A spokesman said: "As the chancellor set out, for current tax credit claimants, because of the government's economic plan, we can now help with the transition to universal credit by avoiding changes to tax credits altogether.
Expensive pay-as-you-go pension schemes paying for pensions out of current taxes—have been scaled back.
The budget, unlike Ryan's, doesn't close the door on going beyond the fiscal cliff deal either; it calls for the continuation of current tax rates for middle and lower class Americans but does not specify whether current rates should be protected for high-end earners.
More immigration might ease the problem, but the numbers needed to offset the effect of ageing would probably be politically unacceptable.State pensions in the EU are mostly paid for out of current tax revenues, so either taxes or national debts, or both, may have to rise steeply.
"We have now spent more than $1.5 million of current tax monies for growing grass," said Thomas J. Abinanti, one of the few Democratic legislators to oppose the course.
This will be "funded"—ie, paid out of a pot of money invested by the pensioner during his working life in contrast to the "pay-as-you-go" state pensions, which are paid for by current tax revenues.
But that observation, as an argument for lower current taxes, looks weaker as the years pass.
This can be very important in accounting for any current taxes the business owes.
As a result, tax experts say, Americans should assume for now that current tax law will not change this year in any substantial way.
So if you were going to use up the Isa allowance for the current tax year, or for the year starting on 6 April, go ahead.
Anyone over 65 currently has a much higher personal allowance than those in work – £10,500 for the current tax year, or £10,660 for those aged 75-plus.
