The Proposed Homeland Security Budget for 2013

The Administration has proposed a budget of $69 billion for activities related to homeland security in 2013; 90 percent would be concentrated in the Departments of Homeland Security, Defense, Health and Human Services, and Justice.

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Self-Employment Taxes

The tax treatment of capital and labor income for the self-employed differs from that for employers and employees. Such differences may prompt people to make choices that they would not otherwise make about self-employment or the organizational form of a business, thereby reducing the efficient allocation of resources.

CBO analyzed three options that would modify the way that income for the self-employed would be taxed.

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Are tax credits for electric vehicles cost effective?

The federal government offers tax credits of up to $7,500 to buyers of new electric vehicles. Compared to conventional vehicles, electric vehicles cost more to buy, use less gasoline, and may reduce overall emissions of greenhouse gases.

CBO's report assesses how the credits affect the relative cost of owning an electric vehicle, and how cost-effectively the credits reduce gasoline consumption and greenhouse gas emissions.

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An Update to the Budget and Economic Outlook: Fiscal Years 2012 to 2022

The federal budget deficit for fiscal year 2012 will total $1.1 trillion, CBO estimates. Federal debt held by the public will reach its highest level since 1950 by the end of this fiscal year.

• The economic recovery will continue at a modest pace for the remainder of calendar year 2012.
• The unemployment rate will stay above 8% for the rest of this year.

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Health Care Analyses

CBO released two reports related to the Affordable Care Act (ACA):

• One report presents updated projections of the budgetary effects of the coverage provisions of the ACA to reflect the Supreme Court's recent decision.
• The other report presents a cost estimate for the repeal of the ACA that passed the House of Representatives on July 11th.

The Distribution of Household Income and Federal Taxes, 2008 and 2009

The recent recession has had a substantial impact on income, the amount of taxes owed, and average tax rates. Changes in households’ before-tax income and average tax rates in 2008 and 2009 were substantial and differed markedly across the income distribution.

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CBO's Major Budget Reports

• The Budget and Economic Outlook, published in January, includes the agency's most comprehensive set of budget and economic projections.
• In August, CBO provided updated budget and economic projections. These are the agency's most recent projections.
• CBO also analyzed the budgetary and the economic impact of the President's budget proposals for 2013.
• In June, CBO released its Long-Term Budget Outlook, which examines the budget picture through 2037.