Budget Battles
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Who Gets a Relief Check? Biden Willing to Negotiate
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Dems Ready to Go It Alone on Massive Covid Relief Bill
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Republicans Hammer Biden’s Big Stimulus Plan
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Biden Unveils ‘Wartime’ Covid Response Plan
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Biden Signs 17 Executive Actions on Day 1
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Yellen Tells Congress to ‘Act Big’ to Rescue the Economy
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Trump's Legacy: $7.8 Trillion Rise in Debt
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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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A ‘Wacky’ Tax Credit Idea: $4,000 for Vacation
By Michael RaineySen. Martha McSally (R-AZ) wants to use a tax credit to encourage Americans to take a vacation over the next two years. Under her proposed TRIP Act, adults would be able to tap a $4,000 tax credit...
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Conservative Groups Call for Tax Day to Be Delayed Until 2021
A coalition of more than 20 conservative and free-market groups wrote to Treasury Secretary Steven Mnuchin on Thursday asking that he defer the July 15 tax deadline into next year, saying that the...
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Opportunity Zones Mostly Help Real Estate Developers: Report
By The Fiscal Times StaffThe 2017 Republican tax package created an Opportunity Zone program that provides tax breaks for real estate developers in specially designated, low-income neighborhoods. President Trump has touted...
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1.5 Million Public Sector Employees Have Been Laid Off or Furloughed
By Michael RaineyState and local governments have shed about 1.5 million jobs since March, bringing employment in the sector to its lowest level since 2001, according to a review of Labor Department data by the Pew...
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New York Could Lose 40% of Its Tax Revenue Due to Pandemic: Report
By The Fiscal Times StaffStates can expect to see a 20% drop in tax revenues on average due to the coronavirus slowdown, and the 10 hardest-hit states could experience losses of more than 30%, according to a new analysis...