The Tax Reform Act of 1986 (TRA) was passed by the 99th United States Congress and signed into law by President Ronald Reagan on October 22, 1986.
The government budget balance, also referred to as the general government balance, public budget balance, or public fiscal balance, is the difference between government revenues and spending. For a government that uses accrual accounting the budget balance is calculated using only spending on current operations, with expenditure on new capital assets excluded. A positive balance is called a government budget surplus, and a negative balance is a government budget deficit. A government budget presents the government's proposed revenues and spending for a financial year.
A tax cut represents a decrease in the amount of money taken from taxpayers to go towards government revenue. Tax cuts decrease the revenue of the government and increase the disposable income of taxpayers. Tax cuts usually refer to reductions in the percentage of tax paid on income, goods and services. As they leave consumers with more disposable income, tax cuts are an example of an expansionary fiscal policy. Tax cuts also include reduction in tax in other ways, such as tax credit, deductions and loopholes.
A corporate tax, also called corporation tax or company tax, is a type of direct tax levied on the income or capital of corporations and other similar legal entities. The tax is usually imposed at the national level, but it may also be imposed at state or local levels in some countries. Corporate taxes may be referred to as income tax or capital tax, depending on the nature of the tax.
An income trust is an investment that may hold equities, debt instruments, royalty interests or real properties. It is especially useful for financial requirements of institutional investors such as pension funds, and for investors such as retired individuals seeking yield. The main attraction of income trusts, in addition to certain tax preferences for some investors, is their stated goal of paying out consistent cash flows for investors, which is especially attractive when cash yields on bonds are low. Many investors are attracted by the fact that income trusts are not allowed to make forays into unrelated businesses; if a trust is in the oil and gas business, it cannot buy casinos or motion picture studios.
The 2005 Canadian federal budget was the budget of the Government of Canada under prime minister Paul Martin's 38th Canadian Parliament for the 2005–06 fiscal year. It was presented on February 23, 2005, by Finance Minister Ralph Goodale. It was the first Canadian federal budget presented by a minority government since the budget of the Joe Clark Progressive Conservative government in 1979, which was defeated by the opposition parties.
The Omnibus Budget Reconciliation Act of 1993 was a federal law that was enacted by the 103rd United States Congress and signed into law by President Bill Clinton on August 10, 1993. It has also been unofficially referred to as the Deficit Reduction Act of 1993. Part XIII of the law is also called the Revenue Reconciliation Act of 1993.
The United States budget comprises the spending and revenues of the U.S. federal government. The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies. The government primarily spends on healthcare, retirement, and defense programs. The non-partisan Congressional Budget Office provides extensive analysis of the budget and its economic effects. CBO estimated in February 2024 that Federal debt held by the public is projected to rise from 99 percent of GDP in 2024 to 116 percent in 2034 and would continue to grow if current laws generally remained unchanged. Over that period, the growth of interest costs and mandatory spending outpaces the growth of revenues and the economy, driving up debt. Those factors persist beyond 2034, pushing federal debt higher still, to 172 percent of GDP in 2054.
The Canadian federal budget for the 2009–10 fiscal year was presented to the House of Commons of Canada by Finance Minister Jim Flaherty on January 27, 2009. The federal budget included $20 billion in personal income tax cuts as well as major investments in infrastructure.
The United States fiscal cliff refers to the combined effect of several previously-enacted laws that came into effect simultaneously in January 2013, increasing taxes and decreasing spending.
The 1993 Canadian budget was a Canadian federal budget for the Government of Canada presented by Minister of Finance Don Mazankowski in the House of Commons of Canada on 26 April 1993. It was the fifth budget after the 1988 Canadian federal election and would be the last before the 1993 Canadian federal election.
The American Taxpayer Relief Act of 2012 (ATRA) was enacted and passed by the United States Congress on January 1, 2013, and was signed into law by US President Barack Obama the next day. ATRA gave permanence to the lower rates of much of the "Bush tax cuts".
The Canadian federal budget for fiscal year 2015–16 was presented to the House of Commons of Canada by Joe Oliver on 21 April 2015. This was the last budget before the 2015 federal election. The budget was supposed to be presented in February or March before the fiscal year began on April 1, but was delayed because of the steep drop in oil prices in the winter of 2014–15. A surplus of $1.4 billion was projected for the fiscal year 2015-2016, however this was adjusted by the new government to a deficit of $1.0 billion by end of March 2016. This was later adjusted to $2.9 billion after reflecting a change requested by the Auditor General dating back 10 years' worth of federal budgets, specifically with regards to the discount rate methodology used to determine the present value of the Government's unfunded pension obligations.
The Canadian federal budget for fiscal year 1988–89 was presented to the House of Commons of Canada by finance minister Michael Wilson on 10 February 1988. It was the fourth budget after the 1984 Canadian federal election and would be the last before the 1988 Canadian federal election.
The 1992 Canadian budget was a Canadian federal budget for the Government of Canada presented by Minister of Finance Don Mazankowski in the House of Commons of Canada on 25 February 1992. It was the fourth budget after the 1988 Canadian federal election. It is the first budget presented by Don Mazankowski.
The Canadian federal budget for fiscal year 1997–98 was presented by Minister of Finance Paul Martin in the House of Commons of Canada on 18 February 1997. It is the last budget of the 35th Canadian Parliament and the last budget before the 1997 Canadian federal election. The budget's unofficial subtitle is Building the Future for Canadians.
The Canadian federal budget for fiscal year 1996–97 was presented by Minister of Finance Paul Martin in the House of Commons of Canada on 6 March 1996. It is the first Canadian federal budget that was identified with an unofficial subtitle: Securing the Future.
The Canadian federal budget for fiscal year 1991–92 was presented by Minister of Finance Michael Wilson in the House of Commons of Canada on 26 February 1991.
The 1985 Canadian federal budget for fiscal year 1985–86 was presented by Minister of Finance Michael Wilson in the House of Commons of Canada on 23 May 1985. This is the first federal budget under the premiership of Brian Mulroney, and generally increased taxes.
Corporate taxes in Canada are regulated at the federal level by the Canada Revenue Agency (CRA). As of January 1, 2019 the "net tax rate after the general tax reduction" is fifteen per cent. The net tax rate for Canadian-controlled private corporations that claim the small business deduction, is nine per cent.
