Budget Battles
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Border Battle Pushes Congress Toward a Shutdown
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Biden to Congress: Pass the Foreign Aid Bill ASAP
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Republicans Eye Frozen Russian Assets to Fund Ukraine
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Shutdown Threat Rises Again as GOP Demands Border Changes
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House Dems Try to Force a Vote on Ukraine Aid
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Biden Proposes a $7.3 Trillion Budget for 2025
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Senate Averts Midnight Shutdown, but Not Without Drama
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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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House Rejects Effort to Boost SALT Deduction
By Michael RaineyIn a procedural vote Wednesday, the House rejected a bill that would double the state and local income tax (SALT) deduction for some filers. The vote was 195-225, as 18 conservative Democrats joined...
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House Easily Passes Bipartisan Tax Bill. Will Senate GOP Derail It?
The House on Tuesday night easily passed a $78 billion bipartisan bill to increase the Child Tax Credit and restore some business tax breaks through 2025. The Tax Relief for American Families and...
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House Set to Vote on Bipartisan Tax Bill to Expand Child Credit, Restore Business Breaks
The House of Representatives is poised to vote tonight on a $78 billion bipartisan deal that would temporarily enhance the Child Tax Credit and restore a trio of corporate tax breaks. The measure is...
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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...
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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...
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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...