Taxes
  • Taxes

Budget Battles

  • Is the Tax System Broken?

    By Michael Rainey

    Historically, tax revenues have increased significantly during economic booms as unemployment falls and then declined during slowdowns as unemployment rises, but according to Bobby Kogan, senior...

  • Oct 18, 2023; Washington, DC, USA; Rep. Jim Jordan, R-Ohio is seen on the House floor as lawmakers hold a second vote to elect a

    Jordan Loses Second Speaker Vote, Says He'll Keep Going

    By Yuval Rosenberg

    Jim Jordan suffered a second defeat Wednesday in his bid to win the speaker’s gavel — a campaign that now appears doomed to fail even as the firebrand Ohio Republican insists he wants to keep going...

  • IRS to Test Free Filing System

    By Michael Rainey

    The IRS announced Tuesday that it will test its direct tax-filing system in a handful of states next year. The tax agency has been working on the free, electronic alternative to paid tax services...

  • Jim Jordan Builds Support Ahead of Speaker Vote

    By Michael Rainey

    With a vote in the full House scheduled for noon on Tuesday, Rep. Jim Jordan is gaining support in his effort to become the next speaker. “I feel real good about the momentum we have and I think we'...

  • Tax Gap Grows to Nearly $700 Billion: IRS

    By Michael Rainey

    The “tax gap” is getting bigger, according to the latest estimate of the amount of money Americans owe in federal taxes but fail to pay. The IRS said Thursday that Americans failed to pay $688...

  • District of Columbia

    Deficit Rises to $1.7 Trillion in 2023: CBO

    By Michael Rainey

    The federal budget deficit totaled $1.7 trillion in fiscal year 2023, about $300 billion (23%) larger than the year before, according to a preliminary analysis released by the Congressional Budget...

  • IRS Freezes Pandemic-Era Tax Credit

    By Michael Rainey

    Amid growing concerns about fraud, the Internal Revenue Service announced on Thursday a moratorium on new claims for the Employee Retention Credit, a refundable tax credit created by Congress in 2020...

  • IRS Announces Crackdown on 1,600 Millionaires

    By Michael Rainey

    The IRS announced Friday that it is targeting a group of high-income earners and corporations that have failed to pay their taxes in full — including about 1,600 millionaires who owe hundreds of...

  • Auditing High-Income Taxpayers Really Pays Off: Analysis

    By Michael Rainey

    A recent paper published by the National Bureau of Economic Research provides further evidence that investing more resources in auditing capacity at the IRS provides a positive payoff for the federal...

  • FILE PHOTO: Republican U.S. presidential candidates participate in first 2024 campaign debate in Milwaukee

    GOP Candidates Clash Over Government Spending, Entitlements

    By Yuval Rosenberg

    Although the opening exchanges of last night’s Republican presidential primary debate aren’t making many highlight reels and recaps, they showed the candidates trying to establish their fiscally...