Budget Battles
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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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150 Top Business Leaders Back Biden's Covid Plan
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Fed's Powell Warns Congress on the Economy
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Two Key Senators Say No to Biden’s Budget Office Pick
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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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Jobless Claims Rise for First Time in Months as Lawmakers Battle Over Payments
By Michael RaineyMore people applied for unemployment benefits last week than the week before, the first time jobless claims have increased on a weekly basis since March. The 1.42 million claims for the week ending...
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GOP Delays Rollout of Coronavirus Stimulus Plan; Trump Dumps Push for Payroll Tax Cut
The White House and Senate Republicans failed to reach final agreement Thursday on their proposal for a coronavirus relief package, forcing them to delay a planned rollout of the legislation even...
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What's in the GOP's New Coronavirus Relief Plan?
Congress is back in Washington this week and getting down to the difficult task of negotiating the next, and potentially final, coronavirus relief package. The parties are far apart, with House...
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Schumer Pushes for Elimination of SALT Deduction Cap
Senate Minority Leader Chuck Schumer (D-NY) on Tuesday called on Republicans to eliminate the cap on deductibility of state and local taxes (SALT) as part of the next coronavirus relief package. The...
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Millionaires Say: Tax Us More to Pay for Pandemic
By Michael RaineyDozens of wealthy individuals calling themselves Millionaires for Humanity are asking the Trump administration and other Western governments to raise taxes on the rich in order to fund recovery...