Budget Battles
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House Republicans Pass Defense Bill Packed with Culture War Policies
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Trump Promises CEOs Another Tax Cut
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Price Hikes Ease in May, Raising Hopes in Battle on Inflation
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Surprisingly Strong US Economy Is Powering Global Growth: World Bank
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White House Slams Republican Tax Cut Plans
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Blockbuster Jobs Report Sends Mixed Message to the Fed
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Trump Tax Cut Extension Won't Pay for Itself: Analysis
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Trump Tax Policies Would Produce ‘Mother of All Stagflations’: Larry Summers
By Michael RaineySpeaking on Bloomberg TV Friday, former Treasury Secretary and noted inflation hawk Larry Summers blasted the tax proposals being discussed by former President Donald Trump, which include more tax...
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Trump Promises CEOs He’ll Cut the Corporate Tax Rate Again
Former President Donald Trump huddled with congressional Republicans Thursday in his first visit to Capitol Hill since the partisan violence of January 6, 2021. Then he reportedly promised a Business...
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Trump Proposal Would Cut Taxes by $48 Billion for 100 Largest Companies: Analysis
The 100 largest U.S. companies, with profits of more than $1.1 trillion, would see their taxes fall by $48 billion a year under a proposal by former President Donald Trump to cut the corporate tax...
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Republicans Planning New Tax Cuts in 2025
By Michael RaineyRepublican lawmakers say they will push to extend the 2017 tax cuts for individuals set to expire at the end of next year, laying the groundwork for what is expected to be a major battle over fiscal...
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Trump Tax Cut Extension Won't Pay for Itself: Analysis
By Michael RaineyAlthough some of the more enthusiastic true believers continue to insist that tax cuts pay for themselves through higher growth, the economic data has long proved otherwise. As policymakers gear up...
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House Republicans Preparing Tax Cut Plans for Early 2025
House Republicans are reportedly already constructing plans to extend the 2017 tax cuts via a budget reconciliation bill in the first 100 days of a potential second Trump administration. The budget...
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IRS Making Free Tax Filing Program Permanent
By Michael RaineyThe Treasury Department announced Thursday that Direct File, the free tax filing system being tested by the IRS, will be made permanent and open to eligible residents in all 50 states starting in...
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Trump Woos Wealthy Donors With Promises of Huge Tax Cuts
By Michael RaineyFormer President Donald Trump has been busy with his criminal trial in Manhattan over the past few weeks, but he has still found the time to meet with donors in his quest to return to the White House...
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100+ Unions and Public Interest Groups Call for Major Tax Overhaul
A coalition of more than 100 unions, advocacy groups and think tanks wrote to congressional leaders Tuesday urging them to use the upcoming expiration of some 2017 Trump tax cuts to make the tax code...
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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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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...