Budget Battles
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Sniping Already Starting Over Baltimore Bridge Reconstruction Costs
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New Poll Finds Liberals and Conservatives Agree: Tax the Super-Rich
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Biden Vows US Will Pay to Rebuild Collapsed Baltimore Bridge
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How Congress Wasted ‘Months of Precious Time’ on the 2024 Spending Bills
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Senate Struggles to Avert Shutdown, Speaker Johnson Faces Revolt
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Long-Delayed $1.2 Trillion Spending Package Zooms to the Finish Line
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Debt Will Hit Record High This Decade, CBO Warns
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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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Biden Has Cut Taxes Overall: Analysis
By Michael RaineyPresident Biden has called for raising taxes on corporations and the wealthy, but according to a new analysis by the Urban-Brookings Tax Policy Center, he has been a net tax cutter so far. In an...
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IRS Commissioner Calls for Thousands of More Employees
By Michael RaineyIRS Commissioner Danny Werfel said Monday that the tax agency needs to increase its overall employment level by about 10,000 employees to be fully effective. “We're at 90,000 now,” he told students...
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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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The IRS Unveils Its $80 Billion Plan
By Michael RaineyThe Treasury Department on Thursday released a “strategic operating plan” for the IRS that includes new details on how the tax agency will use $80 billion in extra funding over 10 years provided by...
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$4 Trillion in U.S. Wealth Held Offshore: Report
By Michael RaineyWealthy U.S. households hold trillions of dollars in offshore accounts, with a substantial portion of the money residing in tax havens and shielded by complex partnerships, according to a new study...
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GOP Tax Cuts Are Driving US Debt Ratio Higher: Analysis
By Michael RaineyAlthough they are struggling to come up with a budget proposal of their own, Republicans are unified behind the idea that the federal deficit is the product of excess spending and therefore a problem...
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All States Became Net Beneficiaries of Federal Funds During Pandemic: Report
By Michael RaineyUnder normal conditions, wealthy states like New York and California are net revenue donors to the federal government, sending more in taxes to the Treasury than they receive back in various kinds of...
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Biden 2024 Budget Plan Would Impose a Significant Tax Hike on Top 1%: Report
By Michael RaineyThe tax provisions in President Biden’s 2024 budget proposal would raise incomes at the bottom of the income distribution while lowering them at the top, according to a new analysis by the Tax Policy...