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To: Pontiac; Rusty0604
So those Green-eye shade Trotskyites in DC think it would be more prudent to tax us first before we contribute to our 401 (k)’s and then again when we withdraw from them. Nothing like a little double-taxation to grow the Gubmint coffers. Oh, and their side of the pact is they will “allow” us to have our accounts continue to grow tax-deferred. How nice. If they would just stop the run-away spending it would do a lot to reduce the pressure for revenue which they so desperately need....
98 posted on 09/29/2011 9:53:54 AM PDT by GrumpyOldWASP (Old-fashioned thrift is a darn good practice!)
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To: GrumpyOldWASP
If they would just stop the run-away spending it would do a lot to reduce the pressure for revenue which they so desperately need....

Oh we can’t do that it’s against the law don’t cha know. It’s called

Baseline budgeting is a method of developing a budget which uses existing spending levels as the basis for establishing future funding requirements. The concept assumes that the organization is generally headed in the right direction and only minor changes in spending levels will be required. The baseline is normally enhanced by adding adjustment factors based on issues such as inflation, new programs, and anticipated changes to existing programs.
The genesis of baseline budget projections can be found in the Congressional Budget Act of 1974. That act required the Office of Management and Budget (OMB) to prepare projections of federal spending for the upcoming fiscal year based on a continuation of the existing level of governmental services. It also required the newly established Congressional Budget Office to prepare five-year projections of budget authority, outlays, revenues, and the surplus or deficit. OMB published its initial current-services budget projections in November 1974, and CBO's five-year projections first appeared in January 1976. Today's baseline budget projections are very much like those prepared more than two decades ago, although they now span 10 years instead of five.

Read the rest if you can stomach it.

Base line Budget law

112 posted on 09/30/2011 8:32:10 AM PDT by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spirit.)
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