Budget Battles
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The Great Tax Cut Race
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Federal Dollars Drive Huge Drop in Poverty
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Do or Die Time for Bipartisan Infrastructure Plan
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No Hiring Boom in States That Cut Unemployment Aid
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Fauci’s Billion-Dollar Plan to Fight the Next Pandemic
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Dems Embrace a Budget ‘Gimmick’
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As Millions Face Eviction, Just 6.5% of Emergency Aid Has Been Distributed
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Lobbyists Swarm DC as Democrats Plot New Spending and Taxes
By Michael RaineyDemocrats’ push for trillions of dollars in new spending – and the taxes to help pay for it – is proving to be good news for the lobbying industry in the nation’s capital. According to Roll Call...
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As IRS Audits Decline, Companies Claim More Questionable Tax Breaks: Report
By Michael RaineyMore than a decade ago, the IRS used to audit virtually all tax returns from large corporations, paying special attention to “unrecognized” or “uncertain” tax benefits that companies are allowed to...
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6 Things You Should Know About the New Child Tax Credit
The Internal Revenue Service on Thursday sent out the first monthly Child Tax Credit payments, delivering roughly $15 billion to about 35 million families representing about 60 million children, with...
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Democrats Eye Major Expansion of Medicare Coverage
By Michael RaineyThe $3.5 trillion budget blueprint agreed to by Democrats on the Senate Budget Committee reportedly includes vision, dental and hearing coverage through Medicare – a major change for the program that...
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Conservative Groups to Oppose IRS Funding Boost
By Michael RaineyA host of conservative interest groups are mobilizing in opposition to a plan to sharply increase funding for the IRS — a key element of the financing for the bipartisan infrastructure deal. The...
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Op-Ed of the Day: ‘Tax Evasion, Plain and Simple’
By Michael RaineyThe Biden administration won a victory last week when 130 countries agreed in principle to establish a global minimum tax on corporate profits, but according to economist Gabriel Zucman, writing in...
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130 Countries Back Global Tax in Big Win for Biden Administration
By Michael RaineyA group of 130 nations has agreed on the broad outlines of a global minimum tax on corporations, a major milestone in the Biden administration’s effort to overhaul the tax system and generate more...
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Where’s Your Refund? IRS Backlog Grows to 35 Million Tax Returns
The Internal Revenue Service ended this year’s tax filing season with a backlog of more than 35 million unprocessed returns, a four-fold increase over 2019, National Taxpayer Advocate Erin Collins...
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IRS Warns on ‘Dirty Dozen’ Tax Scams
By Michael RaineyThe IRS has released its annual rundown on tax scams to look out for, and this year’s “Dirty Dozen” list includes schemes related to the massive government effort to provide Americans with financial...
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IRS Adding Thousands of Auditors as It Prepares to Ramp Up Enforcement
The Internal Revenue Service is already staffing up, hiring thousands of new auditors in preparation for a tax-enforcement push that’s a key financing element of President Biden’s infrastructure plan...
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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...
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A Quick Guide to ‘Bidenomics’
By Michael RaineyPresident Joe Biden is proposing an array of policies that mark a dramatic shift away from decades of conventional wisdom about economics and politics in the U.S., Greg Ip of The Wall Street Journal...