White House slams House GOP’s Israel aid package: ‘The definition of backwards’
Business
GOP plan to ‘offset’ Israel aid with IRS cuts would backfire, budget experts warn on November 1, 2023 at 10:00 am Business News | The Hill
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12 months agoon
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A recent proposal by House Republicans to take billions of dollars from the IRS and give it to Israel for its war against Hamas is raising alarm from budget experts, who say the push would undercut the party’s calls to reduce the national debt.
Since assuming control of the House in January, House Republicans have targeted what they’ve described as “wasteful” spending by Democrats. GOP leaders have proposed steep cuts to tackle the national debt.
But budget experts argue a Monday bill from House Republicans, which would take $14.3 billion away from the IRS, will expand the national debt by tens of billions of dollars over the next decade.
The cuts would also hamstring efforts to close the “tax gap” — hundreds of billions of dollars the government is owed every year but fails to collect.
“Paying for new spending by defunding tax enforcement is worse than not paying for it at all, said Maya MacGuineas, president of the Committee for a Responsible Federal Budget (CRFB), in a Monday statement.
CRFB estimated the GOP plan would add more than $30 billion to the debt.
“Instead of avoiding new borrowing, this plan doubles down on it,” MacGuineas said.
Howard Gleckman, senior fellow at the Urban-Brookings Tax Policy Center at the Urban Institute, said it was “pretty clear” that “cutting this kind of IRS funding would actually increase the deficit.”
“Instead of being an offset, it would actually make matters worse,” he argued. “The general rule of thumb that the budget scorekeepers use is it’s about 2-to-1. So if you cut IRS funding [by $14 billion to $15 billion], you’re actually going to increase the deficit by about $30 billion.”
The Congressional Budget Office (CBO), which determines how various pieces of legislation affect the national deficit, is now in the process of scoring the bill.
“We are working on it now,” Deborah Kilroe, communications director of the CBO, told The Hill in an email Tuesday morning.
The White House has already promised to veto the bill, favoring a joint military aid package for both Israel and Ukraine. But further IRS cuts could resurface as attachments to military aid specifically for Ukraine, which is a priority for Democrats in need of Republican votes to get the money out the door.
The House is expected to consider the legislation shortly after they return to Washington on Wednesday. But Democrats have already panned the bill as a “non-starter” in the Senate.
“If Republicans had an ounce of shame they wouldn’t condition support for Israel and Ukraine on giveaways to wealthy tax cheats. Making aid to Israel and Ukraine dependent on gutting IRS enforcement funding is an absolute nonstarter,” Sen. Ron Wyden (D-Ore.), the Senate Finance Committee chair, said in a Tuesday statement.
Not all Republicans seem to be in lockstep on the proposed cuts either.
Asked Tuesday about the framing of the cuts as an “offset,” Sen. Mitt Romney (R-Utah) told The Hill, “I don’t think you reduce the number of IRS agents then expect that you’re going to get more tax revenue.”
“I think reducing agents means less tax revenue,” Romney said.
The Treasury Department said earlier this month that the U.S. borrowed $1.7 trillion in the one-year period ending in late September, a spike over the previous year that Biden officials partly attributed to low revenue.
The U.S. is currently running a $33 trillion debt, which spiked above its trend line during the pandemic as the government expanded major tax credit programs for lower earners and sent out checks to families while the economy was shut down.
As part of the Inflation Reduction Act (IRA) passed last year by Democrats, the IRS was given an additional $80 billion in funding over the subsequent 10 years. That allotment would have increased revenues by around $200 billion for a net deficit reduction of around $114 billion, according to a CBO analysis.
Republicans — dead set against strengthening the IRS, which has been in long-term decline —have claimed without evidence that the agency would use new funds to shake down middle- and working-class Americans at their doorsteps.
But the IRS’s enhanced enforcement efforts are so far concentrating on wealthy individuals, major corporations, and complicated partnerships that are often used to reduce tax burdens.
As part of an unwritten agreement reached over the summer with Democrats to raise the debt ceiling, Republicans planned to hack $20 billion off the initial $80 billion IRS funding boost through the normal appropriations process.
Democrats panned those cuts, pointing to CBO’s projection of tens of billions of dollars in lost revenue.
Some Senate Republicans critical of the IRS funding increase have backed the House GOP bill but acknowledge the budgetary impact could be a hurdle.
“If you’re looking for a pay-for, which they clearly are, I think it’s as good as one as there could be,” Sen. Kevin Cramer (R-N.D.).
“The challenge you’re gonna have is a CBO score.”
While Cramer argued the CBO “doesn’t consider the ramifications to the economy,” he said he expects the CBO could score the proposed cuts as “a net positive, albeit not a very big one.”
David Wessel, senior economic studies fellow at the Brookings Institution, argued the budgetary impact of the IRS cuts is “not that big,” particularly when taking into account the trillions of dollars the nation spends annually.
But that’s also partly why Wessel thinks “dynamic scoring isn’t really an issue here.”
“Dynamic scoring is about how will a proposal affect the GDP, how will it increase labor force participation, how will it affect productivity,” he said. “There’s no reason to believe that the kind of money we’re talking about with the IRS funding, if you dynamically scored it to death, would show anything.”
“I just think this is the ultimate in cynical Republican bullshit,” Wessel added.
Business, House, Senate, Congressional Budget Office, Inflation Reduction Act, IRS, irs funding, Israel-Hamas conflict, Kevin Cramer, Mitt Romney, Ron Wyden, taxes, Ukraine-Russia war A recent proposal by House Republicans to take billions of dollars from the IRS and give it to Israel for its war against Hamas is raising alarm from budget experts, who say the push would undercut the party’s calls to reduce the national debt. Since assuming control of the House in January, House Republicans have…
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Advice
10 Tips To Creating Quality YouTube Content on a Budget
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2 weeks agoon
October 4, 2024Producing engaging YouTube videos doesn’t have to break the bank. With the right strategies and tools, you can create high-quality content that resonates with your audience without overspending.
Define Clear Objectives
Before you start filming, establish your goals. Are you aiming to increase brand awareness, drive traffic to your website, or boost video views? Your objectives will guide your content strategy and help you measure success.
Create Compelling Content
Invest time in developing high-quality video concepts. According to Analytics Partners, video content has twice the lasting impact of non-video content. Focus on creating content that resonates with your audience and aligns with your brand messaging.
Leverage Smartphone Technology
Modern smartphones offer excellent video quality. For example, the iPhone 12 Pro can shoot 4K video at 60 fps, rivaling many dedicated cameras. Pair your smartphone with a basic tripod and external microphone for professional-looking results.
Optimize Lighting
Good lighting is crucial for video quality. Natural light is free and effective. Position yourself near a window or invest in affordable lighting options like ring lights, which typically cost between $20-$100.
Post-Production and Optimization
Use Free Editing Software
Take advantage of free or low-cost editing tools. DaVinci Resolve, for instance, offers professional-grade editing capabilities at no cost for its basic version.
Optimize for SEO
YouTube’s algorithm considers factors like view count, engagement, watch time, and relevance when recommending videos[2]. Use keywords in your titles, descriptions, and tags to improve discoverability. For example, including relevant keywords in your title can increase views by up to 20%.
Engagement Strategies
Prioritize Community Engagement
Respond to comments and interact with your audience. YouTube puts recent comments front-and-center in your analytics dashboard, encouraging timely responses. This engagement can lead to higher watch times and subscriber growth.
Experiment with YouTube Shorts
YouTube Shorts are amassing tens of billions of views daily. Creating Shorts content can increase your channel’s visibility and engagement without requiring significant production resources.
Budget-Friendly Marketing Tactics
Leverage Remarketing
Implement remarketing campaigns to re-engage viewers who have already interacted with your content. This targeted approach can be more cost-effective than broad audience targeting.
A/B Testing
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Real-Life Example
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Author: Bolanle Media Staff
As a film industry professional, you’re likely no stranger to the hard work and dedication required to bring a project to life. However, you may not be aware of the crucial role film festivals play in advancing your career and the industry as a whole. Let’s revisit the importance of film festivals and how they can benefit you and your work:
Film festivals provide a platform for your work to be seen by a wider audience, including critics, distributors, and industry leaders. This exposure can lead to recognition, awards, and critical acclaim, which can boost your reputation and open doors to new opportunities.
From the Film Festival Circuit Founder, Mikal Fair:
“Explore the ‘Film Festival Submitter’s Handbook 2024,’ your ultimate guide to conquering the film festival circuit. Whether you’re a filmmaker or screenwriter, this essential resource provides practical strategies to navigate the competitive landscape of film festivals successfully. From crafting compelling titles, taglines, and synopses to creating impactful director’s and writer’s statements, this handbook equips you with the tools to shine in the festival circuit. Learn to develop effective marketing materials, including posters and trailers, and discover the importance of communication and presenting a professional package. With insights tailored to the evolving role of social media and marketing in the film industry, this handbook is your key to festival triumph. Get your copy now and embark on your journey to festival success!”
Author: Bolanle Media Staff
Business
Laugh, Learn, and Connect: Houston Comedy Film Festival Oct 5th
Published
2 weeks agoon
September 30, 2024Located in: EADO Workspaces
The Houston Comedy Film Festival is set to return on October 5th, 2024, and it promises to be an exciting day filled with laughter, learning, and networking opportunities for comedy enthusiasts and aspiring filmmakers alike. This year, the festival welcomes Roselyn Omaka as the new festival director, bringing her expertise and innovative vision to the event.
Attendees can look forward to engaging sessions led by industry professionals. Joan Montreuil from The Newbie Film Academy will provide invaluable insights into financing films and raising capital, helping aspiring filmmakers navigate the often complex world of film funding. Meanwhile, Deloris from DD’s Showbiz will host an interactive acting workshop designed to enhance participants’ skills and confidence in front of the camera.
Although LemarKus Tinker from Friday Night Lights won’t be attending in person, he will offer an exciting virtual one-on-one guidance session for aspiring directors. This unique opportunity allows participants to connect directly with him from the comfort of their homes, gaining personalized advice and insights that can help shape their directorial vision. Imagine having a chance to ask questions and receive feedback from a seasoned professional in the industry—this virtual interaction is sure to be a highlight!
In addition to these educational opportunities, festival winners will have the chance to receive valuable resources from sponsors to further improve their films and business outcomes. This support could be the stepping stone that many emerging talents need to make their mark in the competitive world of filmmaking.
The festival kicks off at 12 PM sharp, so attendees are encouraged to arrive 10 minutes early to ensure they don’t miss any of the action. It’s important to note that everyone must purchase a ticket to attend this fantastic event. Tickets are available for $50, which grants full access to all festival activities. Attendees can purchase their tickets through different platforms: filmmakers (not screenwriters) are encouraged to buy their tickets on filmfestivalcircuit.com, while guests and screenwriters should secure their tickets via meetup.com/bolanlemedia. Tickets can also be purchased at the door on the day of the event.
The Houston Comedy Film Festival has been a cornerstone of the independent film community since its inception in 2008 by author and retired filmmaker Mikel Fair. Over the years, it has consistently ranked in the FilmFreeway Top 100, cementing its status as a must-attend event for comedy filmmakers and fans.
With Roselyn Omaka’s leadership, the star-studded lineup of industry professionals, and the diverse array of films and activities planned, the 2024 Houston Comedy Film Festival is shaping up to be an unmissable experience. Whether you’re an aspiring filmmaker, a comedy enthusiast, or simply looking for a day filled with laughter and learning, this festival has something for everyone.
Don’t miss out on this fantastic opportunity to immerse yourself in the world of comedy filmmaking. Grab your tickets now and be part of the Houston Comedy Film Festival experience! Join us on October 5th at the Coronation Theatre in Houston for a day of creativity, laughter, and cinematic celebration! Your next big break could be waiting for you!
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