Budget Battles
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Covid Relief Bill Stalls in Fight Over Unemployment Benefits
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GOP Turns to Delay Tactics to Stall Covid Relief Bill
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Biden Agrees to Limit Covid Relief Payments
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Dems Debate Smaller Unemployment Checks
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Now It's the Senate's Turn on Stimulus
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Democrats Scramble to Save $15 Minimum Wage
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The US Is About to Get a New Top Tax Break
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Warren Proposes ‘Ultra-Millionaire’ Tax
By Michael RaineyMassachusetts Sen. Elizabeth Warren (D) on Monday unveiled a proposal to tax the net worth of the wealthiest Americans, a move she says would raise roughly $3 trillion in revenues over 10 years. The...
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Treasury Gets a Tax Windfall as Stocks Soar
By Michael RaineyThe booming stock market is producing a surge in capital gains, and the U.S. Treasury now expects to collect more in capital gains taxes this year than it has in a decade as investors take their...
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Democrats, Liberal Groups Push to Boost IRS Audits of the Rich and Corporations
Democratic Reps. Ro Khanna of California and Peter DeFazio of Oregon each introduced bills on Thursday aimed at boosting tax enforcement on the wealthy and shrinking the “tax gap,” the amount of...
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Broad Support for Biden’s Covid Relief Agenda: Poll
By Michael RaineyA substantial majority of Americans supports President Biden’s proposal to provide $2,000 in relief payments to most adults, according to the results of a new poll from Yahoo News/YouGov. In a survey...
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Schumer Leads New Push to Repeal SALT Cap
Senate Majority Leader Chuck Schumer (D-NY) and a bipartisan group of blue-state lawmakers introduced legislation on Friday to repeal the $10,000 cap on state and local tax deductions created under...
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Taxpayer Advocate: The IRS Needs More Funding
By Michael RaineyNational Taxpayer Advocate Erin Collins released her annual report to Congress Wednesday, and it came with a blunt message: Years of funding cuts have made it difficult for the nation’s tax and...
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Democrats Plan a Major End Run Around the GOP
By Michael RaineyYou’ll probably be hearing a lot about “budget reconciliation” in the coming weeks, as Democrats work to pass a substantial spending package in the early days of the Biden administration. The term...
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Biden’s Agenda Gets a Boost With Democratic Control in Washington
By Michael RaineyThe Democratic sweep of the runoff Senate elections in Georgia may not have gotten as much coverage as the storming of the Capitol by a pro-Trump mob Wednesday, but the results will have a powerful...
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Reviving the Pandemic Economy
By Michael RaineyWith the U.S. economy headed for another slowdown as the coronavirus surges to record levels, The New York Times gathered a group of experts “to debate the priorities for economic policy in the...
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State and Local Tax Revenues Better Than Expected
By Michael RaineyMany economists worried that local tax revenues would fall sharply in the wake of the coronavirus pandemic, creating a long-lasting drag on the economy as payrolls shrank and public investment...
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Trump’s Tax Cuts Didn’t Boost Job Numbers
By Michael RaineyThe job market was remarkably strong before the coronavirus pandemic hit earlier this year, with the unemployment rate falling to a 50-year low. Even so, President Trump’s promise to be the “greatest...
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Trump’s $750 Tax Bill
By Michael RaineyThe analysis released Sunday evening by The New York Times of President Trump’s tax filings stretching back over more than two decades has caused quite a stir as we enter the final weeks of the...
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Economy Would Do Better Under Biden Than Trump: Moody’s
By Michael RaineyThe economy is widely seen to be a relative strength for President Trump, with voters giving him much higher approval ratings for his handling of economic issues than other areas. But a new analysis...
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Massive Corporate Tax Holiday Could Cause Headaches Next Year
By Michael RaineyWorried about getting stuck with unpaid tax bills in 2021, private employers have largely passed on President Trump’s voluntary program that allows companies to defer the Social Security portion of...
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Why Joe Biden Wants to Go Big on a Stimulus Package
By Michael RaineySome Democratic economic policy wonks have long believed they made a serious mistake during the Great Recession: The $787 billion stimulus package President Barack Obama signed into law in 2009 just...