Posts tagged as:

deficit

California Faces Massive Deficit, Likely to Raise Taxes

20 May 2009

I’m guessing that Gov. Schwarzenegger thinks something very different when he sees this slogan these days: The thing that won’t die, in the nightmare that won’t end. It’s not the Terminator but rather, the budget. The state of California is facing a $21.3 billion shortfall. Billion. And the measures that Schwarzenegger hoped would be a [...]

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Fix the Tax Code Friday: Bailing Out the Government

15 May 2009

It’s Fix the Tax Code Friday! Remember that study that I cited from the Tax Foundation earlier in the week? That same report offered another statistic. In 2007, the cost of balancing the budget would have cost each taxpayer an additional $1,789 in taxes. This year, due to “the bailouts and the Troubled Asset Relief [...]

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Update on the Federal Deficit

4 August 2008

John McCain and Barack Obama both promise to be fiscally responsible and not raise taxes on the middle class if elected president. It’s a tall order no matter who wins… the current White House has released information about the country’s economic status and it’s not good news. Last week, the White House estimated that the [...]

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Ask the taxgirl: Who Owns the US Federal Debt?

28 June 2008

Taxpayer asks: Hey taxgirl, I get that we have overspent in Congress. But who do we owe exactly? And what is the difference between the deficit and the debt? I know these aren’t really tax questions but you talk about it on your blog so I thought you might know. Taxgirl says: What great questions! [...]

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Rebates Push Deficit to Record Highs

11 June 2008

The economic stimulus payments – which qualify more or less as “free money” from the government – pushed the federal budget deficit to an all-time high of $165.9 billion in May. The increase in the deficit includes $48 billion already paid out of the $168 billion planned payments for the economic stimulus plan. Receipts for [...]

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