Budget 2023 Quotes

But we will never allow Berkshire to become some monolith that is overrun with committees, budget presentations and multiple layers of management. Instead, we plan to operate as a collection of separately-managed medium-sized and large businesses, most of whose decision-making occurs at the operating level. Charlie and I will limit ourselves to allocating capital, controlling enterprise risk, choosing managers and setting their compensation.

But the per capita increase in California’s general-fund spending is also huge over the past decade, because California’s population hasn’t increased very much since 2013.6 Back in 2013 it was 38.3 million, and in 2023 it was only up to 38.9 million, an increase of only 0.6 percent. Over the past three years, California’s population has actually dropped by nearly 600,000 residents since reaching a high of 39.5 million in 2020. Taking population into account, California’s spending in 2023 dollars has gone from $3,291 per person in 2013 to $5,800 per person in 2023, an increase of 76 percent. And it’s going up, just as the population continues to go down: the 2024–25 budget came in at nearly $300 billion. This dramatic growth in per-person spending corresponds directly to more government control of the economy in the form of more programs and more employees. They’ve doubled the budget, but is everything twice as good?

While the rich became richer, the taxation policy of the government, instead of correcting this trend, actively strengthened it. One of the first decisions of the first Modi government was to abolish the wealth tax that had been introduced in 1957. While the fiscal resources generated by this tax were never significant, the decision was more than a symbolic one.126 The wealth tax was replaced with an income tax increase of 2 percent for households that earned more than Rs 10 million (133,333 USD) annually.127 Few people pay income tax in India anyway: only 14.6 million people (2 percent of the population) did in 2019. As a result, the income-tax-to-GDP ratio remained below 11 percent. Not only has the Modi government not tried to introduce any reforms to change this, but it has instead increased indirect taxes (such as excise taxes), which are the most unfair as they affect everyone, irrespective of income. Taxes on alcohol and petroleum products are a case in point. As some state governments have also imposed their own taxes, this strategy means that India has one of the highest taxation rates on fuel in the world. The share of indirect taxes in the state’s fiscal resources has increased under the Modi government to reach 50 percent of the total taxes—compared to 39 percent under UPA I and 44 percent under UPA II.128 Modi’s taxation policy, a supply-side economics approach, is in keeping with the managerial rhetoric of promoting the spirit of enterprise that the prime minister, who readily presents himself as an efficiency-conscious “apolitical CEO,” relishes. One of the neoliberal measures the Modi government enacted in the name of economic rationality, right from his very first budget in 2015, was to lower the corporate tax.129 For existing companies it was reduced from 30 to 22 percent, and for manufacturing firms incorporated after October 1, 2019 that started operations before March 31, 2023, it was reduced from 25 to 15 percent—the biggest reduction in twenty-eight years. In addition to these tax reductions, the government withdrew the enhanced surcharge on long- and short-term capital gains for foreign portfolio investors as well as domestic portfolio investors.130

Finally, these wars have been largely paid for by borrowing, part of the reason the US went from budget surplus to deficits after 2001,” according to the Costs of War report. “Even if the US stopped spending on war at the end of this fiscal year, interest costs alone on borrowing to pay for the wars will continue to grow apace. . . . Future interest costs for overseas contingency operations spending alone are projected to add more than $1 trillion to the national debt by 2023. By 2056, a conservative estimate is that interest costs will be about $8 trillion unless the US changes the way it pays for the wars.

Menopause made its way to Capitol Hill on December 13, 2023, when there was a press conference in support of the Menopause Research and Equity Act. This proposed legislation calls on the National Institutes of Health to evaluate and report to Congress on the current state of menopause-related research and identify any gaps in knowledge, research, and treatments for menopause-related symptoms, and then to create a plan and a budget to resolve the gaps in knowledge and research that their study identifies

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