Budget Battles
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Biden White House Lays Out Plan for Coming Tax Showdown
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Trump Tax Cut Extension Would Cost $4.6 Trillion: CBO
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House Kills Greene Motion to Oust Speaker Johnson
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Greene Backs Off Johnson Threat, but Issues Four Demands
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Social Security, Medicare Get Boost From Strong Economy
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Biden and Trump Joust Over Jobs Report
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IRS Unveils Plan to Crack Down on the Rich
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Biden’s Top Economic Advisor Lays Out Principles for Tax Fight Ahead
By Michael RaineyWith many of the 2017 Republican tax cuts set to expire after next year, the White House and Congress are already laying the groundwork for a huge battle over the tax code. On Friday, President Joe...
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Trump Tax Cut Extension Would Cost $4.6 Trillion: CBO
By Michael RaineyLawmakers in Washington will need to address some serious fiscal questions next year, not least of which is what to do about Trump-era tax cuts set to expire at the end of 2025. Some in Congress want...
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IRS Unveils Plan to Crack Down on Wealthy Taxpayers
By Michael RaineyThe IRS wants to increase its audit rate for taxpayers earning more than $10 million by about 50%, according to an updated operating plan released Thursday. Relying on additional funding provided by...
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Marjorie Taylor Greene Says She’ll Force Vote to Oust Johnson
Republican Rep. Marjorie Taylor Greene announced Wednesday that she will force a vote next week on her motion to oust Speaker Mike Johnson, even as her odds of succeeding appear to be nil. Republican...
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Supply-Siders Pitch Trump on a Flat Tax
By Michael RaineyA group of conservative advisers long associated with Republican economic policies are reportedly encouraging former President Donald Trump to embrace the idea of a flat income tax. Bloomberg’s...
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Former Biden Administration Economists Launch New Budget Lab
A huge tax fight is looming as a slew of 2017 Republican tax cuts are scheduled to expire at the end of 2025 — and, as Natasha Sarin writes at The Washington Post , the government’s budgetary...
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Trump Promises Billionaires: I'll Keep Your Taxes Low
Former President Donald Trump reportedly told wealthy donors to his 2024 campaign that he’ll keep their taxes low and extend his 2017 tax cuts, many of which are set to expire after 2025. Trump’s...
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Free IRS Filing Program Draws Few Users
By Michael RaineyThe IRS announced last week that upwards of 19 million people in 12 states are eligible to file their taxes for free using Direct File, a new program the tax agency is testing this year. But...
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19 Million Taxpayers Eligible for Free IRS Filing Program
By Michael RaineyThe IRS is testing a new online system that offers free filing directly through the tax agency, and over the weekend, Commissioner Danny Werfel said that millions of people are eligible to use it...
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Poll Finds Liberals and Conservatives Agree: Tax the Super-Rich
By Michael RaineyPresident Joe Biden has proposed a number of tax hikes on wealthy households and corporations, and it looks like some of his proposals — including a 25% minimum tax on billionaires — could win...
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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...
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IRS Recovers $520 Million in Unpaid Taxes From Millionaires
By Michael RaineyA crackdown on cheating by high-income households and complex businesses is paying off, the IRS said Friday as it announced that it has now recovered more than $520 million from 1,600 millionaires...
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Taxpayer Advocate Says IRS Improvements Still Not Good Enough
By Michael RaineyThe IRS has made enormous strides in recovering from pandemic-era challenges, says Erin M. Collins, the national taxpayer advocate. But her new annual report makes it clear that the IRS still has a...
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First CHIPS Act Grant Goes to Major Defense Contractor
By Michael RaineyThe Biden administration announced Monday that the first federal grant intended to boost U.S. semiconductor manufacturing is going to an American subsidy of BAE Systems, a multi-billion-dollar...