Budget Battles
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Taking Aim at China, Biden Signs $280 Billion Tech Investment Bill
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10 Things to Know About Biden's Big Win
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Sinema Delivers a Huge Win for Biden
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US Declares New Public Health Emergency
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Sinema Seeks Changes to Dems’ Big Bill
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Does Dem Bill Raise Middle-Class Taxes?
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Democrats Barrel Ahead on $740 Billion Plan
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Social Security Benefits Set for a Huge Boost in 2023: Analysis
Social Security’s annual cost of living adjustment for 2023 will be the highest in four decades, according to projections from the Committee for a Responsible Federal Budget. While benefits this year...
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Rick Scott Drops Tax Hike Plan That Drew Bipartisan Backlash
Republican Sen. Rick Scott of Florida on Thursday revised his proposed agenda for the GOP and ditched language that had called for all Americans to “pay some income tax to have skin in the game.”...
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Save Social Security by Taxing the Rich? Democrats Have a Plan
By Michael RaineyThe Social Security trustees announced last week that the program’s trust fund will be depleted in 2035, at which point benefits would be cut by 20%, assuming Congress does nothing to alter its...
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Forecast for Social Security and Medicare Brightens a Bit, but Time Still Running Out
The financial outlook for Social Security and Medicare improved a bit this year as the result of a stronger-than-expected economic recovery from the Covid pandemic, according to annual reports...
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Biden Says Inflation Is Top Priority, Slams ‘Ultra-MAGA’ GOP
President Joe Biden on Tuesday called inflation “the number one challenge facing families today” and said that addressing rising prices is at the top of his domestic agenda. “I know that families all...
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Dems Look to Score Points Using Rick Scott’s Agenda for the GOP
Back in February, Florida Republican Sen. Rick Scott released a 11-point policy agenda for the GOP that stirred some controversy by, among other things, calling for all Americans to have some “skin...
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Is It Time to Raise the Social Security Tax Wage Cap?
By Michael RaineyAmericans earning $1 million hit a milestone today: After February 23, anyone with an annual income at or above that level has hit the payroll tax cap and paid all of their Social Security taxes for...
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Social Security Benefits Will See Biggest Boost in Nearly 40 Years
By Michael RaineySocial Security benefits will increase by 5.9% in 2022, the largest increase since 1982, the Social Security Administration announced Wednesday. “This would be the highest COLA that most...
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Social Security Trust Fund to Run Out by 2034, Report Says
Social Security won’t be able to pay full benefits by 2034, one year earlier than projected last year, unless Congress acts to address the program’s finances, according the annual report released...
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Why Biden Fired the Head of the Social Security Administration
President Joe Biden on Friday fired Social Security Administration Commissioner Andrew Saul, a Trump appointee who had drawn criticism from Democrats and advocacy groups for seeking to restrict...
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Social Security Less Damaged by Covid Recession Than Experts Feared
By Michael RaineyAs the Covid crisis took hold in early 2020, budget experts worried that rapidly disappearing jobs and plummeting tax receipts would put a serious dent in Social Security’s finances. But according to...
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What Trump and Biden Would Mean for Social Security
After years of warnings about the financial challenges facing Social Security, the coronavirus pandemic and its economic effects mean that the time to get serious about ensuring that full benefits...
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Trump’s Payroll Tax Plan Fizzles
President Trump’s payroll tax deferral plan is fizzling. The plan , meant to boost workers’ incomes by allowing their employers to postpone collection of the 6.2% employee share of the tax funding...
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Social Security Trust Fund Depleted by 2031: CBO
By Michael RaineyThe Social Security Old Age and Survivors Insurance fund will be depleted by 2031, according to a report released Wednesday by the Congressional Budget Office. The CBO said the surplus in the fund,...
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Trump’s Payroll Tax Deferral Gets Rolling
By Michael RaineyThe IRS issued guidance late Friday that provides details on President Trump’s executive action to allow employers to stop collecting Social Security taxes for employees starting September 1 through...