For more on corporate taxes, see Kyle's recent study "U.S. Multinationals Paid More Than $100 Billion in Foreign Income Taxes."
- The President's Fiscal Year 1994 Budget
The President's Fiscal Year 1994 Budget
Special Report No. 19
Executive Summary The Clinton administration has released its fiscal 1994 budget, which lays out in detail proposals contained in its February economic statement, A Vision of Change for America. The budget focuses on the dual goals of deficit reduction and increased spending on "investments." On the first goal, the president’s plan proposes to narrow the deficit to $250 billion by FY'98, compared to the record FY'93 deficit of $322 billion.
On the second goal, the president has proposed increased investment spending totaling $140 billion over the FY'94 to FY'98 period. This spending will mean discretionary spending caps set for FY'94 and FY'95 by the 1990 Budget Enforcement Act will be exceeded.
The Clinton budget proposes a 34 percent increase in federal revenues and a 21 percent increase in federal spending over five years. For FY'94, revenues would go up 9.2 percent and spending would rise 3.3 percent over FY'93 levels.
As Congress moves closer to debating fundamental tax reform, the amount U.S. multinational firms pay in taxes on their foreign income has become a common topic for the press and among politicians. Some of the more sensational press stories and...
Professor Martin Feldstein of Harvard has called for limiting the tax savings from itemized deductions, tax-exempt municipal bond interest, and the tax-free status of employer-provided health insurance....
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