Budget Battles
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Dash for Cash Is On as Earmarks Return to Washington
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Secret Service Seizes Billions in Fraudulent Covid Relief Payments
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Republicans Draw a ‘Red Line’ on Biden’s Infrastructure Plan
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Could Democrats Blow Up Biden’s Tax Plans?
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McConnell Lays Down a Marker on Infrastructure
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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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Republicans Draw a ‘Red Line’ on Biden’s Infrastructure Plan
President Joe Biden hosted the top four congressional leaders at the White House Wednesday for a meeting on infrastructure that yielded little progress and showed just how far apart the two sides...
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Could Democrats Blow Up Biden’s Tax Plans?
As President Joe Biden works to court lawmakers and win support for his $4 trillion in tax and spending proposals, most of the speculation has been about whether he can find common ground with...
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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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What’s in Biden’s $2.3 Trillion Infrastructure Plan
President Biden on Wednesday unveiled a sweeping $2.3 trillion plan to rebuild and modernize America’s infrastructure, create millions of new jobs and strengthen the nation’s competitiveness,...
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Biden Eyeing Four Major Tax Increases: Report
By Michael RaineyPresident Joe Biden is expected to unveil the infrastructure portion of his “Build Back Better” program on Wednesday, and administration officials have signaled that the proposal could cost upwards...
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Let the ‘Super Bowl of Tax Reform’ Begin!
By Michael RaineyNewly installed as chair of the powerful Senate Budget Committee, Sen. Bernie Sanders (I-VT) released two proposals Thursday that would increase taxes on the wealthy and corporations. One proposal...
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Next Up for Biden: A $3 Trillion Spending Plan
President Joe Biden’s economic advisers are preparing a sweeping $3 trillion spending plan that would focus on jobs, infrastructure and climate change but also include a range of other policy...
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What the Top 1% Are Hiding From the IRS
By Michael RaineyTax evasion among the wealthiest Americans is more substantial than previously estimated, according to a new paper published by the National Bureau of Economic Research. The analysis by a team of...