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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The IRS Audit Rate Keeps Falling, Now Below 7% for Households Making $10 Million or More
By Michael RaineyThe IRS audited just 892,000 individual tax returns last year, for an audit rate of 0.59%, the IRS said Monday. That marks the seventh year in a row that the audit rate has fallen. The IRS Data Book...
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States Bet Big on Sports Gambling. Is It Paying Off?
It’s been just over a year since the Supreme Court opened the door for states to allow sports betting . Anticipating a budgetary boost from sports betting tax revenues, seven states rushed through...
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Is It Time to Put Fiscal Policy on Autopilot?
By Michael RaineySome federal programs such as unemployment benefits and food stamps work as automatic stabilizers in a weakening economy, making recessions less severe by boosting incomes and consumption for...
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Trump’s Tariffs Equivalent to Largest Tax Hike in 25 Years: CNBC
By Michael RaineyMany economists see tariffs as a tax that it is ultimately paid by consumers. Viewed that way, President Trump’s tariffs amount to the largest tax hike in more than two decades, says CNBC’s Steve...
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Trump Tariffs Could Wipe Out Tax Cuts for Many Households
By Michael RaineyThe tariff increases on Chinese imports ordered by President Trump could end up taking more money out of many low- and middle-income households than the Republican Tax Cuts and Jobs Act put in, says...