The budget deal announced Tuesday wouldn’t raise taxes. But the plan will collect billions of dollars in new revenue by boosting fees and increasing workers’ contributions to the Federal Employee Retirement System.
Romeny's low tax rate, and how he achieved it, provides an important lesson in how tax laws need to change.
Recent presidents have made more recess appointments because of partisan gridlock in the Senate, where nominations are held up, analysts say. Obama has made 18 so far. Bush made 171 in his eight years in office.
To appear fiscally prudent, lawmakers want to pay for that spending by raising new revenues or reducing other spending essentially by making it easier for corporations to underfund employee pensions.
Americans could be owed $33 billion in unclaimed money, such as forgotten bank accounts. The money per account is usually small, but the search process has become easier with the Internet.
The Pension Benefit Guaranty Corp. faces rising deficits. A big bankruptcy could swamp it.
Concerns mount as to whether these plans can stay afloat amid recession.