Budget Battles
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House Republicans Release Plan to Cut FBI Funding
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Trump Ran Up National Debt Twice as Much as Biden: Report
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Senate Republicans Offer Bill to Exempt Tips From Taxes
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A Trump Win Would Mean Higher Inflation, Recession Risk: Moody’s
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CBO Jacks Up Deficit Forecast 27% to Nearly $2 Trillion
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Trump’s Plan to End Taxes on Tips Could Cost $250 Billion
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House Republicans Pass Defense Bill Packed with Culture War Policies
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Trump Added About Twice as Much to National Debt as Biden: Report
Whether Joe Biden or Donald Trump wins the White House in November, the next presidential term is likely to see the national debt reach a record size relative to the U.S. economy. A new analysis by...
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Ted Cruz Offers Bill That Would Exempt Tips From Taxes
By Michael RaineySome fiscal experts are still scratching their heads over a proposal floated by presumptive Republican presidential nominee Donald Trump to eliminate taxes on workers’ tips. The idea seemingly...
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The Supreme Court Rejects a Business-Backed Challenge to 2017 Tax Law
The Supreme Court on Thursday upheld an obscure tax on foreign income imposed under the 2017 tax law, rejecting a challenge by business interests that legal observers warned would have had massive...
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CBO Raises Its 2024 Deficit Forecast 27% to Nearly $2 Trillion
By Michael RaineyThe federal budget deficit will reach an estimated $1.9 trillion in fiscal year 2024, according to an updated outlook released by the Congressional Budget Office Tuesday. The new projection...
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Trump’s Tariffs Would Cost Typical Family $2,500 a Year: Analysis
Former President Donald Trump’s twin proposals to impose a 10% tariff on all imports and a 60% levy on imports from China would raise costs for a typical middle-income American household by $2,500 a...
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Trump’s Proposal to End Taxes on Tips Could Cost $250 Billion: CRFB
Donald Trump’s proposal to exempt tips from being taxed as income would cost the federal government $150 billion to $250 billion over 10 years, according to an analysis released Sunday by the...
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IRS Takes Aim at a $50 Billion Loophole for Wealthy Taxpayers
By Michael RaineyThe IRS announced Monday that it plans to eliminate a loophole used by large, complex partnerships to avoid taxes – a move that could raise more than $50 billion over the next decade. The tax agency...
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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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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...