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Monday, June 09, 2008
DAILY FISCAL POLICY REPORT -- June 9, 2008
Economy -- Gas Prices Hit National Average of $4: Gasoline prices reached a national average of $4 a gallon for the first time over the weekend, adding more strain to the economy. "This crisis really impacts those who are at the economic margins of society, mostly in the rural areas and particularly parts of the Southeast," said Fred Rozell, retail pricing director at the Oil Price Information Service. Gas prices have risen a dollar a gallon since January 1. NY Times.
Taxes -- Congress OKs Bill Punishing Tax Scoff-Laws: Last Friday, Congress sent a bill (H.R. 6081) to the president to provide military families with $1.2 billion in tax breaks, paid for in part by raising taxes on U.S. contractors who circumvent payroll taxes by hiring employees through offshore shell companies. The bill, which is entirely offset, would also raise revenue by taxing U.S. citizens and long-term U.S. residents on worldwide income, to prevent tax avoidance by renouncing their citizenship or moving overseas. President Bush has said he will sign the measure. H.R. 6081 Bill Summary.
Appropriations -- On Your Mark, Get Set... Stop?: With the FY09 budget resolution approved, attention now turns to the appropriation committees and subcommittees. In the House, a full slate of subcommittee spending bill markups has been scheduled. No action on the Senate side has been announced. House Appropriations chair Rep. David Obey predicted: "if we are filibustered to death or if the administration refuses to make any significant compromises as it did last year, that will obviously prevent bills from being finished." Appropriations Process.
Posted by Dana Chasin
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