Budget Battles
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New Poll Finds Liberals and Conservatives Agree: Tax the Super-Rich
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Biden Vows US Will Pay to Rebuild Collapsed Baltimore Bridge
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How Congress Wasted ‘Months of Precious Time’ on the 2024 Spending Bills
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Senate Struggles to Avert Shutdown, Speaker Johnson Faces Revolt
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Long-Delayed $1.2 Trillion Spending Package Zooms to the Finish Line
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Debt Will Hit Record High This Decade, CBO Warns
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Congress Races Against the Clock to Avoid Shutdown
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Poll Finds Liberals and Conservatives Agree: Tax the Super-Rich
By Michael RaineyPresident Joe Biden has proposed a number of tax hikes on wealthy households and corporations, and it looks like some of his proposals — including a 25% minimum tax on billionaires — could win...
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Biden Has Cut Taxes Overall: Analysis
By Michael RaineyPresident Biden has called for raising taxes on corporations and the wealthy, but according to a new analysis by the Urban-Brookings Tax Policy Center, he has been a net tax cutter so far. In an...
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IRS Commissioner Calls for Thousands of More Employees
By Michael RaineyIRS Commissioner Danny Werfel said Monday that the tax agency needs to increase its overall employment level by about 10,000 employees to be fully effective. “We're at 90,000 now,” he told students...
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Biden Proposes a $7.3 Trillion Budget for 2025
President Biden on Monday proposed a $7.3 trillion budget for fiscal year 2025 that seeks to lower the costs of prescription drugs, child care and housing while also cutting the deficit by $3...
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Biden’s SOTU Pitch: Tax the Rich and Businesses
By Michael RaineyPresident Joe Biden will deliver his State of the Union address to Congress this evening, and some political analysts are calling it the most important moment in his decades-long political career...
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Trump-Era Corporate Tax Cuts Boosted Investment, but Did Not Pay for Themselves: Analysis
By Michael RaineyThe corporate tax cuts included in the 2017 Tax Cuts and Jobs Act helped boost business investment while delivering a small increase in worker pay, according to a new analysis published by the Bureau...
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IRS Crackdown on Millionaires Who Don’t File Begins
By Michael RaineyThe IRS is cracking down on thousands of high-income earners who haven’t filed tax forms in years, in an effort that could yield hundreds of millions of dollars in unpaid taxes. The tax agency said...
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Top Finance Republican Blasts $78 Billion Tax Bill
By Michael RaineySen. Mike Crapo, the top Republican on the Finance Committee, made it clear again Wednesday that he does not support the $78 billion tax bill that would expand the Child Tax Credit and restore a set...
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Quote of the Day: It Takes Two to Tango
By Michael Rainey“It’s only fair to have both revenue and expenditures on the table. The last time there was a fix to Social Security that addressed the solvency for 75 years, it was Ronald Reagan and Tip O’Neill,...
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IRS Chief Warns Budget Cuts Would Raise the Deficit, Hurt Taxpayer Service
IRS Commissioner Danny Werfel cautioned lawmakers Thursday against cutting his agency’s budget, warning that it would both raise the deficit and undermine service improvements. “For every $100...
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House Republicans Unveil Plan for New Tax Cuts
By Michael RaineyFresh off their battle to cut federal spending in exchange for agreeing to raise the debt ceiling, House Republicans on Friday released plans for a new package of tax cuts that would likely reduce...
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Debt Limit Deal Has No Effect on US Credit Rating: Moody’s
By Michael RaineyThe Fiscal Responsibility Act signed into law this past weekend by President Joe Biden eliminates the risk that the U.S. could default on its interest payments, at least until 2025, when a temporary...
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Senate Democrats Take Aim at GOP Tax Cuts as Source of Deficit
By Michael RaineyAs House Republicans continue to push for major spending cuts in exchange for raising the debt limit, Democrats on the Senate Budget Committee held a hearing Wednesday to highlight the role that tax...
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Time Is Running Out, Yellen Warns
By Michael RaineyTreasury Secretary Janet Yellen on Tuesday called on lawmakers to raise the debt ceiling as quickly as possible, while warning that there would be “widespread suffering” if Congress fails to act. “...
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Extending the 2017 Tax Cuts Would Cost $3.5 Trillion: CBO
By Michael RaineyHouse Republicans are pushing for spending cuts to reduce the deficit in exchange for raising the debt ceiling, but they also hope to extend the package of GOP tax cuts passed under then-President...