Budget Battles
-
House Republicans Release Plan to Cut FBI Funding
-
Trump Ran Up National Debt Twice as Much as Biden: Report
-
Senate Republicans Offer Bill to Exempt Tips From Taxes
-
A Trump Win Would Mean Higher Inflation, Recession Risk: Moody’s
-
CBO Jacks Up Deficit Forecast 27% to Nearly $2 Trillion
-
Trump’s Plan to End Taxes on Tips Could Cost $250 Billion
-
House Republicans Pass Defense Bill Packed with Culture War Policies
-
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...
-
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...
-
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...
-
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...
-
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...
-
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...
-
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...
-
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...
-
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...
-
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...
-
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...
-
19 Million Taxpayers Eligible for Free IRS Filing Program
By Michael RaineyThe IRS is testing a new online system that offers free filing directly through the tax agency, and over the weekend, Commissioner Danny Werfel said that millions of people are eligible to use it...
-
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...
-
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...
-
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...