HOUSE_OVERSIGHT_020917.jpg
1.7 MB
Extraction Summary
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People
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Organizations
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Locations
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Events
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Relationships
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Quotes
Document Information
Type:
Presentation slides / economic analysis report
File Size:
1.7 MB
Summary
The document consists of two presentation slides labeled 'USA Inc. | Income Statement Drilldown' (pages 151 and 152), produced by KPCB (Kleiner Perkins). The slides analyze US Federal debt levels, specifically highlighting how recessions and the 1981/2001/2003 tax cuts impacted revenue, and how a $1.4 trillion Social Security surplus (1984-2008) masked the true borrowing needs of the US government. The document bears the Bates stamp 'HOUSE_OVERSIGHT_020917', indicating it was part of a document production to the House Oversight Committee, though the content itself is macroeconomic data unrelated to specific individuals.
Organizations (5)
| Name | Type | Context |
|---|---|---|
| KPCB |
Kleiner Perkins Caufield & Byers, indicated in footer
|
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| USA Inc. |
Title of the report/presentation series
|
|
| White House Office of Management and Budget |
Cited source for tax data
|
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| Congressional Budget Office |
Cited source for Social Security data
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| House Oversight Committee |
Implied by Bates stamp 'HOUSE_OVERSIGHT'
|
Locations (1)
| Location | Context |
|---|---|
|
Subject of economic analysis
|
Key Quotes (3)
"Without these past Social Security surpluses, USA Inc. would have to have issued $1.4 trillion more debt (or 16% higher than current level of debt) to fund its operations."Source
HOUSE_OVERSIGHT_020917.jpg
Quote #1
"These surpluses have been used to fund other parts of federal government operations (including Medicaid, infrastructure and defense...) under the unified budget accounting rules."Source
HOUSE_OVERSIGHT_020917.jpg
Quote #2
"Recessions + Corporate Tax Accounting Changes Led to Revenue Underperformance"Source
HOUSE_OVERSIGHT_020917.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (1,983 characters)
Debt Level: Recessions + Corporate Tax Accounting Changes Led to Revenue Underperformance (Relative to GDP Growth)
USA Federal Receipts by Type ($B in 2005 Constant Dollars), 1965 – 2010
[Chart Y-axis: Individual & Corporate Income Taxes (in 2005 $B) 0 - 1,200]
[Chart Legend: Individual Income Taxes, Corporate Income Taxes, Recessions]
[Chart Legend: Individual Income Taxes, Corporate Income Taxes, Recessions]
1981 Tax Cuts
2001 / 2003 Tax Cuts
1981 Accelerated Cost Recovery System -> Lower Corporate Taxes*
2001 / 2003 Tax Cuts
1981 Accelerated Cost Recovery System -> Lower Corporate Taxes*
[Chart X-axis timeline: 1965, 1970, 1975, 1980, 1985, 1990, 1995, 2000, 2005, 2010]
Note: * The adoption of Accelerated Cost Recovery System allowed companies to utilize accelerated depreciation on capital investments, leading to higher depreciation costs and lower taxable income. Source: White House Office of Management and Budget. Note that recession-related tax cuts can be doubled edged – reducing tax revenue but enhancing GDP growth.
KPCB www.kpcb.com
USA Inc. | Income Statement Drilldown 151
USA Inc. | Income Statement Drilldown 151
Debt Level: In the Past, Social Security’s Surpluses Have Masked USA Inc.’s True Borrowing Needs by $1.4T
• Social Security tax receipts exceeded outlays in every year between 1984 and 2008, leading to a cumulative surplus of $1.4 trillion.
• These surpluses have been used to fund other parts of federal government operations (including Medicaid, infrastructure and defense...) under the unified budget accounting rules.
• Without these past Social Security surpluses, USA Inc. would have to have issued $1.4 trillion more debt (or 16% higher than current level of debt) to fund its operations.
• These surpluses have been used to fund other parts of federal government operations (including Medicaid, infrastructure and defense...) under the unified budget accounting rules.
• Without these past Social Security surpluses, USA Inc. would have to have issued $1.4 trillion more debt (or 16% higher than current level of debt) to fund its operations.
Social Security Cumulative Real Operating Surpluses / Deficits, 1982-2010
[Chart Y-axis: Social Security Operating Income ($B) -$80 - $120]
[Chart X-axis timeline: 1982, 1985, 1988, 1991, 1994, 1997, 2000, 2003, 2006, 2009]
[Chart X-axis timeline: 1982, 1985, 1988, 1991, 1994, 1997, 2000, 2003, 2006, 2009]
Note: Surpluses & deficits exclude Trust Fund interest income, adjusted for inflation.
Data source: Congressional Budget Office.
Data source: Congressional Budget Office.
KPCB www.kpcb.com
USA Inc. | Income Statement Drilldown 152
USA Inc. | Income Statement Drilldown 152
HOUSE_OVERSIGHT_020917
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