Projected Budget Surplus Bolsters Bush Tax Cut Plan

The following article is provided courtesy of CCH, Inc.

A sizably higher, long-term federal budget surplus projection would not change President-elect Bush's position on the need for his $1.3 trillion tax relief plan, transition spokesman Ari Fleischer emphasized. At a Dec. 22 press briefing, Fleischer was asked about a Dec. 22 report in USA Today that the Congressional Budget Office's preliminary estimate of the federal budget surplus over 10 years has increased from $4.6 trillion, its most recent projection, to $6.0 trillion.

Fleischer said that the larger budget surplus estimate bolsters the incoming administration's case that Bush's $1.3 trillion tax relief plan is "not a large tax cut" compared to the size of the surplus. "It certainly puts our tax cut plan into the perspective we've always said that it deserved to be seen at. It's a very reasonable-sized tax cut," Fleischer said. He added that he was "not prepared to say" whether a higher budget surplus forecast could change the magnitude of Bush's tax relief plan.

Regulatory and Executive Order

Fleischer also advised reporters that policy coordination groups set up by the transition office are "carefully reviewing each and every regulation that is issued here in the waning days of the Clinton administration, and executive orders as well." Fleischer refrained from singling out any regulation or executive order of particular concern to the incoming administration but he indicated that action could be taken "any time after Jan. 20." In the case of executive orders, a president can unilaterally rescind or undo existing orders. Changes in regulations must be made on the federal agency level, Fleischer noted.

You may like these other stories...

For the first time since 2006, more than 50 percent of CFOs believe the US economy will show signs of improvement over a six-month span rather than remain the same or worsen, according to a new study from Chicago-based...
By Jason Bramwell, Staff Writer CPAs in New Jersey, New York, and Pennsylvania believe economic conditions in the United States will likely be the same one year from now, and while they predict higher business revenues...
By Jason Bramwell Managers in accounting, finance, and IT are cautiously optimistic about their hiring plans for the fourth quarter of 2013, according to a new hiring outlook survey from staffing firm Brilliant. ...

Upcoming CPE Webinars

Jul 16
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
Jul 17
This webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.
Jul 23
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.