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Summary
This document contains two slides (pages 403 and 404) from a Kleiner Perkins (KPCB) presentation titled 'USA Inc. | What Might a Turnaround Expert Consider?'. The slides analyze US federal tax policy, specifically focusing on the deficit, subsidies, and tax expenditures for Fiscal Year 2009. The document bears a 'HOUSE_OVERSIGHT_021043' Bates stamp, indicating it was produced during a Congressional investigation, likely related to financial records involving Jeffrey Epstein's banking relationships or economic advisory roles.
Organizations (5)
| Name | Type | Context |
|---|---|---|
| KPCB (Kleiner Perkins Caufield & Byers) | ||
| White House OMB | ||
| CBO (Congressional Budget Office) | ||
| Committee for a Responsible Federal Budget | ||
| USA Inc. |
Locations (1)
| Location | Context |
|---|---|
Key Quotes (3)
"Subsidies + Tax Expenditures = 70% of USA Inc.’s Cash Flow Deficit"Source
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Quote #1
"Reducing the biggest tax expenditures and subsidies could net $1.7 trillion in additional revenue over the next decade"Source
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Quote #2
"Some subsidies encourage saving or investment…and cutting them could mean short-term revenue gain but a net loss over time."Source
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Quote #3
Full Extracted Text
Complete text extracted from the document (2,427 characters)
Changing Tax Policy to Broaden Tax Base: Subsidies + Tax Expenditures = 70% of USA Inc.’s Cash Flow Deficit
USA Inc.’s Deficit vs. Aggregate Subsidies and Tax Expenditures*, F2009
1,600
$1,413B
F2009 Subsidies & Tax Expenditures & Deficit ($B)
1,400
1,200
1,000
800
600
400
200
0
F2009 Deficit
$981B*
$673B*
$308B*
F2009 Subsidies & Tax Expenditures
1,600
$1,413B
F2009 Subsidies & Tax Expenditures & Deficit ($B)
1,400
1,200
1,000
800
600
400
200
0
F2009 Deficit
$981B*
$673B*
$308B*
F2009 Subsidies & Tax Expenditures
■ Some tax expenditures favor consumption...
Such as tax exemption on employer contributions to health insurance & deductibility of mortgage interest on owner-occupied homes...
Such as tax exemption on employer contributions to health insurance & deductibility of mortgage interest on owner-occupied homes...
■ ...But others favor saving, investment, and growth
Such as tax exemptions / deductibility on capital gains / dividends / pension contributions & savings / accelerated depreciation of equipment...
Such as tax exemptions / deductibility on capital gains / dividends / pension contributions & savings / accelerated depreciation of equipment...
Note: *Each foregone revenue estimate assumes all other parts of the Tax Code remain unchanged during F2009. Aggregate tax subsidies presented here is simply the sum of individual estimates. In reality, the aggregate estimate would be different if tax subsidies were changed simultaneously because of potential interactions among provisions.
KP
CB www.kpcb.com
Source: White House OMB, “Analytical Perspective – Budget of the U.S. Government, Fiscal Year 2011.”
USA Inc. | What Might a Turnaround Expert Consider? 403
CB www.kpcb.com
Source: White House OMB, “Analytical Perspective – Budget of the U.S. Government, Fiscal Year 2011.”
USA Inc. | What Might a Turnaround Expert Consider? 403
Raising Revenue by Reducing Tax Expenditures & Subsidies: Examples
• Reducing the biggest tax expenditures and subsidies could net $1.7 trillion in additional revenue over the next decade, per CBO and the Committee for a Responsible Federal Budget:
– Reduce the tax exclusion for health insurance or replace with a credit
– Cap the deduction for state and local taxes
– Gradually reduce the mortgage interest deduction or change to a credit
– Limit the tax benefit of other deductions, e.g., charitable contributions
– Reduce the tax exclusion for health insurance or replace with a credit
– Cap the deduction for state and local taxes
– Gradually reduce the mortgage interest deduction or change to a credit
– Limit the tax benefit of other deductions, e.g., charitable contributions
• Some subsidies encourage saving or investment…and cutting them could mean short-term revenue gain but a net loss over time. Examples:
– Favorable taxation of capital gains, dividends, and pension contributions
– Exclude investment income from life insurance and annuities in taxable income
– Accelerated depreciation or expensing of capital equipment outlays
– Favorable taxation of capital gains, dividends, and pension contributions
– Exclude investment income from life insurance and annuities in taxable income
– Accelerated depreciation or expensing of capital equipment outlays
KP
CB www.kpcb.com
Source: Sources: Congressional Budget Office, Budget Options Volume 1: Health Care and Volume 2, 2009; Committee for a Responsible Federal Budget, Let's Get Specific: Tax Expenditures (October 2010)
USA Inc. | What Might a Turnaround Expert Consider? 404
CB www.kpcb.com
Source: Sources: Congressional Budget Office, Budget Options Volume 1: Health Care and Volume 2, 2009; Committee for a Responsible Federal Budget, Let's Get Specific: Tax Expenditures (October 2010)
USA Inc. | What Might a Turnaround Expert Consider? 404
HOUSE_OVERSIGHT_021043
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