Budget Battles
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Johnson Faces Battle for the Speaker's Gavel
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Has Trump Already Lost His Iron Grip on the GOP?
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House Votes to Dodge Shutdown, Ditching Trump Demand
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Trump-Approved Spending Plan Goes Down in Flames
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Trump Blows Up Johnson’s Bipartisan Spending Deal
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Republicans Fume Over ‘Dumpster Fire’ Funding Bill
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Congress Struggles to Reach Deal to Avert Government Shutdown
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Another $20 Billion Cut from IRS Funding
By Michael RaineyThe battle over enhanced funding for the IRS took a new twist in December as Republican lawmakers set up another $20 billion cut for the tax agency in the short-term funding deal that prevented a...
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Hawley Proposes Major Increase in the Child Tax Credit
By Michael RaineySen. Josh Hawley is calling for the Child Tax Credit to more than double in value, rising from the current maximum of $2,000 per child to $5,000 per child annually. Parents would be able to claim the...
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House Freedom Caucus Says Border Before Taxes
By Michael RaineyThe House Freedom Caucus said Friday that it wants the new Congress to quickly pass a reconciliation bill focused on border issues and then move on to a second, more complicated bill that addresses...
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Biden Hails ‘Strongest Economy in Modern History’ as Trump Waits in the Wings
By Michael RaineyPresident Joe Biden on Tuesday vigorously defended his economic record while warning that the policies proposed by his successor would be a “major mistake” that would harm American consumers. In a...
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Republicans Already Feel Better About the Economy, While Democrats Dread What’s Ahead
Dictionary publisher Merriam-Webster just named “polarization” its 2024 word of the year , and if you need any evidence that it is an apt choice, consider this: Even before President-elect Donald...
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Penn Economists Propose Reforms to Cut Debt Without Economic Damage
Economists at the Penn Wharton Budget Model have constructed a package of 13 major tax and spending reforms that they say can grow the U.S. economy while also reducing federal debt and enhancing the...
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Extending the Trump Tax Cuts Won’t Do Much for the Economy, CBO Says
By Michael RaineySaying they want to fulfill a pledge made by President-elect Donald Trump and avoid burdening the economy with higher taxes , Republicans in Congress plan to extend the individual tax cuts passed in...
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Republicans Already Clashing Over Details of Trump Policy Rollout
By Michael RaineyWith Republicans in control of all major branches of the federal government starting in January, it seems reasonable to assume that it will be smooth sailing ahead for GOP policymakers as they roll...
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Wall Street Has Doubts About DOGE — but Firmly Believes Trump Will Cut Taxes
Wall Street investors don’t believe that President-elect Donald Trump will fully follow through on some key campaign promises — but they are confident that he will deliver tax cuts. Counting on tax...
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Trump Threatens 100% Tariffs Against BRICS Nations
By Michael RaineyAlthough he will not take office for another seven weeks, President-elect Donald Trump issued a threat to the so-called BRICS nations over the weekend, saying he will impose a 100% tariff on imports...
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Trump Says He’d Consider Eliminating Taxes on Cops, Military, Vets
By Michael RaineyContinuing in his quest to find taxes to eliminate for specific voting groups, former President Donald Trump said Friday that he would consider eliminating federal income taxes for first responders,...
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The Tax Gap Totaled Nearly $700 Billion in 2022, IRS Says
The Internal Revenue Service said Thursday that the tax gap — the difference between taxes owed and paid — was $696 billion as of 2022, the latest year analyzed. The agency projects that the total...
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Trump Rejects Tariff Criticism as Economists Warn About His Plans
Former President Donald Trump sparred with the editor-in-chief of Bloomberg News Tuesday during an interview focused largely on economic policy and tariffs. In an interview at the Economic Club of...
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Trump Pitches Two New Tax Breaks
In an address to the Detroit Economic Club on Thursday, former President Donald Trump floated some new tax breaks, criticized the federal response to Hurricane Helene and said that the Federal...
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Chart of the Day: Who Would Benefit From Trump’s Tax and Tariff Plans
Former President Donald Trump’s proposed tax changes would skew heavily toward the wealthy, according to a new analysis by the left-leaning Institute on Taxation and Economic Policy (ITEP). Trump has...