Budget Battles
-
GOP Turns to Delay Tactics to Stall Covid Relief Bill
-
Biden Agrees to Limit Covid Relief Payments
-
Dems Debate Smaller Unemployment Checks
-
Now It's the Senate's Turn on Stimulus
-
Democrats Scramble to Save $15 Minimum Wage
-
The US Is About to Get a New Top Tax Break
-
150 Top Business Leaders Back Biden's Covid Plan
-
Warren Proposes ‘Ultra-Millionaire’ Tax
By Michael RaineyMassachusetts Sen. Elizabeth Warren (D) on Monday unveiled a proposal to tax the net worth of the wealthiest Americans, a move she says would raise roughly $3 trillion in revenues over 10 years. The...
-
Treasury Gets a Tax Windfall as Stocks Soar
By Michael RaineyThe booming stock market is producing a surge in capital gains, and the U.S. Treasury now expects to collect more in capital gains taxes this year than it has in a decade as investors take their...
-
Democrats, Liberal Groups Push to Boost IRS Audits of the Rich and Corporations
Democratic Reps. Ro Khanna of California and Peter DeFazio of Oregon each introduced bills on Thursday aimed at boosting tax enforcement on the wealthy and shrinking the “tax gap,” the amount of...
-
Broad Support for Biden’s Covid Relief Agenda: Poll
By Michael RaineyA substantial majority of Americans supports President Biden’s proposal to provide $2,000 in relief payments to most adults, according to the results of a new poll from Yahoo News/YouGov. In a survey...
-
Schumer Leads New Push to Repeal SALT Cap
Senate Majority Leader Chuck Schumer (D-NY) and a bipartisan group of blue-state lawmakers introduced legislation on Friday to repeal the $10,000 cap on state and local tax deductions created under...
-
Taxpayer Advocate: The IRS Needs More Funding
By Michael RaineyNational Taxpayer Advocate Erin Collins released her annual report to Congress Wednesday, and it came with a blunt message: Years of funding cuts have made it difficult for the nation’s tax and...
-
Democrats Plan a Major End Run Around the GOP
By Michael RaineyYou’ll probably be hearing a lot about “budget reconciliation” in the coming weeks, as Democrats work to pass a substantial spending package in the early days of the Biden administration. The term...
-
Biden’s Agenda Gets a Boost With Democratic Control in Washington
By Michael RaineyThe Democratic sweep of the runoff Senate elections in Georgia may not have gotten as much coverage as the storming of the Capitol by a pro-Trump mob Wednesday, but the results will have a powerful...
-
Reviving the Pandemic Economy
By Michael RaineyWith the U.S. economy headed for another slowdown as the coronavirus surges to record levels, The New York Times gathered a group of experts “to debate the priorities for economic policy in the...
-
State and Local Tax Revenues Better Than Expected
By Michael RaineyMany economists worried that local tax revenues would fall sharply in the wake of the coronavirus pandemic, creating a long-lasting drag on the economy as payrolls shrank and public investment...
-
A ‘Wacky’ Tax Credit Idea: $4,000 for Vacation
By Michael RaineySen. Martha McSally (R-AZ) wants to use a tax credit to encourage Americans to take a vacation over the next two years. Under her proposed TRIP Act, adults would be able to tap a $4,000 tax credit...
-
Conservative Groups Call for Tax Day to Be Delayed Until 2021
A coalition of more than 20 conservative and free-market groups wrote to Treasury Secretary Steven Mnuchin on Thursday asking that he defer the July 15 tax deadline into next year, saying that the...
-
Opportunity Zones Mostly Help Real Estate Developers: Report
By The Fiscal Times StaffThe 2017 Republican tax package created an Opportunity Zone program that provides tax breaks for real estate developers in specially designated, low-income neighborhoods. President Trump has touted...
-
1.5 Million Public Sector Employees Have Been Laid Off or Furloughed
By Michael RaineyState and local governments have shed about 1.5 million jobs since March, bringing employment in the sector to its lowest level since 2001, according to a review of Labor Department data by the Pew...
-
New York Could Lose 40% of Its Tax Revenue Due to Pandemic: Report
By The Fiscal Times StaffStates can expect to see a 20% drop in tax revenues on average due to the coronavirus slowdown, and the 10 hardest-hit states could experience losses of more than 30%, according to a new analysis...