Budget Battles
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Dems Zero In on a Rapidly Shrinking Agenda
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No New Tax Hikes? Sinema Sends Dems Scrambling
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Biden, Dems Take an Axe to Their Spending Plan
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Biden Pushes Democrats on Spending Deal
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Manchin and Sanders Brawl Over Dem Agenda
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Biden: ‘We’re Not Going to Get $3.5 Trillion’
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Democrats Battle Over Cuts to Biden’s Agenda
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Democrats Turn to Tax on Billionaires to Fund Spending Plan
By Michael Rainey and Yuval RosenbergDemocratic leaders are projecting optimism that they be able to reach a deal on President Joe Biden’s economic agenda soon, though they aren’t there yet — and they’re still scrambling to work out how...
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Democratic Disagreements on Taxes and Spending Complicate Deadline Dealmaking
Democrats are scrambling to finalize a framework agreement for a roughly $2 trillion economic plan, still hoping to get it done by the end of the week. While a number of Democrats say a deal is in...
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Democrats Back Off Plan to Raise Tax Rates on Corporations, Wealthy
By Michael RaineyRaising tax rates on corporations and high-income households is a key part of Democrats’ plan to pay for their proposed multi-trillion-dollar social spending plan, but opposition to that approach...
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Democrats Scale Back Their IRS Bank Reporting Plan
The Biden administration and congressional Democrats are scaling back a controversial proposal to have banks report more information to the Internal Revenue Service after their initial plan was met...
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Biden Pushes Democrats on Spending Deal
By Michael RaineyPresident Joe Biden held multiple meetings with Democratic lawmakers Tuesday in an effort to forge a consensus on his sweeping social spending plan. Biden met Tuesday morning with Sens. Joe Manchin...
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Manchin and Sanders Brawl Over Spending Bill
Trick or treat? As they push to pass their economic agenda, Democrats still don’t know which their Halloween deadline will turn out to be. As a reminder, Democratic leaders publicly set the end-of-...
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5 Questions That Will Determine the Fate of Biden’s Agenda
By Michael RaineyWhat will it take for Democrats to enact their plan to invest trillions of dollars over 10 years in a wide variety of social programs, ranging from universal preschool and free community college to...
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Strong Support for Taxing the Rich to Pay for Biden Agenda: Poll
By Michael RaineyLawmakers are still wrangling over the size, scope and content of President Biden’s social and economic agenda, but according to new poll data, the majority of Americans already agree on how to pay...
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America’s $500 Billion Tax Haven on the Prairie
By Michael RaineyOne of the least populated states, South Dakota is probably best known for the vast expanses of the Badlands and the presidential carvings on Mount Rushmore. But according to a review of millions of...
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Global Minimum Tax Deal Takes a Big Step Forward
By Michael RaineyA group of 136 nations has agreed on the framework for a massive overhaul of international tax rules that would include imposing a minimum income tax of 15% on multinational corporations. Led by the...
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One Change in the Trump Tax Cuts Saved Business Owners Millions: Analysis
By Michael RaineyThe tax overhaul signed into law by then-President Donald Trump in 2017 created a new way for high-income business owners to sharply reduce their taxes – and according to a new analysis by ProPublica...
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A Huge Spike in US Households Paying No Income Tax
The number of American households that paid no federal income tax spiked dramatically last year, both as a result of job and wage losses driven by the Covid-19 pandemic and the government's response...
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How One GOP Senator Got Millions in Extra Tax Breaks for His Wealthy Donors
By Michael RaineyAccording to a report out this week from ProPublica, Sen. Ron Johnson (R-WI) helped some of his extraordinarily wealthy donors gain millions in additional tax breaks through the 2017 tax law passed...
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Infrastructure Weekend: Senate Set for Key Vote, Despite Crypto Clash
The Senate is on the verge of handing President Joe Biden a major victory by passing a $1 trillion bipartisan infrastructure bill. “It’s a bill that would end years of gridlock in Washington and...
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Income Inequality Increased Over Past 40 Years: CBO
By Michael RaineyHousehold incomes in the U.S. became less equal between 1979 and 2018, both before and after interventions by the government, the Congressional Budget Office said in a new analysis released Wednesday...