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To infinity and beyond!

June 9, 2007

Yesterday evening the space shuttle Atlantis blasted off from Cape Canaveral and is en route to the international space station.

The photo below is one of the main reasons I’ve been enamored of the U.S. space program since I was a child.

Earth_from_shuttle_060907
View of Earth, over the edge of the shuttle’s payload bay, as captured by a video camera aboard Atlantis. Image courtesy of NASA TV.

This most recent shot of our planet from space sort of reminds me of that great shot of Earthrise, photographed by Apollo 8 astronauts in December 1968. I had that as a poster in my bedroom until I went off to college.

And I still think, as I blogged last summer, that NASA is one of our best tax expenditures.

The table below, from data compiled by the U.S. Office of Management and Budget, shows an excerpt of NASA’s annual budget, in billions of dollars, over the years. The space program’s budget highpoint was 1966, during the height of construction efforts leading up to Project Apollo’s first lunar landing.

             1958 $$     Constant      CPI
Year       adj. for    $$ (1966)     2001
             inflation 

1958        0.089        0.488      0.1828
1959        0.145        0.781      0.1862
1960        0.401        2.145      0.187
1966        5.933       26.820     0.2212
1970        3.755       14.616     0.2569
1980        4.850       8.966       0.5409
1990        12.429     14.714     0.8447
2000        13.600     12.618     1.0779
2007        16.250     13.007     1.125 (est)

Back at that ’66 peak, Apollo involved more than
34,000 NASA employees and 375,000 employees of industrial and
university contractors. Roughly two to four cents out of every U.S. tax
dollar, or 4 percent of the total federal budget (adjusted for inflation in
today’s dollars), went to the space program. The full
table, with all the yearly authorizations since NASA’s
beginning in 1958 through 2007, can be found here.

I know the country has many immediate needs, but I still believe space exploration ultimately provides valuable rewards. Some of those benefits are noted in a letter sent last month to Texas Senator Kay Bailey Hutchison, ranking member of the Subcommittee on Space, Aeronautics and Related Sciences.

In that correspondence, executives of 23 aerospace and technology companies urge Hutchison and her Capitol Hill colleagues to enact "a top-line increase for NASA’s FY 2008 budget." 

Shuttleatlantis_launch
I don’t often agree with big business, but I do here. NASA does indeed play a crucial role in advancing our nation’s innovation agenda, with programs that promote our scientific, economic and educational interests.

Plus, there’s nothing as simultaneously exciting, terrifying and awe inspiring as a manned rocket launch.

Let’s keep our astronauts flying.

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TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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