Budget Battles
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‘A Good Day for America’: Biden Signs $95 Billion Foreign Aid Bill
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Senate Advances $95 Billion Foreign Aid Package
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GOP Infighting Continues as Senate Heads for Aid Vote
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News Alert: House Approves $95 Billion Aid Package for Ukraine, Israel and Taiwan
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Dems Help Save Johnson's Aid Package for Israel, Ukraine
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Johnson Rejects a Plan to Save His Speakership
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Johnson Defies Hardliners, Pushes Ahead With Foreign Aid Plan
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Supply-Siders Pitch Trump on a Flat Tax
By Michael RaineyA group of conservative advisers long associated with Republican economic policies are reportedly encouraging former President Donald Trump to embrace the idea of a flat income tax. Bloomberg’s...
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Former Biden Administration Economists Launch New Budget Lab
A huge tax fight is looming as a slew of 2017 Republican tax cuts are scheduled to expire at the end of 2025 — and, as Natasha Sarin writes at The Washington Post , the government’s budgetary...
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Trump Promises Billionaires: I'll Keep Your Taxes Low
Former President Donald Trump reportedly told wealthy donors to his 2024 campaign that he’ll keep their taxes low and extend his 2017 tax cuts, many of which are set to expire after 2025. Trump’s...
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Free IRS Filing Program Draws Few Users
By Michael RaineyThe IRS announced last week that upwards of 19 million people in 12 states are eligible to file their taxes for free using Direct File, a new program the tax agency is testing this year. But...
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19 Million Taxpayers Eligible for Free IRS Filing Program
By Michael RaineyThe IRS is testing a new online system that offers free filing directly through the tax agency, and over the weekend, Commissioner Danny Werfel said that millions of people are eligible to use it...
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Poll Finds Liberals and Conservatives Agree: Tax the Super-Rich
By Michael RaineyPresident Joe Biden has proposed a number of tax hikes on wealthy households and corporations, and it looks like some of his proposals — including a 25% minimum tax on billionaires — could win...
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Biden Has Cut Taxes Overall: Analysis
By Michael RaineyPresident Biden has called for raising taxes on corporations and the wealthy, but according to a new analysis by the Urban-Brookings Tax Policy Center, he has been a net tax cutter so far. In an...
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IRS Commissioner Calls for Thousands of More Employees
By Michael RaineyIRS Commissioner Danny Werfel said Monday that the tax agency needs to increase its overall employment level by about 10,000 employees to be fully effective. “We're at 90,000 now,” he told students...
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Biden Proposes a $7.3 Trillion Budget for 2025
President Biden on Monday proposed a $7.3 trillion budget for fiscal year 2025 that seeks to lower the costs of prescription drugs, child care and housing while also cutting the deficit by $3...
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Biden’s SOTU Pitch: Tax the Rich and Businesses
By Michael RaineyPresident Joe Biden will deliver his State of the Union address to Congress this evening, and some political analysts are calling it the most important moment in his decades-long political career...
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Abolish the IRS and the Income Tax? Some Republicans Are Having Second Thoughts
By Michael RaineyA group of arch-conservatives in the House is pushing for a vote on a bill that would eliminate federal income taxes and the IRS, but some influential Republicans are pushing back against what...
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Number of the Day: 19.5%
By Michael RaineyThe income tax rate in the third quarter of 2022 for S&P 500 companies was 19.50%, according to calculations by Howard Silverblatt of S&P Dow Jones Indices. That was a bit lower than the 20...
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A State-Level Push for Wealth Taxes Coming This Week: Report
The progressive push to tax the rich is trying a new approach, The Washington Post’s Julie Zauzmer Weil reports : “A group of legislators in statehouses across the country have coordinated to...
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Taxpayer Advocate Sees ‘Light at the End of the Tunnel’ for Beleaguered IRS
Last year was full of misery for taxpayers and tax professionals dealing with the Internal Revenue Service, but this year should be somewhat better, according to an independent watchdog’s annual...
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GOP-Led House Approves Plan to Rescind Extra IRS Funding
By Michael Rainey and Yuval RosenbergFulfilling a longstanding vow, the first bill passed in the Republican-controlled House in the 118th Congress aims to rescind most of the $80 billion in funding for the IRS provided by the Inflation...