion.

Many lawmakers expect that number to rise after the Senate and the House work out the differences between their two budget proposals.

The Republican-controlled House has left the $1.6 trillion number intact while passing major portions of the tax package including across-the-board rate reductions, a tax cut for married couples, an increase in the child tax credit and a 10-year phase out of estate and gift taxes.

While the Senate anticipates speeding up some of the tax relief with an $85 billion tax rebate for this year to help the slowing economy, most of the tax relief under Bush's proposal would come after 2005.

Bush's budget said it expects tax receipts to total about 20.2 percent of Gross Domestic Product in 2002, down from 20.7 percent. But that percentage would drop significantly 18.9 percent of GDP by 2006 under Bush's tax cut plan, the budget document said. Without the tax cut, federal receipts would equal about 20.2 percent of GDP by 2006, the budget said.

[Slizor]

I only vaguely read that but did it say taxes where going to rise and yet drop?

[Mos]

At 4/9/01 11:01 AM, Freakapotimus wrote: Monday April 9 10:14 AM ET

Bush Budget Sees Higher Receipts Despite Tax Cuts

WASHINGTON (Reuters) - U.S. federal tax receipts would rise by an average annual rate of 3.6 percent over the next five years, even with the $1.6 trillion tax cut proposed by President Bush, according to the administration's fiscal 2002 budget released on Monday.

The budget, spelling out the details of Bush's spending and tax plans for the fiscal year beginning October 1, said the projected growth in tax receipts from 2002 to 2006 is largely due to assumed increases in incomes because of economic growth and inflation.

``In the absence of the president's proposed tax reductions, receipts are projected to grow at an average annual rate of 5 percent between 2002 and 2006,'' the budget document said.

Even though the president has just released the details of his budget, the House of Representatives and Senate have already begun work on next year's budget plan and Bush's proposed 10-year tax cut package. Last week, the evenly divided Senate scaled back Bush's tax cut by about 25 percent to $1.2 trillion.

Many lawmakers expect that number to rise after the Senate and the House work out the differences between their two budget proposals.

The Republican-controlled House has left the $1.6 trillion number intact while passing major portions of the tax package including across-the-board rate reductions, a tax cut for married couples, an increase in the child tax credit and a 10-year phase out of estate and gift taxes.

While the Senate anticipates speeding up some of the tax relief with an $85 billion tax rebate for this year to help the slowing economy, most of the tax relief under Bush's proposal would come after 2005.

Bush's budget said it expects tax receipts to total about 20.2 percent of Gross Domestic Product in 2002, down from 20.7 percent. But that percentage would drop significantly 18.9 percent of GDP by 2006 under Bush's tax cut plan, the budget document said. Without the tax cut, federal receipts would equal about 20.2 percent of GDP by 2006, the budget said.

I will take this moment to say that I HATE Senator Kennedy. For some completely odd reason, he suddenly spews that money is taken away from health care and education.

He must of misread it, because the budget clearly said, "INCREASE" not "DECREASE." In fact, they both get major boosts in funding.

[Slizor]

WASHINGTON (Reuters) - U.S. federal tax receipts would rise by an average annual rate of 3.6 percent over the next five years, even with the $1.6 trillion tax cut proposed by President Bush, according to the administration's fiscal 2002 budget released on Monday.

The budget, spelling out the details of Bush's spending and tax plans for the fiscal year beginning October 1, said the projected growth in tax receipts from 2002 to 2006 is largely due to assumed increases in incomes because of economic growth and inflation.

``In the absence of the president's proposed tax reductions, receipts are projected to grow at an average annual rate of 5 percent between 2002 and 2006,'' the budget document said.

Even though the president has just released the details of his budget, the House of Representatives and Senate have already begun work on next year's budget plan and Bush's proposed 10-year tax cut package. Last week, the evenly divided Senate scaled back Bush's tax cut by about 25 percent to $1.2 trillion.

Lets see it says taxes will rise ("U.S. federal tax receipts would rise by an average annual rate of 3.6 percent over the next five years") yet it says taxes will be cut("the House of Representatives and Senate have already begun work on next year's budget plan and Bush's proposed 10-year tax cut package. ")