In its analysis of President Bush's 2006 budget, the Congressional Budget Office projected the federal deficit would shrink to $332 billion -- versus $394 billion in 2005 -- but those estimates do not include the additional funding required for continued military operations in Afghanistan and Iraq. The CBO also projected that the under the president's policies the federal deficit would continue through the year 2015. Total revenues for the years 2006-2015 would be roughly $1.4 trillion. The office estimated the economic impact of the budget would be small, resulting in a lower economic output from 2006-2010 but somewhat higher in the period from 2011-2015. Other analysis of the budget included: o The transition to the system of Social Security private accounts as proposed by the president potentially could result in roughly $1 trillion in costs from the years 2009-2015, whereas Medicare spending for the 10-year period from 2005-2015 would be roughly $5 trillion. For a copy of the report go to www.CBO.gov
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Making use of refunds; playing defense; how to use thin air; and other highlights of recent tax cases.
July 3 -
New FICPA chair begins tenure; Blue & Co. opens new office in Chattanooga; and more news from across the profession.
July 3 -
House Republicans passed the wide-ranging Trump tax legislation dubbed the One Big Beautiful Bill Act, overcoming resistance from a group of GOP holdouts and united opposition from Democrats.
July 3 -
Plus, FileAI announces V2 platform launch; Foxit launches PDF and Document Workflow APIs; and other accounting tech updates.
July 3 -
The American Institute of CPAs' Auditing Standards Board is looking for feedback on a proposed standard updating auditors' responsibilities related to fraud.
July 3 -
The jobs report beat expectations, while the unemployment rate dipped one-tenth of a percentage point to 4.1%.
July 3