Budget Battles
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Border Battle Pushes Congress Toward a Shutdown
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Biden to Congress: Pass the Foreign Aid Bill ASAP
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Republicans Eye Frozen Russian Assets to Fund Ukraine
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Shutdown Threat Rises Again as GOP Demands Border Changes
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House Dems Try to Force a Vote on Ukraine Aid
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Biden Proposes a $7.3 Trillion Budget for 2025
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Senate Averts Midnight Shutdown, but Not Without Drama
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Biden Proposes a $7.3 Trillion Budget for 2025
President Biden on Monday proposed a $7.3 trillion budget for fiscal year 2025 that seeks to lower the costs of prescription drugs, child care and housing while also cutting the deficit by $3...
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Biden’s SOTU Pitch: Tax the Rich and Businesses
By Michael RaineyPresident Joe Biden will deliver his State of the Union address to Congress this evening, and some political analysts are calling it the most important moment in his decades-long political career...
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Trump-Era Corporate Tax Cuts Boosted Investment, but Did Not Pay for Themselves: Analysis
By Michael RaineyThe corporate tax cuts included in the 2017 Tax Cuts and Jobs Act helped boost business investment while delivering a small increase in worker pay, according to a new analysis published by the Bureau...
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IRS Crackdown on Millionaires Who Don’t File Begins
By Michael RaineyThe IRS is cracking down on thousands of high-income earners who haven’t filed tax forms in years, in an effort that could yield hundreds of millions of dollars in unpaid taxes. The tax agency said...
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Top Finance Republican Blasts $78 Billion Tax Bill
By Michael RaineySen. Mike Crapo, the top Republican on the Finance Committee, made it clear again Wednesday that he does not support the $78 billion tax bill that would expand the Child Tax Credit and restore a set...
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Quote of the Day: It Takes Two to Tango
By Michael Rainey“It’s only fair to have both revenue and expenditures on the table. The last time there was a fix to Social Security that addressed the solvency for 75 years, it was Ronald Reagan and Tip O’Neill,...
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IRS Chief Warns Budget Cuts Would Raise the Deficit, Hurt Taxpayer Service
IRS Commissioner Danny Werfel cautioned lawmakers Thursday against cutting his agency’s budget, warning that it would both raise the deficit and undermine service improvements. “For every $100...
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House Rejects Effort to Boost SALT Deduction
By Michael RaineyIn a procedural vote Wednesday, the House rejected a bill that would double the state and local income tax (SALT) deduction for some filers. The vote was 195-225, as 18 conservative Democrats joined...
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House Easily Passes Bipartisan Tax Bill. Will Senate GOP Derail It?
The House on Tuesday night easily passed a $78 billion bipartisan bill to increase the Child Tax Credit and restore some business tax breaks through 2025. The Tax Relief for American Families and...
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House Set to Vote on Bipartisan Tax Bill to Expand Child Credit, Restore Business Breaks
The House of Representatives is poised to vote tonight on a $78 billion bipartisan deal that would temporarily enhance the Child Tax Credit and restore a trio of corporate tax breaks. The measure is...
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Republican Infighting Threatens to Derail Vote on Bipartisan Tax Bill
The top Republican on the tax-writing House Ways and Means Committee on Tuesday morning told CNBC that he expects a floor vote this week on the $78 billion bipartisan tax deal to temporarily expand...
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Bipartisan Tax Proposal Would Benefit Lowest and Highest-Income Households Most: Analysis
By Michael RaineyThe proposed tax package unveiled last week by House Ways and Means Committee Chairman Jason Smith and Senate Finance Committee Chairman Ron Wyden would provide outsized benefits to two groups at...
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Congress' New Tax Deal Clears a Hurdle in the House
The House Ways and Means Committee voted 40-3 on Friday to advance a bipartisan, $78 billion plan to expand the child tax credit and restore a trio of expired or expiring business tax breaks. The...
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Tax Package That Boosts Child Credit and Business Deductions Would Be Fully Offset: JCT
By Michael RaineyA proposed tax package that would temporarily boost the child tax credit while providing more generous deductions for business investments would be fully paid for by the early elimination of a...
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Lawmakers Announce $78 Billion Plan to Expand Child Tax Credit, Revive Business Tax Breaks
By Michael RaineyCongressional negotiators announced Tuesday that they have reached an agreement on a $78 billion legislative package that would revive tax breaks for business investment and expand the child tax...