Budget Battles
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Biden Unveils $1.9 Trillion ‘American Rescue Plan’
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Trump Impeached Again: What's Next?
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America’s Infrastructure Gap Will Hit $5.6 Trillion: Report
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Trump Impeachment Could Delay Biden Stimulus
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Biden Calls for Trillions More in Covid Relief
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Dems Pledge $2,000 Checks as Biden Agenda Gets a Boost
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Insurrection at the Capitol
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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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Most Americans Support Higher Tax on High Earners: Poll
By Michael RaineyAbout two-thirds of Americans support President-elect Joe Biden’s proposal to raise taxes on households earning more than $400,000 a year while keeping taxes on those below that level the same,...
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A New Tax on Stay-at-Home Workers?
By The Fiscal Times StaffA report funded by Deutsche Bank that examines the economic recovery from the pandemic suggests that people working at home should be taxed for the privilege of doing so, in order to pay for aid to...
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Election Results Signal Less Stimulus, More Gridlock
By Michael RaineyAlthough the final numbers aren’t in yet, it looks like the 2020 election will deliver a divided Congress to whichever party claims the White House. Democratic hopes for a “blue wave” fell by the...
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Joe Biden’s Economy Czar
By Michael RaineyJoe Biden has a vast team of advisers working on plans to boost the economy in the event that the former vice president wins the presidential election. While some are big names who served in the...
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No Pre-Election Details on Trump’s Promised Tax Cuts
By Michael RaineyAdd President Trump’s second term tax plan to the long list of items that he will release at some point in the future. White House economic adviser Larry Kudlow said Monday that while administration...
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Why Trump’s Tax Cuts Failed to Spark an Investment Boom
By Michael RaineyOne major selling point of the Republican tax overhaul, which lowered the corporate tax rate to 21 percent and sweetened the rules for capital expensing, was a promised boost in investment by U.S...
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Biden Proposes $1.7 Trillion Climate Plan
By Michael RaineyDemocratic presidential candidate Joe Biden unveiled a climate plan Tuesday that takes its cues from progressive demands for a dramatic change in environmental policy in the U.S. and promises to go “...
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The Poor Are Now Being Audited by the IRS Nearly as Much as the Top 1%: ProPublica
Last year, millionaires were about 80% less likely to be audited by the Internal Revenue Service than they were in 2011, ProPublica’s Paul Kiel reported recently, based on government data. Meanwhile...
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Trump Tariffs Could Wipe Out Tax Cuts for Most Americans: Report
By Michael RaineyThe import tariffs proposed by President Trump could wipe out the income gains provided by the Republican tax cuts for low- and middle-income earners, Jim Tankersley of The New York Times reported...
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Trump Says Top Economist Kevin Hassett Will Leave Soon
Kevin Hassett, chairman of the White House Council of Economic Advisers, will be leaving the administration soon, President Trump tweeted Sunday night. Hassett, who was an economist at the...