Budget Battles
-
GOP Hardliners Issue a Stark Warning on Ukraine Aid
-
Biden’s Controversial New Plan to Lower Drug Costs
-
Senate Republicans Block Ukraine Aid Package
-
Republicans Give Dems an Ultimatum on Ukraine Aid
-
White House Warns: ‘We Are Out of Money’ for Ukraine
-
Battle Over 'Woke' Policies Threatens Defense Bill
-
Inflation Slows Again: Soft Landing Ahead?
-
Is the Tax System Broken?
By Michael RaineyHistorically, tax revenues have increased significantly during economic booms as unemployment falls and then declined during slowdowns as unemployment rises, but according to Bobby Kogan, senior...
-
Jordan Loses Second Speaker Vote, Says He'll Keep Going
Jim Jordan suffered a second defeat Wednesday in his bid to win the speaker’s gavel — a campaign that now appears doomed to fail even as the firebrand Ohio Republican insists he wants to keep going...
-
IRS to Test Free Filing System
By Michael RaineyThe IRS announced Tuesday that it will test its direct tax-filing system in a handful of states next year. The tax agency has been working on the free, electronic alternative to paid tax services...
-
Jim Jordan Builds Support Ahead of Speaker Vote
By Michael RaineyWith a vote in the full House scheduled for noon on Tuesday, Rep. Jim Jordan is gaining support in his effort to become the next speaker. “I feel real good about the momentum we have and I think we'...
-
Tax Gap Grows to Nearly $700 Billion: IRS
By Michael RaineyThe “tax gap” is getting bigger, according to the latest estimate of the amount of money Americans owe in federal taxes but fail to pay. The IRS said Thursday that Americans failed to pay $688...
-
Deficit Rises to $1.7 Trillion in 2023: CBO
By Michael RaineyThe federal budget deficit totaled $1.7 trillion in fiscal year 2023, about $300 billion (23%) larger than the year before, according to a preliminary analysis released by the Congressional Budget...
-
IRS Freezes Pandemic-Era Tax Credit
By Michael RaineyAmid growing concerns about fraud, the Internal Revenue Service announced on Thursday a moratorium on new claims for the Employee Retention Credit, a refundable tax credit created by Congress in 2020...
-
IRS Announces Crackdown on 1,600 Millionaires
By Michael RaineyThe IRS announced Friday that it is targeting a group of high-income earners and corporations that have failed to pay their taxes in full — including about 1,600 millionaires who owe hundreds of...
-
Auditing High-Income Taxpayers Really Pays Off: Analysis
By Michael RaineyA recent paper published by the National Bureau of Economic Research provides further evidence that investing more resources in auditing capacity at the IRS provides a positive payoff for the federal...
-
GOP Candidates Clash Over Government Spending, Entitlements
Although the opening exchanges of last night’s Republican presidential primary debate aren’t making many highlight reels and recaps, they showed the candidates trying to establish their fiscally...
-
Inflation, Budget and Debt High on GOP Voters’ List of Priorities: Poll
As eight Republican candidates not named Donald Trump aim to use tonight’s initial 2024 presidential primary debate to build some momentum in the race for the GOP nomination, policy matters may take...
-
One Year Later, Biden Pushes Inflation Reduction Act — but Laments Its Name
President Joe Biden and several top administration officials will be fanning out across the country this week to celebrate the one-year anniversary of the Inflation Reduction Act being signed into...
-
Countries Could Lose $4.7 Trillion Due to Tax Havens Over the Next 10 Years: Analysis
By Michael RaineyCountries around the world stand to lose upwards of $4.7 trillion in revenues over the next 10 years due to the use and abuse of tax havens by corporations and wealthy individuals, according to a new...
-
IRS Says Agents Will Mostly Stop Making Unannounced Visits to Taxpayers
In what it called a “major policy change,” the Internal Revenue Service said Monday that its agents will largely stop making unannounced visits to taxpayers’ homes, reversing a decades-long practice...
-
National Debt Projected to Soar Over Next 30 Years: CBO
By Michael RaineyDespite the dramatic showdown over the debt ceiling and the resulting budget agreement that restrains federal spending through 2025, the national debt is projected to rise to record levels over the...