...Itemized Tax Deductions for Individuals: Data Analysis Sean Lowry Analyst in Public Finance February 12, 2014 Congressional Research Service 7-5700 www.crs.gov R43012 CRS Report for Congress Prepared for Members and Committees of Congress Itemized Tax Deductions for Individuals: Data Analysis Summary Reforming or limiting itemized tax deductions for individuals has gained the interest of policymakers as one way to increase federal tax revenue, increase the share of taxes paid by higher-income tax filers, simplify the tax code, or reduce incentives that might lead to inefficient economic behavior. However, limits on deductions could cause adverse economic effects or changes in the distributional burden of the federal income tax code. This report is intended to identify who claims itemized deductions, for how much, and for which provisions? This report analyzes data to inform the policy debate about reforming itemized tax deductions for individuals. In 2011, 32% of all tax filers chose to itemize their deductions rather than claim the standard deduction. In addition, the data indicate that both the share of tax filers who itemize their deductions and the amount claimed by each tax filer as adjusted gross income (AGI) increases. AGI is the basic measure of income under the federal income tax and is the income measurement before itemized deductions and personal exemptions are taken into account. Although higherincome tax filers are more likely to itemize their deductions...
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...Chapter 3 Separation of Powers- giving distinct powers to Congress, the president, and the federal courts. Federal supremacy- cause federal statues to preempt inconsistent state law. Federal law is supreme to state law. Federalism- structures power relations between the federal government and the states. Judicial review-Courts declare the actions of other government bodies unconstitutional. Police power-broad state power to regulate for the public health, safety, morals, and welfare. Enumerated powers- (USC limits government regulatory powers in two ways). Restricts federal legislative authority by listing the powers that congress can exercise. Second, USC limits both state and federal power by placing certain independent checks in the path of each. Eminent domain- government formally condemns land through its power. Article I-Congress composed of a Senate and a House of representatives, gives a sole power to legislate at the federal level, and sets out rules for the enactment of legislation. (Section 8 when congress can make laws by stating its legislative powers…Three of those powers…The commerce, tax, and the spending powers. Section 7…president power to veto legislation passed by congress to override a veto by a two thirds vote of each house.) Article II-Gives president the executive power the power to execute or enforce the laws passed by congress. (Section 2…powers to command the nation’s armed forces and to make its treaties. ...
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...Clause found in Article IV. Since the framers made the Constitution the supreme law of the land, a court, exercising judicial power in a case involving a conflict between the Constitution and an inferior law, it must choose the Constitution. Charles Hobson contends that Marshall’s opinion in this case was not intended to enlarge the powers of the federal government, but rather to restrict state encroachments on the exercise of legitimate congressional...
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...APPENDIX P: Project Costs and Schedule Risk Analysis Report LCA CONVEY ATCHAFALAYA RIVER WATER TO NORTHERN TERREBONNE MARSHES AND MULTIPURPOSE OPERATION OF THE HOUMA NAVIGATION LOCK FEASIBILITY STUDY FOR ST. LOUIS DISTRICT, ST. LOUIS, MO Prepared for: St. Louis District, St. Louis, MO __ Prepared by: Paige Scott __________________ Date: __03 May 2010 ________ TABLE OF CONTENTS EXECUTIVE SUMMARY ................................................................................................ 1 1. PURPOSE ................................................................................................................. 3 2. BACKGROUND......................................................................................................... 3 3. REPORT SCOPE ...................................................................................................... 3 3.1 Project Scope .................................................................................................... 4 3.2 USACE Risk Analysis Process .......................................................................... 4 4. METHODOLOGY/PROCESS .................................................................................... 5 4.1 Identify and Assess Risk Factors ....................................................................... 6 4.2 Quantify Risk Factor Impacts ............................................................................. 7 4.3 Analyze Cost Estimate and Schedule...
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...CONGRESS OF THE UNITED STATES CONGRESSIONAL BUDGET OFFICE CBO The Budget and Economic Outlook: Fiscal Years 2013 to 2023 Percentage of GDP 120 100 80 60 40 20 0 1940 1945 Actual Projected 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Federal Debt Held by the Public Trillions of 2005 dollars 20 18 16 14 12 10 0 2000 2004 2008 Potential GDP GDP Actual Projected Percent 12 10 8 6 4 2 0 2000 Actual Projected 2012 2016 2020 2024 2004 2008 2012 2016 2020 2024 GDP and Potential GDP Unemployment Rate FEBRUARY 2013 Notes Numbers in the text and tables may not add up to totals because of rounding. Unless otherwise indicated, years referred to in describing the budget outlook are federal fiscal years (which run from October 1 to September 30) and years referred to in describing the economic outlook are calendar years. The figures in Chapter 2 have white vertical bars that indicate the duration of recessions. (A recession extends from the peak of a business cycle to its trough.) The economic forecast was completed in mid-January 2013, and the estimates of 2012 values shown in tables and figures in Chapter 2 and Appendix B are based on information available at that time. Supplemental data for this analysis and the historical budget data that are usually included in this report are available on CBO’s Web site (www.cbo.gov). CBO Pub. No. 4649 Contents Summary...
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...investigation which reviewed the events leading up to the attacks and provided mitigation strategies to prevent, or deter, such an attack from taking place again, altering the way the U.S. military thinks and operates while in-transit. The report organized the findings into national and operational levels and further separated these into the five functional areas of organization, antiterrorism/force protection, intelligence, logistics and training. The report found that a unity of effort across US Government agencies and development of host nations’ security capabilities was critical in impeding a terrorist’s ability to hit transit forces. It also recommended the allocation of additional intelligence gathering resources for the collection and analysis of data related the terrorist organizations’ capability and intent within the region as well as increasing counterintelligence assets to combat terrorism and develop counterintelligence assessments for forces unable to do so while they are in-transit. Finally the report makes clear that units must be as competent in responding to antiterrorist/force protection (AT/FP) attacks as they are in the performance of their wartime mission. The goal of the report was to develop strategies intended to inhibit an enemy’s ability to strike our forces abroad. Other programs and initiatives have been developed...
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...Monetary Policy and the Federal Reserve: Current Policy and Conditions Marc Labonte Specialist in Macroeconomic Policy February 9, 2015 Congressional Research Service 7-5700 www.crs.gov RL30354 Monetary Policy and the Federal Reserve: Current Policy and Conditions Summary The Federal Reserve (the Fed) defines monetary policy as its actions to influence the availability and cost of money and credit. Because the expectations of market participants play an important role in determining prices and economic growth, monetary policy can also be defined to include the directives, policies, statements, and actions of the Fed that influence future perceptions. Traditionally, the Fed has implemented monetary policy primarily through open market operations involving the purchase and sale of U.S. Treasury securities. The Fed traditionally conducts open market operations by setting a target for the federal funds rate, the rate at which banks borrow and lend reserves on an overnight basis. Beginning in September 2007, in a series of 10 moves, the federal funds target was reduced from 5.25% to a range of 0% to 0.25% on December 16, 2008, where it has remained since. With the federal funds target at this zero lower bound, the Fed attempted to provide additional stimulus through unconventional policies. It provided forward guidance on its expectations for future rates, announcing that it “anticipates that, even after employment and inflation are near mandate-consistent levels, economic...
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...Henry DeVry University The Patient Protection and Affordable Care Act Analysis Paper Professor: Dr. Devin December, 15th, 2013 TABLE OF CONTENTS Title: “The Patient Protection and Affordable Care Act Analysis Paper” I. Introduction A. History/Background II. Quality, Affordable Health Care For All Americas B. Immediate Improvements in Health Care Coverage for All Americans a. Amendments to the Public Health Service b. improving coverage i. Prohibition on rescissions ii. Extension of dependent coverage III. Immediate Actions to Preserve and Expand Coverage a. Immediate access to insurance for uninsured individuals with a preexisting condition. b. Reinsurance for early retirees IV. general reform c. Fair health insurance premiums d. Guaranteed availability of coverage V. Consumer Choices and Insurance Competition Through Health Benefit Exchanges e. Affordable choices of health benefit plans f. Consumer choice VI. The Legislation The Patient Protection and Affordable Care Act Analysis Paper Back on March 30, 2010 president Barrack Obama signed The Patient Protection and Affordable Care Act (PPACA) since it had been approved by the house on March 21, 2010. It was a great step in the direction of safeguarding healthcare for all the individuals and family of the USA regardless of whether they are insured or not. There are several types of classes of people that live...
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...techniques. In the public sector, the term is often exclusively associated with infrastructure investments -- plant and equipment. It is more properly associated with all policy choices that have significant, long-term consequences: especially decisions about missions, programs, products, processes, or procedures. There are standard solutions to several kinds of capital-budgeting problems: make or buy decisions, investment in working capital (especially inventories) decisions, maintenance-level decisions, project selection, the choice of mutually exclusive investments, and investments in plant with fluctuating rates of production. However, the same basic calculus of benefits and costs is supposed to guide all classes policy choices with long-term consequences. Financial Theory Financial theory teaches that, in the presence of a capital market where funds can be obtained at a price, welfare will be maximized by the implementation of all policy choices that generate positive net-present values. This means, in part, that the timing of benefits and costs is generally of no importance. Most students of financial economics further assert that capital budgeting decisions should also be independent of the source of financing -- value will be the same regardless of whether it is financed with debt, equity or taxes. Taken together these two assertions imply that all capital budgeting decisions should be governed by cost-benefit analysis, which says: do it whenever...
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...environment of innovation that will see the vision of UOTF come true. The UOTF proposes changes in several areas that include legislation and regulation practices, institutional and programmatic practices, financial and risk management convections and utility leadership and internal management approaches. This will enable creation of innovative environment that will mitigate risks, strengthen project feasibility and stimulate technology advancement with minimal resource commitment that generates high rates of economic, environmental and social returns. Changes in legal sector should include area of integration of watershed-based processes[4]. Transformations are expected in total maximum load (TMDL) processes, UOFT recommends congressional authorization as needed, environmental protection agency (EPA), and the states should reform the TMDL to achieve reliable, least-cost loadings reductions regardless of source and restore...
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...14 December, 2013 The Impact of United States Drug Policy on Mexico and Colombia Drugs are not new to this Earth. Mankind has grown and consumed drugs for millennia. Marijuana, or more appropriately Cannabis, is indigenous to Central and South Asia, and has been consumed widely since 3000 B.C.E. (ElSohly 8). In more recent times (1938), Albert Hoffman synthesized Lysergic acid diethylamide, more commonly known as LSD, while searching for treatments for psychiatric diseases (Hoffman). Initially, many drugs were used in religious/spiritual functions. In several instances, the strong fibers of the Cannabis plant were used for building, much like jute, and the narcotic aspects of the plants were not even explored (ElSohly 8). However, today, drugs are frequently used recreationally, and as a result are highly profitable commodities. It is common knowledge that across the world, the vast majority of drugs are illegal or are restricted in some way. Almost nightly, proponents for the legalization of drugs, decriminalization of certain drugs, and the continued ban on drugs debate their positions through the media. This debate is a hot button issue that is almost entirely centered upon the views and policies of the world’s largest drug consumer, the United States of America (CIA Factbook). Governments and the media very often focus on drug consumption trends and drug flow into the United States, while largely ignoring Latin American perspectives and impacts on Latin America. Though...
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...In Gibbons v. Ogden courts ruled that if a state business operates across other state borders, federal law reigns supreme and states may not regulate these transactions. In United States v. Alderman, Alderman argued that he complied with Washington state law regarding the purchase and possession of body armor. However, even though Alderman abided by state law, his transaction involved interstate commerce. Because the entire body armor industry ships its products to distributors in many states, the purchase of any body armor by any person constitutes interstate commerce. For this reason, Congress has the right to regulate any transaction involving the sale of body armor and may override state law as it conflicts with congressional...
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...i. Affordable Care Act b. Analysis of Obamacare ii. CBO iii. Political Climate c. Pros and Cons II. Economic Growth d. Employers Response e. Small Business Survival f. GDP Growth III. Patient Protection Act g. Summary of Provisions h. Patient Bill of Rights IV. Conclusion Is Obamacare the solution to the real world problem of affordable healthcare? The purpose of this research paper is to understand whether Obamacare will be a solution to our growth or a long-term economic downfall. Does it make healthcare insurance less expensive? How will employers respond to Obamacare mandates? Can small businesses survive Obamacare? How reasonable are the projections? Obamacare also known as the Affordable Health Care Act is a new United States law designed to reform the American health care system. The main focus is on providing more Americans with access to affordable health insurance by improving the quality of health care, reducing health care spending, and regulating the health insurance industry (ObamaCare, 2014). Analysis Studies indicate that Obamacare has increased the underlying cost of individually purchased health insurance in the average state by 41 percent (Roy, 2014). This is an estimate average however, much research indicates that many different counties have increased premiums in excess of 200 percent rates. According to the Congressional Budget Office (CBO) it doesn’t expect...
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...Habeas Corpus Melvin Gresham 30 March 2013 American National Government A writ of Habeas Corpus as the book definition has it is that of a writ (legal action) that requires a person under arrest to be brought to a judge or into a court for a hearing to basically determine they are guilty of alleged crimes or not. It is a right given to every American so they can know that they are being treated fairly and that they are being given a fair trial. I am going to discuss in my paper how habeas corpus has been taken in some cases and how I can both agree and disagree with those reasons. Habeas corpus emerged in the middle ages in England as an instrument of royal prerogative. The King of England wanted to know why any of his subjects were being detained and if they were being detained for lawful reasons or not. It was a further attempt at formalizing and streamlining the legal process that emerged as the English monarchy was trying to wrest power away from feudal lords and barons. In 1679, the right was secured in the Habeas Corpus Act of 1679, which expanded it after several previous court cases that lessened its effect and availability (Halliday, 2010). The tradition as codified by this law travelled over the Atlantic and to the New World, where it became an integral part of American legal tradition as well. It was preserved both in Article One of the United States Constitution and in the Judiciary Act of 1789 (Wert, 2011). Habeas Corpus has been around for hundreds...
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...form. Bills that pass both houses are sent to the President. He can either sign the bill, in which case it becomes law, or he can veto it. In the case of a veto, the bill is sent back to Congress, and if both houses pass it by a two-thirds majority, the bill becomes law over the President's veto. b. Describe the legislative process utilized today, above and beyond the Constitutional requirements. The general process for making a bill into law is described in the Constitution. First, a bill needs to be drafted. You do not need to be a member of congress to draft a bill. For example lobbyists and other congressional staff can draft a bill, but only a member of congress can introduce legislation. Bills then get referred to standing committees. Once referred, the bill gets on the committee’s calendar for review by a subcommittee or by the full committee After staff analysis and hearings, if the committee chooses, the bill then goes to “mark up”, which is a process in which subcommittees edit or amend the bill. Even after this process the bill may die there. If the bill survives, the committee votes to recommend the bill to the House or Senate. This...
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