Taxes
  • The U.S. Capitol dome is seen in Washington

    US on Pace to Add $19 Trillion to National Debt Over Next Decade: CBO

    By Michael Rainey

    Federal finances are deteriorating more rapidly than expected, the Congressional Budget Office said Wednesday as it released its 10-year outlook for the federal budget and the U.S. economy. The 101-...

  • Customer Service Manager

    The IRS Is Finally Answering Its Phones

    By Michael Rainey

    The IRS says its employees are answering phones to provide customer support at a much higher rate than in previous years. An unnamed Treasury Department official told The Washington Post that 88.6%...

  • U.S. President Biden visits New Jersey

    Biden’s Bets on Taxes and Health Care

    As President Biden addresses Congress and the nation tonight, he’ll be looking to sell the American public on his accomplishments and lay the groundwork for his re-election bid. You’re sure to hear...

  • Abolish the IRS and the Income Tax? Some Republicans Are Having Second Thoughts

    By Michael Rainey

    A 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...

  • Number of the Day: 19.5%

    By Michael Rainey

    The 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...

  • EU Approves Corporate Minimum Tax

    By Michael Rainey

    The 27 member states of the European Union plan to start collecting a 15% minimum tax on the profits of large corporations starting in 2024. Poland and Hungary had delayed an agreement to do so but...

  • A security camera hangs near a corner of the Internal Revenue Service (IRS) building in Washington

    Biden Announces His Pick to Lead the IRS

    President Joe Biden on Thursday announced that he will nominate Daniel Werfel, who served in the administrations of Presidents George W. Bush and Barack Obama, to lead the Internal Revenue Service...

  • President Biden at his Wednesday news conference.

    No Red Wave, but Maybe an Orange Crush

    By Yuval Rosenberg and Michael Rainey

    So there was no red wave. In defiance of polls showing significant Republican momentum leading up to Election Day, Democrats managed to avoid a 2006-style midterm “thumpin’” and a 2010-style “...

  • President Biden Delivers Remarks On Oil Companies

    Biden Threatens Big Oil With Windfall Profits Tax

    President Joe Biden on Monday stepped up his pressure on major oil companies, accusing them of racking up record earnings by profiteering off the war in Ukraine. In a speech at the White House, Biden...

  • The IRS Gets a New Acting Chief

    Treasury Secretary Janet Yellen on Friday announced that Douglas O’Donnell will serve as acting head of the tax agency after Commissioner Chuck Rettig’s term ends on November 12. “I want to thank...