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Raising Threshold for Bush Tax Cuts from $250000 to $1
820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 [email protected] www.cbpp.org May 30, 2012 JOINT TAX COMMITTEE: RAISING THRESHOLD FOR BUSH TAX CUTS FROM $250,000 TO $1 MILLION WOULD LOSE $366 BILLION — NEARLY HALF THE REVENUE Revenue Loss Would Worsen Deficits and Increase Threats to Low-Income and Other Programs By Chuck Marr and Chye-Ching Huang House Minority Leader Nancy Pelosi’s proposal Raising Threshold for Extending to extend President Bush’s income tax cuts for Bush Tax Cuts Would Cost $366 Billion households making up to $1 million a year would Over First Decade lose nearly half of the revenue that President Obama’s proposal to extend the tax cuts only for households making up to $250,000 would raise, according to new estimates from Congress’ Joint Committee on Taxation (JCT). The higher threshold would raise 44 percent — or $366 billion — less in revenue over the coming decade than the lower threshold. Citizens for Tax Justice has released estimates showing a virtually identical percentage revenue loss. This means that policymakers ultimately would need to find $366 billion more in deficit savings to offset the cost. That would make key programs ranging from Medicare to Medicaid and other low-income programs to education, basic research, food safety, defense, and homeland security significantly more vulnerable to deep cuts. *Excludes additional savings from reduced interest on the The Obama proposal to extend income tax cuts debt. Savings exclude any reductions in estate tax cuts. only for those with incomes up to $250,000 would Source: Joint Committee on Taxation achieve $829 billion in much-needed deficit reduction over the next ten years, according to JCT (and $965 billion in total deficit reduction when debt-service savings are included). -
The Bush Tax Cuts and the Economy
The Bush Tax Cuts and the Economy Thomas L. Hungerford Specialist in Public Finance December 10, 2010 Congressional Research Service 7-5700 www.crs.gov R41393 CRS Report for Congress Prepared for Members and Committees of Congress The Bush Tax Cuts and the Economy Summary A series of tax cuts were enacted early in the George W. Bush Administration by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA; P.L. 107-16) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA; P.L. 108-27). These tax cuts, which are collectively known as the Bush tax cuts, are scheduled to expire at the end of 2010. Beginning in 2011, many of the individual income tax parameters (such as tax rates) will revert back to 2000 levels. The major tax provisions in EGTRRA and JGTRRA that are part of the current debate over the Bush tax cuts are the reduced tax rates, the reduction of the marriage penalty (and increase in the marriage bonus), the repeal of the personal exemption phaseout and the limitation on itemized deductions, the reduced tax rates on long-term capital gains and qualified dividends, and expanded tax credits. This report examines the Bush tax cuts within the context of the current and long-term economic environment. The U.S. economy entered into a recession in December 2007. Between the fourth quarter of 2007 and the second quarter of 2009, the economy shrank with real gross domestic product (GDP) falling by 4.1%. The unemployment rate increased from 4.9% in December 2007 to 10.1% by October 2009, and is currently still over 9%. -
HKS Communications Program Twitter: @Hkscommprog Common Challenge, Collaborative Response
HKS Communications Program www.hkscommunicationsprogram.org Twitter: @hkscommprog Common Challenge, Collaborative Response A Roadmap for U.S.-China Cooperation on Energy and Climate Change January 2009 A PARTNERSHIP BETWEEN: Center on U.S.-China Relations Asia Society Richard Holbrooke, Chairman Vishakha Desai, President Initiative for U.S.-China Cooperation on Energy and Climate A Partnership Between: Asia Society Center on U.S.-China Relations Orville Schell Arthur Ross Director Banning Garrett Director, Initiative for U.S.-China Cooperation on Energy and Climate Joanna Lewis Initiative Research Director Assistant Professor, Georgetown University School of Foreign Service Jonathan Adams Initiative Assistant Director and Pew Center on Global Climate Change Eileen Claussen President Elliot Diringer Vice President, International Strategies Project Co-Chairs Steven Chu Director, Lawrence Berkeley National Laboratory; Professor of Physics and Molecular and Cellular Biology, University of California, Berkeley* John Thornton Chairman, The Brookings Institution; Professor, Tsinghua University; Board Member, Asia Society Senior Advisors Jon Anda Board Member, Asia Society; former Vice Chairman, Morgan Stanley Maria Cantwell, U.S. Senator (D – Washington) Dianne Feinstein U.S. Senator (D – California) Henry Kissinger Former Secretary of State Gavin Newsom Mayor of San Francisco Lee Scott CEO, Wal-Mart Laura D’Andrea Tyson S.K. and Angela Chan Professor, Haas School of Business, University of California, Berkeley; former Chairman of the President’s Council of Economic Advisors *Co-chair until nominated by President-Elect Obama to be Secretary of Energy. 2 This project arose and evolved through collaboration that also included the following groups and individuals: The Brookings Institution: Kenneth Lieberthal and David Sandalow Council on Foreign Relations: Elizabeth Economy and Michael Levi Environmental Defense Fund: Peter Goldmark and David Yarnold National Committee on U.S.-China Relations: Steve Orlins and Jan Berris Contributors Jeffrey A. -
Testimony to the Joint Economic Committee Hearing on “How The
Testimony to the Joint Economic Committee hearing on “How the Taxation of Labor and Transfer Payments Affect Growth and Employment,” Wednesday, May 16, 2pm (embargoed until the hearing begins). Submitted by Simon Johnson, Ronald Kurtz Professor of Entrepreneurship, MIT Sloan School of Management; Senior Fellow, Peterson Institute for International Economics; co-founder of http://BaselineScenario.com; member of the CBO’s Panel of Economic Advisers; and member of the FDIC’s Systemic Resolution Advisory Committee.1 A. Main Points 1) The US faces a serious medium-term budget deficit problem – realistic forecasts show a rising trajectory for US government debt over the next two decades. 2) The primary drivers of the large increase in public debt over the past decade were: the George W. Bush-era tax cuts; wars in Iraq and Afghanistan; Medicare Part D; and the financial crisis that began in the fall of 2008. This is the sixth surge in national debt in US history; the previous 5 surges were all caused by war (see Chapters 1 and 2 in White House Burning by Simon Johnson and James Kwak, on the history of U.S. national debt). 3) The current nature of our financial sector generates system risk that has negative macroeconomic implications in the United States, including for our public finances. a. To assess just the fiscal impact of the recent finance-induced recession, consider changes in the CBO’s baseline projections over time. In January 2008, the CBO projected that total government debt in private hands—the best measure of what the government owes—would fall to $5.1 trillion by 2018 (23% of GDP). -
Just the Facts: a Weekly Report on the Presidential Candidates
Just the Facts: A Weekly Report on the Presidential Candidates Spotlight on the Second 2012 Presidential Debate President Obama is clear in his commitment to education, women’s issues, and protecting the middle class. On Tuesday, the 2012 Presidential Debates resumed. Responding to questions from independent voters, the President affirmed: “Your future is bright.”1 President Obama believes in providing every child access to a complete education.2 In addition, the President has secured key reforms for affordable federal student loans, and he has capped loan payments to help 1.6 million students reduce their monthly payments.3 President Obama fought to stop interest rates on student loans from doubling for more than 7 million students, and he has created and expanded a tax credit worth $10,000 over four years of college. His policies expanded access to Pell Grants to help nearly 4 million more students afford college. During Tuesday’s debate, the President pointed out that “when Governor Romney’s campaign was asked about the Lilly Ledbetter bill… He said, ‘I’ll get back to you.’ And that’s not the kind of advocacy that women need in any economy.”4 In fact, the first law the President signed was the Lilly Ledbetter Fair Pay Restoration Act, which restored basic protections against pay discrimination.5 President Obama has cut taxes for middle class families by $3,600.6 Reportedly, the “very wealthiest American households are paying nearly the lowest tax rate in 50 years…But the average tax rate for middle class families has barely budged.”7 The President said: “My philosophy on taxes has been simple…give middle-class families…some relief. -
Federal Tax Cuts in the Bush, Obama, and Trump Years
ANALYSIS JULY 2018 Federal Tax Cuts in the Bush, Obama, and Trump Years STEVE WAMHOFF and MATTHEW GARDNER Data Available for Download OVERVIEW Since 2000, tax cuts have reduced federal revenue by trillions of dollars and disproportionately benefited well-off households. From 2001 through 2018, significant federal tax changes have reduced revenue by $5.1 trillion, with nearly two-thirds of that flowing to the richest fifth of Americans, as illustrated in Figure 1.1 The cumulative impact on the deficit during this period is $5.9 trillion, including interest payments. By the end of 2025, the tally of tax cuts will grow to $10.6 trillion. Nearly $2 trillion of this amount will have gone to the richest 1 percent. By then, the total impact on the deficit will be $13.6 trillion, including interest payments. This analysis does not include hundreds of billions of dollars in so-called tax cut “extenders” for corporations and other businesses that Congress has periodically enacted under each administration.2 More detailed figures are provided in the tables in Appendix I. FIGURE 1 Shares of Federal Tax Cuts Going to Each Income Group, 2001 Through 2018 65% Top 1% 22% Next 4% 16% 16% Next 15% 7% 9% 27% 3% Poorest 20% Second 20% Middle 20% Fourth 20% Richest 20% Excludes tax break “extenders” for businesses like bonus depreciation Source: ITEP analysis FIGURE 2 Tax Cuts as Share of Income in Selected Years, by Income Group 2012 2015 2018 -2.0% -2.5% -2.4% -2.6% -2.6% -3.4% -3.6% -3.5% -3.6% -3.6% -3.6% -3.9% -4.3% -4.6% -4.8% Poorest 20% Second 20% Middle 20% Fourth 20% Richest 20% Excludes tax break “extenders” for businesses like bonus depreciation Source: ITEP analysis These estimates compare the federal tax law in place each year to the tax law in effect in 2000 (assuming normal annual inflation adjustments as required by law). -
Solar Industry Amicus Brief
Case: 09-17490 03/18/2010 Page: 1 of 23 ID: 7271263 DktEntry: 48 No. 09-17490 IN THE UNITED STATES COURT OF APPEALS FOR THE NINTH CIRCUIT NATIVE VILLAGE OF KIVALINA and CITY OF KIVALINA, Plaintiffs –Appellants, v. EXXONMOBILE CORPORATION; BP P.L.C.; BP AMERICA, INC.; BP PRODUCTS NORTH AMERICA, INC.; CHEVRON CORPORATION; CHEVRON U.S.A., INC.; CONOCOPHILLIPS COMPANY; ROYAL DUTCH SHELL PLC; SHELL OIL COMPANY; PEABODY ENERGY CORPORATION; THE AES CORPORATION; AMERICAN ELECTRIC POWER SERVICES CORPORATION; DTE ENERGY COMPANY; DUKE ENERGY CORP.; DYNEGY HOLDINGS, INC.; EDISON INTERNATIONAL; MIDAMERICAN ENERGY HOLDINGS COMPANY; MIRANT CORPORATION; NRG ENERGY; PINNACLE WEST CAPITAL CORPORATION; RELIANT ENERGY, INC.; THE SOUTHERN COMPANY; and EXCEL ENERGY, INC. Defendants – Appellees. On Appeal from the United States District Court for the Northern District of California (San Francisco Division) BRIEF OF SOLAR INDUSTRY AMICI CURIAE IN SUPPORT OF PLAINTIFFS–APPELLANTS NATIVE VILLAGE OF KIVALINA and CITY OF KIVALINA Sean H. Donahue Stephen F. Hinchman, Esq Sean H. Donahue Law Office 537 Fosters Point 2000 L St., NW, Suite 808 West Bath, ME 04530 Washington, DC 20036 (207) 837-8637 (202) 277-7085 Counsel for Solar Industry Amici Curiae Case: 09-17490 03/18/2010 Page: 2 of 23 ID: 7271263 DktEntry: 48 RULE 26.1 CORPORATE DISCLOSURE STATEMENT OF THE SOLAR INDUSTRY AMICI CURIAE Pursuant to Rule 26.1 of the Federal Rules of Appellate Procedure: Proposed amicus curiae Akeena Solar, Inc., states that no parent or publicly held corporation owns 10 percent or more of its stock. Proposed amicus curiae Petersen-Dean, Inc., states that no parent or publicly held corporation owns 10 percent or more of its stock. -
Epistemically Detrimental Dissent in Climate Science
University of Montana ScholarWorks at University of Montana Graduate Student Theses, Dissertations, & Professional Papers Graduate School 2017 Epistemically Detrimental Dissent in Climate Science Iheanyi Amadi University of Montana, Missoula Follow this and additional works at: https://scholarworks.umt.edu/etd Part of the Environmental Policy Commons, and the Philosophy of Science Commons Let us know how access to this document benefits ou.y Recommended Citation Amadi, Iheanyi, "Epistemically Detrimental Dissent in Climate Science" (2017). Graduate Student Theses, Dissertations, & Professional Papers. 10991. https://scholarworks.umt.edu/etd/10991 This Thesis is brought to you for free and open access by the Graduate School at ScholarWorks at University of Montana. It has been accepted for inclusion in Graduate Student Theses, Dissertations, & Professional Papers by an authorized administrator of ScholarWorks at University of Montana. For more information, please contact [email protected]. EPISTEMICALLY DETRIMENTAL DISSENT IN CLIMATE SCIENCE By IHEANYI JOHN AMADI M.A. (Philosophy), University of Port Harcourt, Port Harcourt, Nigeria, 2014 B.Phil. (Philosophy), Pontifical Urban University, Rome, Italy, 2007 B.A. (Philosophy), Imo State University, Owerri, Nigeria, 2007 Thesis presented in partial fulfilment of the requirements for the degree of Master of Arts in Philosophy The University of Montana Missoula, MT May 2017 Approved by: Scott Whittenburg, Dean of the Graduate School Graduate School Soazig Le Bihan, Chair Department of Philosophy Albert Borgmann, Committee Member Department of Philosophy Christopher Preston, Committee Member Department of Philosophy Dane Scott, Committee Member Forestry and Conservation Amadi, Iheanyi, M.A., Spring 2017 Philosophy ABSTRACT Chairperson: Soazig Le Bihan Committee Member: Albert Borgmann Committee Member: Christopher Preston Committee Member: Dane Scott Dissent, criticism and controversy are integral to scientific practice, especially when we consider science as a communal enterprise. -
Shades of Denialism
Shades of Denialism Lauren E. Cagle University of South Florida ~ [email protected] Carl Herndl University of South Florida ~ [email protected] Abstract Journalists and scholars have been writing about the phenomenon of climate denialism since the late 1990s. These exposés of climate denialism focus on how controversy has been manufactured by the oil, gas and coal industries and the think tanks and policy institutes they underwrite. In exposing these tactics, critics tend to portray climate deniers as a homogeneous group of ideologues, scoundrels and dupes. We argue that climate denialism or climate skepticism is a more nuanced cultural formation that has complex sources, ideological commitments, and rhetorical expressions. This argument follows recent analyses turning primarily to ideology, political affiliation, and personal values to explain denialism and skepticism in the face of overwhelming scientific evidence (McCright & Dunlap, 2011; Poortinga, Spence, Whitmarsh, Capstick, & Pidgeon, 2011; Whitmarsh, 2011). Using analyses primarily of online spaces, such as comments on news stories and discussion threads on the forum- based site Reddit, this paper will identify multiple shades of denialism and skepticism as they emerge in a variety of forums. We plot these variations on a theme on a map organized by the degree to which a position emerges form a scientific background and the strength of its skepticism. This paper argues that if we are to address the crucial problem of climate denialism, we need a better understanding of not only the political and economic, but also the rhetorical and social nuances of the problem. Shades of Denialism In a recent review essay in The Atlantic Magazine, Charles Mann recounts the stalemate between ecologists and economists over how to address global climate change. -
Save Document As Question1 and Add Your Last Name Or Affiliation
Additional Topics Submitter’s Name/Affiliation: William Prindle, Deputy Director, ACEEE If there is an additional topic related to the design of a mandatory market based program that you would like to address, please submit comments on this form. Why Energy Efficiency Requires Explicit Treatment in Climate Policy ACEEE wants to emphasize to the Committee the importance of engaging energy efficiency in any effective national climate policy. As the studies we have cited elsewhere in our responses to the Committee’s questions have shown, energy efficiency is one of the most cost-effective ways to address carbon emissions, and it can lead to a climate policy that produces net economic benefits, not penalties, for the economy. Yet energy efficiency will not happen automatically through a broad, upstream cap-and-trade program, because efficiency occurs downstream, at the end-use level. This means that emissions traders typically will not accept emission reductions credits from energy efficiency as valid, because reductions in energy use do not assure upstream emission reductions. This is particularly problematic in the power sector. Our analysis leads us to the conclusion that to be engaged effectively in climate policy, efficiency requires two key policy commitments: 1. A direct allocation, or auction, of allowances to entities charged with acquiring energy efficiency and other clean energy resources. 2. Parallel, complementary policies outside the cap regime, which are designed to achieve targeted energy savings in the most cost-effective way. These include energy efficiency resource standards (EERS), public benefits funds (PBF), and appliance standards The Modeling of Climate Policy Must Better Address Efficiency’s Benefits We suggest that the climate science argument is largely completed. -
What Is at Stake in Democratizing Knowledge?
Forthcoming in Foundations of Science Identifying Difference, Engaging Dissent: What is at Stake in Democratizing Knowledge? Loren King1, Brandon MorganOlsen2, and James Wong3 Abstract Several prominent voices have called for a democratization of science through deliberative processes that include a diverse range of perspectives and values. We bring these scholars into conversation with extant research on democratic deliberation in political theory and the social sciences. In doing so, we identify systematic barriers to the effectiveness of inclusive deliberation in both scientific and political settings. We are particularly interested in what we call misidentified dissent, where deliberations are starkly framed at the outset in terms of dissenting positions without properly distinguishing the kinds of difference and disagreement motivating dissent. The creation of cognitive democracy, of democratic science, is as much a matter of conflict and hope as is the creation of political democracy. Helen Longino, “Subjects, Power and Knowledge” 1. Introduction Several recent voices in epistemology and the philosophy of science have called for a democratic turn in understanding how we seek and gain knowledge. Philip Kitcher calls for inclusion of all relevant parties in an “enlightened democracy” of knowledge production, where participants are carefully tutored to avoid “the danger of holding inquiry hostage to capricious and irrational desires” (Kitcher 2003, 124), but are nonetheless motivated by respect for other views 1 Department of Political Science, Wilfrid Laurier University, Waterloo, Ontario, Canada 2 Department of Philosophy, Loyola University Chicago, Illinois, USA 3 Department of Philosophy, Wilfrid Laurier University, Ontario, Canada 1 (118119). In this way, Kitcher hopes parties will transform their beliefs and preferences in light of compelling evidence and persuasive argument, while taking seriously a diversity of perspectives and interests. -
Heads They Win, Tails We Lose
Heads They Win, Tails We Lose How Corporations Corrupt Science at the Public’s Expense Heads They Win, Tails We Lose How Corporations Corrupt Science at the Public’s Expense The Scientific Integrity Program of the Union of Concerned Scientists February 2012 ii UNION OF CONCERNED SCIENTISTS © 2012 Union of Concerned Scientists The Union of Concerned Scientists (UCS) is the leading science- based nonprofit working for a healthy environment and a safer world. The UCS Scientific Integrity Program mobilizes scientists and citizens alike to defend science from political interference and restore scientific integrity in federal policy making. To learn more, visit www.ucsusa.org/scientific_integrity. The Union of Concerned Scientists is the leading science-based nonprofit working for a healthy environment and a safer world. The full text of this report is available on the UCS website at www.ucsusa.org/scientific_integrity or may be obtained from: UCS Publications Two Brattle Square Cambridge, MA 02138-3780 Or, email [email protected] or call (617) 547-5552. HEADS THEY WIN, TAILS WE LOSE iii Contents Text Boxes................................................................................................................................................... iv Contributors ............................................................................................................................................. v Acknowledgments .................................................................................................................................