If all programs are punished for the bad behavior of Congress, lawmakers will be more fearful of sequestration and more likely to remain responsible. What's Next. Oct 29, Blog Paper Budget Process. What types of nonemployer-sponsored retirement savings accounts are available?
What are Roth individual retirement accounts? Who uses individual retirement accounts? How does the availability of tax-favored retirement saving affect national saving? What is an automatic k? How might low- and middle-income households be encouraged to save? Taxes and Charitable Giving What is the tax treatment of charitable contributions? What entities are tax-exempt? Who benefits from the deduction for charitable contributions?
How would various proposals affect incentives for charitable giving? How large are individual income tax incentives for charitable giving? How did the TCJA affect incentives for charitable giving? Taxes and Health Care How much does the federal government spend on health care? Who has health insurance coverage?
Which tax provisions subsidize the cost of health care? How does the tax exclusion for employer-sponsored health insurance work? What are premium tax credits? What tax changes did the Affordable Care Act make? How do health savings accounts work? How do flexible spending accounts for health care expenses work? What are health reimbursement arrangements and how do they work? How might the tax exclusion for employer-sponsored health insurance ESI be reformed?
Taxes and Homeownership What are the tax benefits of homeownership? Do existing tax incentives increase homeownership? Taxes and Education What tax incentives exist for higher education? What tax incentives exist to help families pay for college? What tax incentives exist to help families save for education expenses? What is the tax treatment of college and university endowments?
Tax Complexity Why are taxes so complicated? What are the benefits of simpler taxes? What policy reforms could simplify the tax code? Wealth Transfer Taxes How do the estate, gift, and generation-skipping transfer taxes work? Who pays the estate tax? How many people pay the estate tax? What is the difference between carryover basis and a step-up in basis? How could we reform the estate tax? What are the options for taxing wealth transfers?
What is an inheritance tax? Payroll Taxes What are the major federal payroll taxes, and how much money do they raise? What is the unemployment insurance trust fund, and how is it financed? What are the Social Security trust funds, and how are they financed? Are the Social Security trust funds real? What is the Medicare trust fund, and how is it financed?
Excise Taxes What are the major federal excise taxes, and how much money do they raise? What is the Highway Trust Fund, and how is it financed? Energy and Environmental Taxes What tax incentives encourage energy production from fossil fuels? What tax incentives encourage alternatives to fossil fuels?
What is a carbon tax? Business Taxes How does the corporate income tax work? What are pass-through businesses? How are pass-through businesses taxed? Is corporate income double-taxed? Tax Incentives for Economic Development What is the new markets tax credit, and how does it work? What are Opportunity Zones and how do they work? Taxes and Multinational Corporations How does the current system of international taxation work? What are the consequences of the new US international tax system?
How does the tax system affect US competitiveness? Even before the th Congress began, the new Democratic leadership in both chambers indicated that it intended to "restore" PAYGO rules. The reported resolution modified the PAYGO rule by eliminating the exemption for direct spending and revenue changes assumed in the budget resolution, generally restoring the rule to its pre th Congress form.
Senator Jeff Sessions, however, offered an amendment S. On March 23, the Senate agreed to S. Subsequently, after resolving legislative differences with the House, the Senate agreed to the conference report to accompany the FY budget resolution H. This modified version of the Senate PAYGO rule, which is similar to the current version, as described above, generally prohibited the consideration of direct spending and revenue legislation that was projected to increase the on-budget deficit in either of two time periods: 1 the current fiscal year and the following five fiscal years, or 2 the current fiscal year and the following 10 fiscal years.
C the period of the current fiscal year, the budget year, and the ensuing 4 fiscal years following the budget year; or. D the period of the current fiscal year, the budget year, and the ensuing 9 fiscal years following the budget year.
B any provision of legislation that affects the full funding of, and continuation of, the deposit insurance guarantee commitment in effect on November 5, A use the baseline surplus or deficit used for the most recently adopted concurrent resolution on the budget; and. B be calculated under the requirements of subsections b through d of section of the Balanced Budget and Emergency Deficit Control Act of as in effect prior to September 30, for fiscal years beyond those covered by that concurrent resolution on the budget.
An affirmative vote of three-fifths of the Members of the Senate, duly chosen and sworn, shall be required to sustain an appeal of the ruling of the Chair on a point of order raised under this section. Section c 8 of the act states that "'direct spending' means— A budget authority provided by law other than appropriations acts; B entitlement authority; and C the food stamp program.
Other legislative committees may have jurisdiction over legislation affecting a small portion of revenues. While the Statutory PAYGO Act requires the calculation of budgetary effects of legislation over five-year and year periods, it also requires that any budgetary effects in the current year shall be treated as though they occurred in the budget year i. The "budget year" refers to the fiscal year that begins on October 1 of the calendar year in which the session of Congress begins.
The "current fiscal year" is the fiscal year that immediately precedes the "budget year. The rule defines direct spending legislation as "any bill, joint resolution, amendment, motion [such as a motion to concur with a House amendment], or conference report that affects direct spending as that term is defined by The rule explicitly excludes any direct spending and revenue provision in a concurrent resolution on the budget or that affects "the full funding of, and continuation of, the deposit insurance guarantee commitment in effect on" November 5, This requirement is consistent with other budget-related rules.
Specifically, estimates by the SBC must also be used to determine any violations of the rules associated with the budget resolution see Section of the Budget Act. Section of the Deficit Control Act sets forth certain assumptions regarding direct spending and revenues as well as discretionary spending in calculating baseline projections. Two separate waiver motions were made relating to the point of order raised against H. As indicated in Table 1 , the first waiver was rejected on a vote on October 26, The next day, however, the Senate agreed to a motion to reconsider the vote on this waiver motion by voice vote.
The Senate subsequently approved the waiver motion by a vote, and the point of order against H. For example, in , the Senate considered the conference report on H. According to CBO, the conference report on H. The emergency designation was itself subject to a point of order and was waived. For example, on September 18, , the Senate passed S. See CBO, S.
Such procedural provisions may be included in a budget resolution under the authority provided by Section b 4 , the "elastic clause" of the Budget Act. This section gives Congress the option to include in a budget resolution other matters and procedures consistent with the purposes of the Budget Act. See U. Washington: GPO, , p. The reconciliation bill enacted later that session, P.
Washington: GPO, , pp. Like the original rule established in , the rule also contained a provision preventing the deficit reduction expected to be achieved from enactment of a subsequent reconciliation bill from being used to offset the costs of any new direct spending or revenue legislation. However, President Clinton vetoed the subsequent reconciliation legislation H. As noted earlier, the on-budget deficit excludes the Social Security trust fund surpluses and the net cash flow of the U.
Postal Service. Congress did not complete action on the budget resolution for FY For information on the budgetary effects of S. For a brief description of this change, see U. The amendment was subject to a point of order under Section of the CBA, which prohibits consideration of any measure within the jurisdiction of the Budget Committee unless it is reported by the Budget Committee, is discharged from the committee, or is an amendment to such a measure.
A motion to waive the point of order requires a three-fifths vote in the Senate. A motion to waive the point of order raised against the amendment was rejected by a vote. See Congressional Record , daily edition, vol. On June 6, , cloture was invoked on H. Under cloture, a point of order may be raised against nongermane amendments. The chair ruled that Senator Daschle's amendment was not germane to the FY supplemental appropriations act, and the amendment fell.
SS; and Congressional Record , daily edition, vol. The amendment was subject to a point of order under Section of the Budget Act. In addition, the three-fifths vote requirements in the Senate to waive certain points of order under the Budget Act, and to sustain an appeal of a ruling of the chair on such points of order, expired on September 30, These supermajority waiver requirements were subsequently restored see Section 2 a of S.
Under the Congressional Budget Act, April 15 is the target date for Congress to complete action on the annual budget resolution. SS and S The legislation also restored and extended through April 15, , the three-fifths vote requirement for certain waivers of the Congressional Budget Act of The PAYGO scorecards show the 5-year and year average costs or savings associated with each new piece of legislation.
For both the 5- and year periods, the cost is divided by the number of years in the period to generate an average cost per year. Those averages are then assigned to each year in the scorecard. Because the scorecard uses averages, rather than the actual year-by-year estimate, the assigned cost in a given year could be higher or lower than the amount displayed in the cost estimate. If the sum of all projected costs for a given year is greater than zero, the President orders a sequestration cancellation of budgetary resources in non-exempt mandatory spending programs to offset that cost.
0コメント