It will be the end of the world as we know it if the federal government does not reform its fiscal ways, according to the Congressional Budget Office’s recent Long-Term Budget Outlook. The results from this year’s report, particularly the extended alternative fiscal scenario, are even worse than last year’s. The alternative fiscal scenario projects non-interest expenditures to reach 26.1% of GDP in 2037. This surpasses last year’s gloomy outlook in which CBO projected expenditures to reach 25.0% of GDP in 2035. Historically, non-interest expenditures have averaged about 19%. Alarmingly, CBO projects debt held by the public, which excludes trust fund debt like Social Security, will be 199% of GDP in 2037, up from 69% in 2011.
Chaffetz: To Avert Disaster, Washington Must Tackle Fiscal Reform
06/10/2012 | 794 views | 1 
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| 5 | | It will be the end of the world as we know it if the federal government does not reform its fiscal ways, according to the Congressional Budget Office’s recent Long-Term Budget Outlook. The results from this year’s report, particularly the extended alternative fiscal scenario, are even worse than last year’s. The alternative fiscal scenario projects non-interest expenditures to reach 26.1% of GDP in 2037. This surpasses last year’s gloomy outlook in which CBO projected expenditures to reach 25.0% of GDP in 2035. Historically, non-interest expenditures have averaged about 19%. Alarmingly, CBO projects debt held by the public, which excludes trust fund debt like Social Security, will be 199% of GDP in 2037, up from 69% in 2011.
today's headlines
Local Headlines
May 21, 2013 | 6467 views | 0 | 1 | |
| 1 | | Salt Lake Tribune
Suburban Utah sees huge spike in poverty
Utah Regents approve boosting college presidents' pay up to 24 percent
Hatch wants immigrant fingerprints taken at airports
State senator to Beretta: Come make guns in Utah
Utah's Lee restores immigration fraud laws in reform bill
Senate panel supports Hatch's pot farming penalties
Hatch poised to back immigration bill with changes
State to shoulder Utah counties' RS2477 court costs
Millard School District, taxpayers group, to provide more evidence in open-meetings case
Peg McEntee: West Valley police's baggage mars end of Powell probe
Mustard-filled weapons found in Utah desert
Deseret News
Robert Bennett: With public trust waning, Swallow needs administrative leave
Op-ed: Why moderates lost the caucus vote
'Count My Vote' Republicans weigh next move on caucus changes
Senator wants to offer incentives to attract gunmakers to Utah
Salt Lake County considering mutual commitment registry
Hatch seeks immigration bill changes
Journalists criticize Obama administration, say Fox News' James Rosen targeted 'for basic reporting'
Other
Editorial: Feds have policing power (Standard-Examiner)
Senator looking to attract gun makers to Utah (Daily Herald)
Op-ed: Supporting Medicaid in the ACA (Daily Herald)
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National Headlines
May 20, 2013 | 16684 views | 0 | 1 | |
| 1 | | Team Obama digs in, fights to get agenda back on track amid scandals (The Hill)
Healthcare regs move forward (The Hill)
Sebelius touts ObamaCare in Europe (The Hill)
Supreme Court will hear church-state case over prayers at public meetings (Associated Press)
Major ICE Union Against Immigration Bill, But Senate Bill Barrels Forward (U.S. News & World Report)
Senate Panel Asks I.R.S. Chief to Detail Communications With White House (New York Times)
Ed Markey's fight strategy: Duck 'n' cover (Boston Herald)
Road to 2016: Rand Paul sells out N.H. GOP event (USA Today)
Sifma Names Gregg CEO to Mend Wall Street-Washington Divide (Bloomberg)
Feds Again Delay San Onofre Nuke Restart Decision (ABC News)
Is student loan market ripe for private investment? (USA Today)
Schumer asks airlines to reverse flight change fees (USA Today)
Local Business Headlines
May 20, 2013 | 6526 views | 0 | 1 | |
| 1 | | Senator looking to attract gun makers to Utah (Daily Herald)
Senator wants to offer incentives to attract gunmakers to Utah (Daily Herald)
State senator to Beretta: Come make guns in Utah (Salt Lake Tribune)
Resort lodges finish a much better ski season (Salt Lake Tribune)
Goldman, Zions take Salt Lake City stage this week (Salt Lake Tribune)
He's a Utah Angel — John Richards leader in business startups (Daily Herald)
Utah added 43,000 more jobs in April 2013 compared to April 2012 (Deseret News)
Op-ed: SLCC's role in small business (Salt Lake Tribune)
As Utah's star rises after 2 recessions, lessons linger (Salt Lake Tribune)
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The 2-4-8 Tax Blend is a better way to tax because it adds: a VAT ($10 trillion base) and net wealth tax ($53 trillion base); to the income tax ($13 trillion base). The Bowles-Simpson Commission was not permitted to consider these tax bases and congress apparently does not think the economy is important enough to even study the options. The tax blend is simple, efficient and so fair that it does not give a partisan advantage to either Democrats or Republicans. It is balanced to help everyone prosper and to pay more taxes only as they do.
For Business: 8% corporate rate and 4% VAT - (“tax perfection” with no downside)
For Individuals: 8% individual rate and 2% net wealth - [excluding $15,000 savings and all retirement funds]
It produces $500 billion more in revenue [about 18.5% of GDP] with no need for payroll, estate, and capital gains taxes or deferral of foreign income. This simple tax code creates an economic ecosystem of sustainable growth and investment freedom. With no (Democratic) government stimulus or (Republican) tax expenditures, a typical family would save or spend $640 more per month, business would add jobs to meet the increased demand and owners would reap handsome profit by keeping 92% of income.
After six months of writing over 200 blogs and comments; no person has identified a legal, logical or economic flaw outlining why the 2-4-8 Tax Blend would not produce sustainable economic recovery. If anyone can demonstrate why this tax reform will not work I will take down my web at www.TaxNetWealth.com. Please note that I do not consider making it too easy to tax or fears of runaway congressional spending as valid objections to any tax plan.
Eugene Patrick Devany, JD, MPA