Budget Battles
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White House Floats Another Corporate Tax Cut
The White House of Friday floated the idea of a massive corporate tax cut for U.S. companies that bring their operations back from other countries. “Why not provide a 50% discount for the corporate...
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Trump ‘Open’ to Sending More Money to States: Report
President Trump complained last week that providing additional federal funding to help states recover from the coronavirus crisis would be unfair to Republicans “because all the states that need help...
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Pelosi Pushes Back on Trump’s Call for New Tax Cuts
House Speaker Nancy Pelosi on Thursday laid out the broad outlines of the next round of coronavirus stimulus being written by House Democrats and dismissed President Trump’s calls for payroll and...
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State Budget Cuts Will Deepen Recession: Report
By Michael RaineyAs tax receipts plunge, state and local governments will likely cut back on spending if they don’t receive additional federal aid, making the current recession worse than it would be otherwise,...
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As Trump Pushes Tax Cuts for Coronavirus Stimulus, Lawmakers Push Back
President Trump’s renewed push for a payroll tax cut as part of the next round of coronavirus stimulus is being met with bipartisan resistance on Capitol Hill, with even some Republican leaders...
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Trump and Cuomo Battle Over State ‘Bailouts’
By Michael RaineyPresident Trump said Monday that Republicans don’t want to provide “bailouts” to states that are struggling financially amid the coronavirus epidemic. “I think Congress is inclined to do a lot of...
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Trump Pushes Payroll Tax Cut Panned by Economists
As the Senate returns to the Capitol this week, the obstacles to the next round of emergency coronavirus relief legislation seem to be mounting. Trump insists on a payroll tax cut: President Trump...
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IRS Has Sent 88 Million Coronavirus Payments Totaling $158 Billion
The Internal Revenue Service said Friday that it had issued 88.1 million Economic Impact Payments totaling nearly $158 billion as of April 17. The tax agency also released a geographical breakdown of...
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Why Some Tax Prep Clients Aren't Getting Their Stimulus Checks
By Paul Kiel and Justin Elliott and Will Young, ProPublicaLast week, a group of angry and desperate Citi Tax Financial customers gathered outside the company’s storefront in Augusta, Georgia. Millions of Americans had received a big deposit from the IRS in...
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Coronavirus Relief Bill Has a Special Treat for Some Wealthy Taxpayers
By Michael RaineyThe roughly $2 trillion coronavirus relief package signed into law last month includes a provision that will cut the tax bills for some Americans who make more than $1 million a year, according to a...
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The Scramble Is On to Send Millions of Coronavirus Checks
Congress last week approved legislation to send millions of Americans coronavirus relief payments and Treasury Secretary Steven Mnuchin said Sunday that the money would start arriving “within three...
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Pelosi Floats Stimulus Idea That Would Benefit High Earners
House Speaker Nancy Pelosi has floated another suggestion for the next round of fiscal stimulus: A retroactive rollback of the 2017 Republican tax law’s limit on state and local tax deductions. In an...
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Answers to Your Questions About the Coronavirus Direct Payments
By Michael RaineyMillions of Americans — and many of our readers — are wondering what kind of check they’ll be getting from the Treasury as part of the emergency aid package that is expected to become law as soon as...
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Breaking Down the Costs of the $2 Trillion Coronavirus Rescue Package
The nearly 900-page coronavirus relief package passed by the Senate late Wednesday night includes some $2.3 trillion in costs , according to the The Committee for a Responsible Federal Budget, though...
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What’s in the $2 Trillion Coronavirus Relief Package
By Michael Rainey and Yuval RosenbergCongressional leaders and the Trump administration agreed early Wednesday morning to a massive $2 trillion aid package designed to support individuals and businesses struggling amid the coronavirus...