Budget Battles
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100 Days, Zero Progress?
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Republicans Draw Up Debt Limit Demands
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Dems Dismiss a Potential Debt Ceiling Solution
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Pharma CEO Blasted for Vaccine Price Hike
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Decision Day Looms for the Fed
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‘Five-Alarm Fire’: White House Slams GOP Budget Proposal
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GOP Senators Take Aim at Biden’s Student Loan Forgiveness Plan
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GOP Tax Cuts Are Driving US Debt Ratio Higher: Analysis
By Michael RaineyAlthough they are struggling to come up with a budget proposal of their own, Republicans are unified behind the idea that the federal deficit is the product of excess spending and therefore a problem...
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All States Became Net Beneficiaries of Federal Funds During Pandemic: Report
By Michael RaineyUnder normal conditions, wealthy states like New York and California are net revenue donors to the federal government, sending more in taxes to the Treasury than they receive back in various kinds of...
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Biden 2024 Budget Plan Would Impose a Significant Tax Hike on Top 1%: Report
By Michael RaineyThe tax provisions in President Biden’s 2024 budget proposal would raise incomes at the bottom of the income distribution while lowering them at the top, according to a new analysis by the Tax Policy...
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Taxpayer Advocate Says $80 Billion IRS Funding Boost Strikes Wrong Balance
The National Taxpayer Advocate on Thursday weighed in on the controversial $80 billion, 10-year funding boost provided to the Internal Revenue Service by Democrats last year, writing that the money...
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Surprise! The IRS Is Doing Better
Early this year, National Taxpayer Advocate Erin M. Collins told Congress that she had begun to see progress at the Internal Revenue Service. “We have begun to see light at the end of the tunnel. I...
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US on Pace to Add $19 Trillion to National Debt Over Next Decade: CBO
By Michael RaineyFederal 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-...
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The IRS Is Finally Answering Its Phones
By Michael RaineyThe 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%...
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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...
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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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EU Approves Corporate Minimum Tax
By Michael RaineyThe 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...
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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...
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No Red Wave, but Maybe an Orange Crush
By Yuval Rosenberg and Michael RaineySo 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 “...
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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...
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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...