Backgrounder posted May 21, 2013 by Romina Boccia, Rachel Greszler
Social Security Benefits and the Impact of the Chained CPI
More than 57 million Americans draw on Social Security benefits for retirement, disability, or survivors’ benefits. Social Security benefits are indexed for inflation to protect beneficiaries against the loss of purchasing power as the prices of goods and services rise over time. However, the index used to calculate Social Security’s cost-of-living adjustment (COLA) each…
Issue Brief posted May 20, 2013 by Emily Goff
Eight Questions for Transportation Secretary Nominee Anthony Foxx
If confirmed as the next Secretary of Transportation, Charlotte Mayor Anthony Foxx will have opportunities to break with the business-as-usual transportation policy that revolves around Washington and special-interest politics. It is important to the confirmation process to understand Foxx’s position on existing programs and to what extent he agrees with the…
Issue Brief posted May 16, 2013 by Curtis S. Dubay
Net Tax Increase in Obama’s Budget Over $1 Trillion
President Obama released his fiscal year 2014 budget almost two months after it was due by law. With all that extra time, the President had plenty of opportunity to clearly account for his tax increases. But like his budgets from previous years, this year’s effort hides the total tax increase he proposes.[1]
For example, rather than put it with the other major tax…
Issue Brief posted May 15, 2013 by Romina Boccia, Curtis S. Dubay
Obama’s IRA Cap: A Cap on Defined-Contribution Retirement Savings Plans
President Obama proposes to cap the total value of taxpayers’ defined-contribution retirement savings accounts—such as Individual Retirement Accounts (IRAs) and 401(k)s—according to the maximum benefit permitted under defined-benefit plans. In 2013, that would be around $3.4 million.[1]
This proposal would be a step backwards for savings policy, because it would increase…
Backgrounder posted May 14, 2013 by Daren Bakst, Diane Katz
A Farm Bill Primer: 10 Things You Should Know About the Farm Bill
Congress is preparing once again to take up the “farm bill,” a multi-billion-dollar tangle of agriculture subsidies, welfare payments, and environmental patronage. There is tremendous need for reform. Current subsidy programs are rooted in the 1930s, when prices for crops and livestock bottomed out and farm families were desperate for income. Agriculture today could not…
Issue Brief posted May 3, 2013 by Emily Goff
Seven Costly Sins of the Water Resources Development Act of 2013
The Senate will soon consider S. 601, the Water Resources and Development Act of 2013 (WRDA).[1] This bill would authorize federal spending on an array of water resource projects, including for ports, harbors, inland waterways, beaches, and wetlands, most of which are run by the U.S. Army Corps of Engineers.
S. 601 does contain small positive reforms, such as increasing…
Backgrounder posted May 1, 2013 by James L. Gattuso, Diane Katz
Red Tape Rising: Regulation in Obama’s First Term
Congress and the White House have been focused for months on the federal budget—rightfully so, given perennial deficits and unsustainable levels of U.S. debt. However, federal spending accounts for only a portion of the burden placed on Americans by the government. Regulations impose huge additional costs, hindering job creation and innovation, while undermining…
Issue Brief posted April 24, 2013 by Nicolas Loris
Master Limited Partnerships and Renewable Energy Producers
Lawmakers have introduced legislation that would allow renewable energy producers to form Master Limited Partnerships (MLPs). MLPs are taxed as limited partnerships but publicly traded on the stock market. In the energy sector, the ability to form MLPs is available for mineral extraction, natural gas, oil, pipelines, geothermal, and the transportation and storage of…
Issue Brief posted April 22, 2013 by Emily Goff
Congress Should Reprioritize Highway Trust Fund Money to Improve Mobility
The federal Highway Trust Fund (HTF) faces serious funding shortfalls in fiscal year (FY) 2015 and beyond, in large part due to funding demands from an expanding array of projects other than general purpose roads. Because transportation programs cannot be made immune to current fiscal constraints, it is crucial for Congress to reprioritize HTF spending and recommit to…
Issue Brief posted April 10, 2013 by James L. Gattuso
Breaking Up Big Banks: Right Question, Wrong Answer
Should the federal government break up America’s big banks? Once confined to the populist fringes of policy debate, the idea has developed surprising momentum in recent months, with a number of conservative voices jumping on the bank breakup bandwagon.[1]
Regulators will never allow the biggest banks to fail, supporters say, because of the feared effect of such a…
Issue Brief posted April 10, 2013 by Nicolas Loris, Katie Tubb
EPA Administrator Nominee Gina McCarthy: In Her Own Words
In announcing his nominee for the next Environmental Protection Agency (EPA) administrator, President Obama said Gina McCarthy “has focused on practical, cost-effective ways to keep our air clean and our economy growing. She’s earned a reputation as a straight shooter. She welcomes different points of views.”[1]
The EPA needs to take an entirely different direction, and…