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The top 40 percent of households by before-tax income actually paid 106.2 percent of the nation’s net income taxes in 2010, according to a new study by the Congressional Budget Office. At the same time, households in the bottom 40 percent took in an average of $18,950 in what the CBO called “government transfers” in 2010.

The rich are paying even more in taxes than you think.According to a Congressional Budget Office report this week, America’s top 40 percent of earners pay 106 percent of the taxes and the bottom 40 percent pay negative 9 percent, reports CNBC.How can one group pay more than 100 percent and another group pay less than zero? The formula that the CBO uses offsets taxes that are paid with refundable tax credits. These include money the government transfers back to the taxpayer for food stamps and social programs.Some low-income Americans received very generous subsidies. The report shows that Americans who...

According to the Congressional Budget Office, the top 40% of Americans paid 106.2% of income taxes. How can the top 40% pay MORE than 100% of income taxes? Simple. The bottom 40% of Americans paid -9.1% of income taxes. And they received an average of $18,950 in government transfers. Of course, we know that real median household income has been falling generally since 2000 and especially since 2007. And house prices have been falling, but house prices have changed course and have been rising since 2012. csrealinc Seriously, how can the US have a dynamic housing market with such a...

Recently, FF Wiley and Ginger Snap at Cynicomics posted an interesting article entitled “M.C. Escher and the Impossibility of the Establishment Economic View.“ In their article, they discuss the latest budget forecast from the Congressional Budget Office (CBO). They point out that the CBO is abnormally bullish on near-term growth, based on its long-standing assumption that the gap between actual and potential output will swiftly close. But the longer-term growth forecast is … bearish. 44521-LTBOSupplementalData2013 escherchart1_thumb1 (1) The CBO also forecasts the REAL 10 year Treasury rate (nominal less inflation). escherchart21 According to the CBO, the real 10 year rate...

According to a recent report by the Congressional Budget Office (CBO), different generations have paid and will continue to pay disparate amounts of Medicare and Social Security payroll taxes, and they will also receive dissimilar amounts of Medicare and...

A number of years ago I was between flights on a business trip and was sitting in an airport restaurant having lunch. It was right after the 2008 presidential election and I knew that the election of America’s first black president, a man of the hard left, would make my job bringing a conservative message to black communities much more challenging and difficult. As I ate my sandwich I glanced at the wall and saw a sign with a quote from General Douglas MacArthur. It said, “We are not retreating – we are advancing in another direction.” I was...

Can someone direct me to a factual article that says who exactly is control of what is 'shut down'. Does Obama decide or not?

Between 2009 and 2012, the federal government recorded the largest budget deficits relative to the size of the economy since 1946, causing federal debt to soar. Federal debt held by the public is now about 73 percent of the economy’s annual output, or gross domestic product (GDP). That percentage is higher than at any point in U.S. history except a brief period around World War II, and it is twice the percentage at the end of 2007. Full Text at Link http://www.cbo.gov/publication/44521

NEW YORK (MainStreet) — The 2013 Long-Term Budget Outlook released by the Congressional Budget Office (CBO) September 17 does not bode well for those who want to see decreasing deficits. The CBO projects spending for federal healthcareprograms will "rise substantially" in relation to the Gross Domestic Product (GDP)." The CBO predicts that budget deficits will decline during the next few years. After this initial decline, though, the CBO calculates ...

WASHINGTON (AP) — A new government study says that federal health care and retirement programs threaten to overwhelm the federal budget and harm the economy in coming decades unless Washington finds the political will to restrain their inexorable growth. The long-term pressures promise to quickly reverse recent improvements in the deficit. Tuesday's Congressional Budget Office report says that government spending on health care and Social Security would double relative to the size of the economy in 25 years and that spending on other programs like defense, transportation and education would decline to its smallest level by the same measure since...

“Priceless” is the value most moms and dads would put on their newborn child. A newborn represents the delicate and fragile nature of life itself. Many would call their newborn baby a “miracle.” But the current administration in Washington, D.C. does not seem to agree with the “priceless” evaluation—at least it does not act like it agrees. If there is a way to support the abortion industry with taxpayer dollars, President Obama and the rest of our government finds and implements it. Now, even the “non-partisan” Congressional Budget Office has joined this pro-abortion cabal by placing a value on the...

The Affordable Care Act is set to cost students enrolled in the government’s loan program $8.7 billion in extra interest over the next decade, according to a report published by the non-partisan Congressional Budget Office (CBO). If savings were kept inside the loan program, instead of transferred to Obamacare, as some Republican senators are suggesting, they could allow the Department of Education to lower student interest rates to 5.3 percent from 6.3 percent, according to the CBO. The nearly $9 billion being used to fund Obamacare is derived from $61 billion the government says it will save by administering student...

I will post my little paper on the effects of immigration later today. In preparation for that, I downloaded the CBO report on the Senate bill. I find it unimpressive, except for the clarity of its writing style, which I do commend. Some notes: 1. The analysis assumes that immigration will raise total factor productivity. It alludes to increased specialization because of increased size of the economy, and increased innovation because of having extra high-skilled immigrants. Both are highly speculative. Yes, more Hyderabad programmers will increase innovation; that’s why the billionaires support the bill (they profit from those innovations— which...

And dumb enough to support this immigration bill given the Senate's 54-43 rejection of the Cornyn plan for a border security 'trigger'? The CBO dynamically "scored" (with numbers supplied to it by Dems) the immigration bill (S. 744) and found that it - low & behold - will DECREASE federal deficits over the next 20 years. Hmmm. How are those CBO-scored ObamaCare numbers working out for ya? They were only $2 TRILLION DOLLARS off when predicting the cost of ObamaCare. But no way they could botch this....right? I wonder what the odds are of these 4 getting primaried, given that...

Senator Chuck Schumer (D., N.Y.) promised that passage of the Gang of Eight immigration bill would render illegal immigration “a thing of the past.” But the Congressional Budget Office report tells a very different story: It projects that 4.8 million new illegal immigrants and their U.S.-born children will be living in the country in 2023 if the bill becomes law. While that represents a modest reduction from the number expected under existing law, it does not even come close to ending illegal immigration but envisions millions more illegal immigrants — a built-in constituency for yet another amnesty a decade hence....

WASHINGTON (AP) — Supporters of far-reaching immigration legislation rejected a challenge Wednesday from Senate conservatives demanding evidence that the nation's borders are secure before millions living in the United States unlawfully can gain legal status. The vote came as lawmakers on both sides of the issue digested a startling Congressional Budget Office forecast that the bill would fail to prevent a steady increase in illegal residents in the future, even though it would grant legal status to millions already in the country without the necessary papers. "Illegality will not be stopped, but it will only be reduced by 25 percent,"...

The Congressional Budget Office said Tuesday that the immigration bill currently being debated in the Senate would reduce the federal budget deficit by $875 billion over the first 20 years it becomes law. The CBO said in its official scoring of the bill that it would reduce the deficit by $175 billion in its first 10 years of existence. Over the next decade, it would provide an additional $700 billion in savings. .... Politics More: Congress Immigration Reform CBO CBO: Immigration Bill Will Reduce The Deficit Over The Next 20 Years Brett LoGiurato Jun. 18, 2013, 5:58 PM 489 6...

The Congressional Budget Office released its analysis of the Gang of Eight’s immigration proposal today, and spinning is in full swing. The fact is, however, that the basic facts can’t be spun: the bill is a disaster. As with Obamacare, the Gang structured its bill to make it “score” artificially well from a budget perspective. They did this by delaying the newly legalized immigrants’ eligibility for most federal welfare benefits for ten years, which takes those benefits outside of the ten-year window that is scored by the CBO. But that cosmetic shift did little to conceal the plan’s baleful effects....

Rep. Michele Bachmann (R-Minn.) delivered her case Friday against the comprehensive immigration reform proposal, saying it would cost $6 trillion and particularly harm blacks and Hispanics. “What I’m asking all of us to consider are the profound implications of what this will mean, because amnesty will cost a fortune,” Bachmann said at the Road to Majority Conference in Washington, D.C., sponsored by the Faith & Freedom Coalition. “We’re looking at a $6 trillion cost for amnesty. Just the retirement benefits alone for illegal aliens—which must be born by the American people—is something like $2.7 trillion.” The Congressional Budget Office has...

CBO: The Deficit Has Shrunk Massively Over The Past Year Brett LoGiurato Jun. 7, 2013, 3:15 PM The federal budget deficit has fallen $220 billion in a year-over-year period, according to the latest monthly budget estimate from the Congressional Budget Office released Friday. According to the CBO, the federal government has run a budget deficit of $627 billion over the first eight months of the fiscal year. That's almost $220 billion less than the same period — May through October — of 2012. The CBO has not changed its overall deficit forecast, which is still projected to remain at $642...