Budget Battles
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Shockingly Weak Jobs Report Spurs Partisan Clash
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US Incomes Soar on Covid Relief Payments
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Biden Says He’s Willing to Compromise on Major Tax Hike
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Yellen Spooks Investors With Talk of Rate Hikes
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McConnell: ‘Zero’ GOP Support for Biden’s Big Plans
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Biden Cancels Trump Border Wall Projects Funded by Military
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Who Gets Hit by Biden’s Tax Hike on Top Earners
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Surprisingly Weak Jobs Report Spurs Partisan Clash
By Michael RaineyThe U.S. economy added 266,000 jobs in April, an impressive number in ordinary times but a huge disappointment for forecasters expecting to see about 1 million new jobs during the month as the...
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Biden Wants Corporate Tax Rate Between 25% and 28%
By Michael RaineyPresident Joe Biden said earlier this week that he is open to compromise on his plan to raise the corporate tax rate, and on Thursday cited a range of rates he would be willing to accept: between 25...
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Biden Downplays McConnell's Pledge to Focus on ‘Stopping’ His Administration
By Michael RaineyClaiming that President Joe Biden is trying to turn the U.S. into “a socialist country,” Senate Minority Leader Mitch McConnell (R-KY) said Wednesday that he aims to prevent the new president from...
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Jeff Bezos’s Heirs Would Pay Some Mighty Big Tax Bills Under Biden Plan
By Michael RaineyUnder current law, capital gains are wiped out at death, eliminating capital gains taxes on assets that are passed along to heirs. An enormous boon for wealthy families, this wrinkle in the tax code...
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Five Former IRS Chiefs Say Biden’s Plan Would Make Tax System ‘Far Fairer’
Five former Internal Revenue Service commissioners said Tuesday that President Biden’s proposal to boost the agency’s budget and step up enforcement of tax laws “would restore our tax administration...
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Yellen Makes the Case for Tax Hikes on the Rich
By Michael RaineyTreasury Secretary Janet Yellen on Sunday defended President Joe Biden’s plan to raise taxes on corporations and the richest 1% of Americans, telling CNN that the benefits of increased spending on...
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McConnell Sees ‘Zero’ GOP Support for Biden’s Big Plans
As President Joe Biden works to sell his $4.1 trillion plans for infrastructure and safety-net programs — and the tax hikes on corporations and the wealthy that he proposes to help pay for them —...
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8 Takes on Biden's Big-Spending American Families Plan
President Biden’s rollout this week of his $1.8 trillion American Families Plan has resulted in a flood of analysis and commentary befitting the size of the proposals. Here, a selection of key...
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Who Would Get Hit by Biden’s Tax Hike on Top Earners
President Biden has proposed raising the top individual income tax rate, but he has also pledged that no one making under $400,000 would see their taxes go up. Now, the White House is clarifying just...
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What’s in Biden’s $1.8 Trillion Family Aid Plan
By Michael RaineyThe Biden administration on Wednesday unveiled its proposal to provide a historic increase in federal assistance to households, with significant new spending on child care, health care, paid leave...
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Some Companies Could Still Pay $0 in Taxes Under Biden Plan: Report
When the White House announced President Joe Biden’s American Jobs Plan, the $2.3 trillion infrastructure plan it paired it with a tax plan it promised would “make sure corporations pay their fair...
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The Tax Fight That Could Derail Biden’s Infrastructure Plan
A bipartisan group of House members from high-tax states on Thursday launched a caucus focused on repealing the $10,000 limit on state and local tax deductions imposed as part of the 2017 Republican...
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Rep. Kevin Brady Announces He Will Retire at End of His Term
Rep. Kevin Brady (R-TX), the ranking Republican on the tax-writing House Ways and Means Committee, announced Wednesday that he will retire from Congress at the end of his term. “This term, my 13th,...
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New Child Tax Credit Payments Start in July, IRS Says
By Michael RaineyThe IRS expects to begin sending checks in July to families who qualify for the new $3,000 child tax credit, Commissioner Charles Rettig told a Senate committee Tuesday. The temporary tax credit is...
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Tax Cheats Cost the US $1 Trillion a Year, IRS Chief Says
The U.S. government is losing out on as much as $1 trillion a year or more in uncollected taxes, IRS Commissioner Charles Rettig told a Senate panel on Tuesday in calling for additional funding to...