Budget Battles
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Senate Tees Up Another Doomed Vote on Border Bill
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The 2025 Spending Fight Has Officially Begun — and It’s Going to Be Big
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Supreme Court Slaps Down Challenge to Consumer Watchdog
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Inflation Eases in April, Lifting Hopes for a Soft Landing
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Biden Jacks Up Tariffs on $18 Billion in Chinese Imports
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Trump Promises New Tax Cuts for Everyone
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Biden White House Lays Out Plan for Coming Tax Showdown
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Yellen Rejects Global Billionaire Tax
By Michael RaineyTreasury Secretary Janet Yellen said the U.S. does not support a proposal for a global tax on billionaires. The idea has been floated by Brazil, which is leading the G20 group of major economies this...
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Biden’s Plan to Extend Trump’s Tax Cuts Would Cost More Than $2 Trillion: Analysis
By Michael RaineyPresident Biden is calling for the individual tax cuts signed into law by former President Trump in 2017 to expire as scheduled after next year, but with one major exception: Anyone earning less than...
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Biden’s Top Economic Advisor Lays Out Principles for Tax Fight Ahead
By Michael RaineyWith many of the 2017 Republican tax cuts set to expire after next year, the White House and Congress are already laying the groundwork for a huge battle over the tax code. On Friday, President Joe...
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Trump Tax Cut Extension Would Cost $4.6 Trillion: CBO
By Michael RaineyLawmakers in Washington will need to address some serious fiscal questions next year, not least of which is what to do about Trump-era tax cuts set to expire at the end of 2025. Some in Congress want...
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IRS Unveils Plan to Crack Down on Wealthy Taxpayers
By Michael RaineyThe IRS wants to increase its audit rate for taxpayers earning more than $10 million by about 50%, according to an updated operating plan released Thursday. Relying on additional funding provided by...
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Marjorie Taylor Greene Says She’ll Force Vote to Oust Johnson
Republican Rep. Marjorie Taylor Greene announced Wednesday that she will force a vote next week on her motion to oust Speaker Mike Johnson, even as her odds of succeeding appear to be nil. Republican...
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Supply-Siders Pitch Trump on a Flat Tax
By Michael RaineyA group of conservative advisers long associated with Republican economic policies are reportedly encouraging former President Donald Trump to embrace the idea of a flat income tax. Bloomberg’s...
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Former Biden Administration Economists Launch New Budget Lab
A huge tax fight is looming as a slew of 2017 Republican tax cuts are scheduled to expire at the end of 2025 — and, as Natasha Sarin writes at The Washington Post , the government’s budgetary...
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Trump Promises Billionaires: I'll Keep Your Taxes Low
Former President Donald Trump reportedly told wealthy donors to his 2024 campaign that he’ll keep their taxes low and extend his 2017 tax cuts, many of which are set to expire after 2025. Trump’s...
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Free IRS Filing Program Draws Few Users
By Michael RaineyThe IRS announced last week that upwards of 19 million people in 12 states are eligible to file their taxes for free using Direct File, a new program the tax agency is testing this year. But...
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Bipartisan Tax Proposal Would Benefit Lowest and Highest-Income Households Most: Analysis
By Michael RaineyThe proposed tax package unveiled last week by House Ways and Means Committee Chairman Jason Smith and Senate Finance Committee Chairman Ron Wyden would provide outsized benefits to two groups at...
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Congress' New Tax Deal Clears a Hurdle in the House
The House Ways and Means Committee voted 40-3 on Friday to advance a bipartisan, $78 billion plan to expand the child tax credit and restore a trio of expired or expiring business tax breaks. The...
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Tax Package That Boosts Child Credit and Business Deductions Would Be Fully Offset: JCT
By Michael RaineyA proposed tax package that would temporarily boost the child tax credit while providing more generous deductions for business investments would be fully paid for by the early elimination of a...
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Lawmakers Announce $78 Billion Plan to Expand Child Tax Credit, Revive Business Tax Breaks
By Michael RaineyCongressional negotiators announced Tuesday that they have reached an agreement on a $78 billion legislative package that would revive tax breaks for business investment and expand the child tax...
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IRS Recovers $520 Million in Unpaid Taxes From Millionaires
By Michael RaineyA crackdown on cheating by high-income households and complex businesses is paying off, the IRS said Friday as it announced that it has now recovered more than $520 million from 1,600 millionaires...