House GOP Releases Extenders Package with Offsets
Today, House Republicans have officially released their plan to extend the current payroll tax holiday for a year, two years of doc fixes, and a year of extended unemployment insurance. Encouragingly, the proposal joins the ranks of other plan presented over the past week or so in that specific offsets are also included to pay for the costs of policy extensions. CBO has also released a cost estimate of the proposal.
Below is a brief overview of the plan's costs and offsets.
| 10-Year Costs | |
| Extensions | |
| One-year extension of current payroll tax holiday | $120 billion |
| Two-year doc fix | $39 billion |
| Extended unemployment benefits (condensed # of weeks) | $34 billion |
| Extend 100% bonus depreciation & other tax provisions | $8 billion |
| Extend expiring Medicare provisions | $3 billion |
| Sub-Total, Gross Costs | $204 billion |
| Offsets | |
| Increase fees that Fannie/Freddie charge | -$36 billion |
| Raise Medicare premiums for higher-earners | -$31 billion |
| Extend federal civilian pay freeze for another year (through 2013) | -$26 billion |
| Reform federal civilian retirement | -$39 billion |
| Auction spectrum licenses | -$16 billion |
| Reduce child tax credit fraud | -$9 billion |
| Reform national flood insurance | $0 billion |
| Reduce Social Security overpayments | -$3 billion |
| Reduce Medicare payments for bad debts | -$22 billion |
| Reduce Medicare waste, fraud, & abuse in Affordable Care Act | -$13 billion |
| Reduce spending in prevention & public health fund in Affordable Care Act | -$8 billion |
| Eliminate food stamp & unemployment benefits for millionaires, & other provisions | <-$1 billion |
| Sub-Total, Offsets | -$205 billion |
| Total Deficit Impact | -$1 billion |
Note: Numbers may not add due to rounding.
Congress, why don't you use
Congress, why don't you use some of this money to offset costs or reduce the deficit?
Some who pay "negative taxes."
For tax years 2008, 2009, and 2010:
(in dollars of course)
Honeywell profits: 4.9 billion; taxes paid –34 million
FedEx profits: 3 billion; taxes paid –23 million
Wells Fargo profits: 49 billion; taxes paid – 682 million
Boeing profits: 9.7 billion; taxeas paid – 178 million
Verizon profits: 32.5 billion; taxes paid – 951 million
Dupont profits: 2.1 billion; taxes paid –72 million
American Electric Power profits: 5.89 billion; taxes paid –545 million
General Electric profits: 7.7 billion; taxes paid –4.7 billion (YES, BILLION)
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