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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Biden’s Tax Plan: Who Really Would Pay More?
Joe Biden’s tax plan would have high earners paying significantly more, with the top 1% of households shouldering 80% of the increase while those earning less than $400 would see no change on average...
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Trump’s Payroll Tax Plan Fizzles
President Trump’s payroll tax deferral plan is fizzling. The plan , meant to boost workers’ incomes by allowing their employers to postpone collection of the 6.2% employee share of the tax funding...
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Biden Pitches Corporate Tax Changes to Boost U.S. Jobs
Democratic presidential nominee Joe Biden rolled out corporate tax proposals Wednesday aimed at protecting U.S. workers by encouraging companies to invest in jobs domestically and punishing...
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Reducing National Debt Will Be ‘Big Second-Term Priority’ for Trump, White House Says
By Michael RaineyDonald Trump famously declared while running for president that he would eliminate the national debt during two terms in office. "We're not a rich country. We're a debtor nation,” Trump told The...
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SALT Cap Isn’t Scaring Away Blue-State Millionaires: Report
The $10,000 cap on state and local tax deductions imposed as part of the 2017 Republican tax law is not causing high-income taxpayers to flee high-tax blue states, according to Carl Davis, research...