GOP Tax Cuts Expected To Push Up Nation's Debt
7 years, 4 months ago

GOP Tax Cuts Expected To Push Up Nation's Debt

NPR  

GOP Tax Cuts Expected To Push Up Nation's Debt Enlarge this image toggle caption J. Scott Applewhite/AP J. Scott Applewhite/AP When Republicans began assembling their tax overhaul proposals they were aiming to make them revenue neutral; the tax cuts could not lead to increased deficits. So over the next 10 years, the tax cuts are likely to add about $1.5 trillion to the national debt, according to the nonpartisan Congressional Budget Office. Thursday, longtime deficit hawk Sen. Jeff Flake, R-Ariz., released a statement expressing concern that "the current tax reform proposals will grow the already staggering national debt." He says mainstream economic models suggest the initial growth spurt from tax cuts is later offset by slower growth, so the negative debt effects remain.

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History of this topic

Senate budget would add more to the national debt than any other in history: watchdog
1 day, 2 hours ago

Senate budget would add more to the national debt than any other in history: watchdog

Raw Story  

The U.S. Senate is poised to pass a budget that could potentially add far and away more to the national debt than any legislation in history. Senate majority leader John Thune and Republicans on the Senate Budget Committee will meet Wednesday with president Donald Trump ahead of a vote later this week on a compromise budget resolution, but the Committee …

5 Ways The GOP Tax Cut Plan Could Go Off The Rails
6 days, 8 hours ago

5 Ways The GOP Tax Cut Plan Could Go Off The Rails

Huff Post  

LOADING ERROR LOADING WASHINGTON — Congressional Republicans still aren’t in agreement on the shape and scope of a sweeping tax cut package at the heart of President Donald Trump’s domestic policy, but they’re plowing ahead anyway in hopes of generating some momentum to get them across the finish line by this summer. As soon as next week, Senate Republicans plan …

'I want more': Republicans push for bigger IRS cuts amid fears of tax season chaos
1 month ago

'I want more': Republicans push for bigger IRS cuts amid fears of tax season chaos

Raw Story  

WASHINGTON — If you thought slashing 6,700 jobs at the IRS was a lot, you ain’t seen nothing yet. “I don't look at them as really a friend to anybody” In January 2023, after Republicans were swept back into power in the House of Representatives, one of the first measures Speaker Kevin McCarthy brought to the House floor stripped the …

Trump-Zelensky meeting: The Oval Office shouting match was a setup.
1 month ago

Trump-Zelensky meeting: The Oval Office shouting match was a setup.

Slate  

What if we told you that Republicans could make the deficit impact of these tax cuts all disappear, on paper, with one neat accounting trick? This means that since, under current law, the 2017 Trump tax cuts are scheduled to expire at the end of this year, it would add ~$4.5 trillion to the deficit to extend them another decade. …

Trump’s promised laundry list of tax goodies gets a reality check
Trending News
1 month ago

Trump’s promised laundry list of tax goodies gets a reality check

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. The Senate preferred to pass two bills, with the first focusing on beefing up …

Republicans Plan To Hide Cost Of Tax Cuts With 1 Weird Trick
1 month ago

Republicans Plan To Hide Cost Of Tax Cuts With 1 Weird Trick

Huff Post  

LOADING ERROR LOADING WASHINGTON – Republicans have a math problem with the massive proposed tax cut package at the center of President Donald Trump’s legislative agenda. They want to use the “current policy” baseline, which assumes tax cuts — like the deficit-busting ones Republicans passed in 2017, the last time Trump was president — will simply be extended permanently even …

'We are in meltdown mode': MSNBC host batters GOP over 'smoke and mirrors' Medicaid vote
1 month, 1 week ago

'We are in meltdown mode': MSNBC host batters GOP over 'smoke and mirrors' Medicaid vote

Raw Story  

A narrow victory in the U.S. House of Representatives late Tuesday on a new budget proposal that could lead to devastating cuts to Medicaid funding was pilloried on MSNBC on Wednesday morning. With House Speaker Mike Johnson urging his caucus to push through the bill — and only Rep. Tom Massie holding out — "Morning Joe" co-host Joe Scarborough claimed …

The House Wants to Pass Trump’s Agenda in One Big Bill. Here’s What’s in It.
1 month, 1 week ago

The House Wants to Pass Trump’s Agenda in One Big Bill. Here’s What’s in It.

New York Times  

The House Wants to Pass Trump’s Agenda in One Big Bill. Spending overseen by the committee $24.6 trillion Medicaid Medicare Other Cuts required $880 billion Spending overseen by the committee $24.6 trillion Medicaid Medicare Other Cuts required $880 billion Each square represents $250 billion in 10-year gross mandatory spending. Spending overseen by the committee Cuts required $1.5 trillion $230 billion …

We can’t expect budget tax cuts to boost GDP growth all that much
1 month, 2 weeks ago

We can’t expect budget tax cuts to boost GDP growth all that much

Live Mint  

Ahead of the Union budget, there was a demand from various economic participants to stimulate consumption. With a GDP deflator of 1.8 times, it would imply a rise in real GDP growth of about 0.30-0.35 percentage points. This means that slower fiscal spending may shave off about 0.30-0.35 percentage points from India’s nominal GDP growth. Overall, the positive impact of …

Opinion: Extend Trump’s 2017 tax cuts to promote growth, but cut spending too
1 month, 2 weeks ago

Opinion: Extend Trump’s 2017 tax cuts to promote growth, but cut spending too

LA Times  

Sen. Mitch McConnell was majority leader when President Trump’s first-term tax reform passed in 2017. While the upfront cost of the tax cuts back in 2017 was $1.5 trillion, on paper, to make them permanent could cost $4.6 trillion. To the extent that the 2017 cuts spurred growth and higher revenue, that was mostly the product of the permanent reduction …

'Rips healthcare away': Dem blasts $4.5T tax cuts advanced by GOP-led House Budget panel
1 month, 2 weeks ago

'Rips healthcare away': Dem blasts $4.5T tax cuts advanced by GOP-led House Budget panel

Raw Story  

The Republican-led House Budget Committee has advanced a "fiscal framework" that calls for $4.5 trillion in tax cuts, NBC News and Politico reported late Thursday. The budget resolution notably includes flexibility to increase tax cuts if deficit reduction exceeds $2 trillion. Rep. Jodey Arrington, the Budget Committee chair, told NBC News the budget resolution provides the "fiscal framework for what …

Republicans Say Debt Is Destroying America, But Their Budget Plan Could Balloon It
1 month, 2 weeks ago

Republicans Say Debt Is Destroying America, But Their Budget Plan Could Balloon It

Huff Post  

LOADING ERROR LOADING WASHINGTON — The national debt has become a rallying cry for Republicans as they seek to dismantle the federal government, justifying the possibly illegal elimination of life-saving foreign aid, consumer protections and cancer research at the hands of President Donald Trump’s administration and Elon Musk’s so-called Department of Government Efficiency. But the cost-cutting pursued by Musk and …

House Republicans Eye Big Cuts To Medicaid And Food Assistance
1 month, 3 weeks ago

House Republicans Eye Big Cuts To Medicaid And Food Assistance

Huff Post  

WASHINGTON — House Republicans on Wednesday unveiled a broad outline of their plans for the federal budget, using cuts to social programs to help pay for trillions of dollars in tax cuts. What we’re doing is the right thing by the people.” But the cuts the new budget document envisions would likely require savings well beyond what adding work requirements …

House Republicans unveil blueprint to extend $4.5 trillion in tax cuts and lift the debt ceiling
1 month, 3 weeks ago

House Republicans unveil blueprint to extend $4.5 trillion in tax cuts and lift the debt ceiling

Associated Press  

WASHINGTON — House Republicans released a budget plan Wednesday that sets the stage for advancing many of President Donald Trump’s top domestic priorities, providing for up to $4.5 trillion in tax cuts and a $4 trillion increase in the debt limit so that the U.S. can continue financing its bills. Even as some programs would be cut, money would be …

USAID Costs $40 Billion A Year. GOP Tax Cuts Could Total $11 Trillion Over A Decade.
1 month, 3 weeks ago

USAID Costs $40 Billion A Year. GOP Tax Cuts Could Total $11 Trillion Over A Decade.

Huff Post  

LOADING ERROR LOADING WASHINGTON — The Trump administration is demolishing the U.S. Agency for International Development as part of a broader quest to slash federal spending, but the $40 billion saved by cutting foreign aid is a drop in the bucket next to the tax cuts Republicans are planning. House Republicans are getting ready to unveil a package of tax …

House GOP rushing to produce Trump’s big budget bill with tax cuts, program cuts and other promises
1 month, 3 weeks ago

House GOP rushing to produce Trump’s big budget bill with tax cuts, program cuts and other promises

Associated Press  

WASHINGTON — House Republicans are working overtime after a lengthy White House meeting to meet President Donald Trump’s demand for a big budget package that includes some $3 trillion in tax breaks, massive program cuts and a possible extension of the nation’s debt limit. “We’re really grateful to the president for leaning in and doing what he does best, and …

Opinion: Trump wants to extend the 2017 tax cuts. Here’s how that would affect regular Americans
1 month, 4 weeks ago

Opinion: Trump wants to extend the 2017 tax cuts. Here’s how that would affect regular Americans

LA Times  

The tax cuts enacted under the first Trump administration largely expire at the end of 2025. President Trump and his fellow Republicans are eager to extend them, but doing so without concurrent spending cuts would raise deficits by more than $5 trillion through 2035. If an extension of the tax cuts were financed by reducing federal assistance equally across households, …

House GOP floats plan to slash benefits for the poor to pay for Trump tax cuts
2 months ago

House GOP floats plan to slash benefits for the poor to pay for Trump tax cuts

Raw Story  

One of the hallmarks of Donald Trump’s presidential campaign was a promise of sweeping tax cuts, for the rich, for working people and for companies alike. To pay for new tax cuts, the House Republicans’ proposal floats a series of potential overhauls of government programs. His visit to the House Retreat was a sign that he wants to prioritize unity …

Republicans crafting Trump’s big bill hit a familiar roadblock: How to pay for it
2 months ago

Republicans crafting Trump’s big bill hit a familiar roadblock: How to pay for it

Associated Press  

DORAL, Fla. — After fours years of criticizing growing government deficits under Joe Biden, Republicans now have a math problem of their own — how to offset the multitrillion-dollar cost of extending and expanding the tax cuts they passed in President Donald Trump’s first term. Seeking to rally support in a speech Monday evening, Trump exhorted Republicans to stick together …

Economist slams Trump’s latest tax cut demand as 'major strategic error'
2 months ago

Economist slams Trump’s latest tax cut demand as 'major strategic error'

Raw Story  

President Donald Trump on Monday urged the House of Representatives to renew his tax cuts. This comes as the GOP-controlled Congress attempts "to overcome internal differences on how to pay for" the president’s "sweeping tax cuts, with hardline conservatives determined to reduce an annual federal deficit approaching $2 trillion," according to Reuters. Aisha's Hanse, a senior national correspondent for Fox …

A critical look at Trump’s economic plans
2 months ago

A critical look at Trump’s economic plans

Live Mint  

The second presidency of Donald Trump is off to a wild start. He will get his way because Congress decades ago ceded much of its constitutional authority over tariffs to the president under the International Emergency Economic Powers Act of 1977. And hey, doesn’t economic growth near 3%, unemployment at 4% and inflation under 3% sound like an economic emergency …

Lots of tax cuts, not a lot of growth?
2 months, 1 week ago

Lots of tax cuts, not a lot of growth?

Politico  

Lots of tax cuts, not a lot of growth? This probably should be no surprise — “no tax on tips” was the first of Trump’s various targeted tax cut ideas from the campaign, the one that got the most attention and also happens to poll pretty well. It’s also not an idea that Republicans can necessarily count on for lots …

Republicans weigh 'magical thinking' to fund Trump's tax cuts: report
2 months, 2 weeks ago

Republicans weigh 'magical thinking' to fund Trump's tax cuts: report

Raw Story  

Republicans were reportedly resorting to "magical thinking" to push through an extension of President-elect Donald Trump's 2017 tax cuts, set to expire this year. The Tax Cuts and Jobs Act, signed into law by Trump in December 2017, was the largest tax code overhaul in decades, making sweeping changes to individual and corporate income taxes. "Congress will face a roughly …

CBO projects US debt to grow $23.9 trillion in 10 years, not including costs of extending tax cuts
2 months, 2 weeks ago

CBO projects US debt to grow $23.9 trillion in 10 years, not including costs of extending tax cuts

Associated Press  

WASHINGTON — The national debt is slated to rise by $23.9 trillion over the next decade, a sum that does not include trillions of dollars in additional tax cuts being championed by President-elect Donald Trump. Still, annual budget deficits are expected to be equal to 6.1% of U.S. gross domestic product in 2035, which the CBO noted is “significantly more …

House GOP Hardliners Push For $4 Trillion Debt Limit Increase
2 months, 2 weeks ago

House GOP Hardliners Push For $4 Trillion Debt Limit Increase

Huff Post  

LOADING ERROR LOADING The House Freedom Caucus, a group of hard-right conservative and libertarian Republicans, wants a $4 trillion hike in the nation’s debt limit as part of the GOP’s big but still-developing tax and spending cut plans. The Freedom Caucus proposal also splits with the current House GOP leadership stance by seeking two separate bills be passed with only …

Here’s why the cost of extending Trump’s tax cuts just surged by nearly $1 trillion
2 months, 3 weeks ago

Here’s why the cost of extending Trump’s tax cuts just surged by nearly $1 trillion

Raw Story  

If Congress doesn't act quickly to end the provisions in President-elect Donald Trump's 2017 Tax Cuts and Jobs Act, it could blow an even bigger hole in the federal budget. Nearly 40 provisions in the 2017 law are set to expire this year, and because Senate Majority Leader John Thune has already signaled that the Republican majority's first legislative priority …

Republicans quietly cut IRS funding by $20 billion in bill to avert government shutdown
3 months, 1 week ago

Republicans quietly cut IRS funding by $20 billion in bill to avert government shutdown

Salon  

Republicans quietly made massive progress on their goal to defund the IRS in a last-minute package to avoid a government shutdown. Through the continuing resolution passed last week, funding the government through March and cutting $20 billion in supplemental funding for the taxation agency, Congress automatically extended cuts passed by the GOP in 2023 to a massive IRS investment. A …

Johnson’s spending nightmare points to grueling GOP problems next year
3 months, 2 weeks ago

Johnson’s spending nightmare points to grueling GOP problems next year

Politico  

In theory, most Republicans support the latter idea, but looking for trillions of dollars in savings could drastically slow down an agenda that the GOP hoped to accomplish in the first 100 days of Trump’s administration. Other Republicans, including some who previously said they would support him, now won’t commit to backing him, despite Trump endorsing Johnson just over a …

President-elect Trump promised to extend tax cuts, but how will the government make up a $4 trillion loss of revenue?
3 months, 2 weeks ago

President-elect Trump promised to extend tax cuts, but how will the government make up a $4 trillion loss of revenue?

NPR  

President-elect Trump promised to extend tax cuts, but how will the government make up a $4 trillion loss of revenue? SIMON: President-elect Trump promised to extend tax cuts he passed during his first term in office during this last campaign. JOSEPH ROSENBERG: They're really going to have to figure out if that's a price tag they're willing to swallow or …

Republicans Say Letting These Tax Cuts Expire Would Crash The Economy. Congress' Own Experts Say Otherwise.
3 months, 4 weeks ago

Republicans Say Letting These Tax Cuts Expire Would Crash The Economy. Congress' Own Experts Say Otherwise.

Huff Post  

LOADING ERROR LOADING There may be a tough fight coming soon over whether to allow the expiration of a set of income tax cuts for individuals put in place in 2017 ― something that Republicans claim would be disastrous for the U.S. economy. The CBO’s finding stands in stark contrast to the gloom and doom that Republicans have been saying …

Donald Trump and Republicans in Congress eye an ambitious 100-day agenda, starting with tax cuts
4 months ago

Donald Trump and Republicans in Congress eye an ambitious 100-day agenda, starting with tax cuts

Hindustan Times  

A tax break for millionaires, and almost everyone else. Government job cuts to “drain the swamp.” Having won the election and sweeping to power, Republicans are planning an ambitious 100-day agenda with President-elect Donald Trump in the White House and GOP lawmakers in a congressional majority to accomplish their policy goals. Trump’s first term became defined by those tax cuts, …

Trump and Republicans in Congress eye an ambitious 100-day agenda, starting with tax cuts
Trending News
4 months ago

Trump and Republicans in Congress eye an ambitious 100-day agenda, starting with tax cuts

Associated Press  

WASHINGTON — A tax break for millionaires, and almost everyone else. Trump’s first term became defined by those tax cuts, which were approved by Republicans in Congress and signed into law only after their initial campaign promise to “repeal and replace” Democratic President Barack Obama’s health care law sputtered, failing with the famous thumbs-down vote by then-Sen. John McCain, R-Ariz. …

Trump and Republicans in Congress eye an ambitious 100-day agenda, starting with tax cuts
4 months ago

Trump and Republicans in Congress eye an ambitious 100-day agenda, starting with tax cuts

LA Times  

Republican leaders in the House, including Speaker Mike Johnson, center, Majority Whip Tom Emmer, left, and Majority Leader Steve Scalise, are planning an ambitious 100-day agenda once President-elect Donald Trump is inaugurated. Atop the list is the plan to renew some $4 trillion in expiring GOP tax cuts — a signature domestic achievement of Trump’s first term and an issue …

The rising price of paying the national debt is a risk for Trump’s promises on growth and inflation
4 months, 1 week ago

The rising price of paying the national debt is a risk for Trump’s promises on growth and inflation

Associated Press  

WASHINGTON — Donald Trump has big plans for the economy — and a big debt problem that will be a hurdle to delivering on them. Trump has bold ideas on tax cuts, tariffs and other programs, but high interest rates and the price of repaying the federal government’s existing debt could limit what he’s able to do. In his statement …

Elon Musk's budget-cutting promises defy arithmetic
4 months, 1 week ago

Elon Musk's budget-cutting promises defy arithmetic

LA Times  

President-elect Donald Trump’s designated debt-busters, Elon Musk and Vivek Ramaswamy, last week wrote an op-ed in the Wall Street Journal providing the fullest accounting yet of their plans to cut “waste, fraud and abuse” — that most well-worn and oft-broken of political promises. Indeed, an omission from the dynamic duo’s piece suggests that they — and Trump — may have …

Trump's plan would add $4 trillion more to U.S. debt compared to Harris', analysis says
5 months, 4 weeks ago

Trump's plan would add $4 trillion more to U.S. debt compared to Harris', analysis says

NPR  

Trump's plan would add $4 trillion more to U.S. debt compared to Harris', analysis says toggle caption Saul Loeb/AFP via Getty Images With less than a month left until Election Day, both the Harris and Trump campaigns have presented their economic visions to the American people — including proposed tax cuts, border security spending and affordable housing policies. Trump's estimated …

The Trump economy: Slower growth, higher prices and a bigger national debt
8 months, 2 weeks ago

The Trump economy: Slower growth, higher prices and a bigger national debt

Al Jazeera  

Plans to hike tariffs, tighten immigration and cut taxes are likely to crimp growth and fuel inflation, experts say. “A tariff increase covering nearly all goods imports, as Trump recently proposed, goes far beyond any previous action,” Moody’s Analytics said in its report. “There are three main tenets of Trump’s campaign, and they all point in the same inflationary direction,” …

Rising US debt risk bad for its own and global economy
9 months ago

Rising US debt risk bad for its own and global economy

China Daily  

A teller counts and arranges dollar notes at an Agricultural Bank of China branch in Qionghai, Hainan province. The International Monetary Fund recently warned that the excessive fiscal deficit and debt scale of the United States are posing a growing risk to its own and the global economy, urging the US to solve this long-standing problem as soon as possible. …

Key GOP economic talking point destroyed by new analysis
9 months, 1 week ago

Key GOP economic talking point destroyed by new analysis

Raw Story  

National debt has for decades been a go-to issue Republicans try to use to persuade voters against supporting social programs — an issue that has crept back to the forefront with new reports that annual interest payments serving the national debt now exceed what the U.S. spends on its military. According to the report, former President Donald Trump's contribution to …

Mike Pence’s foundation launches a $10 million election-year campaign to preserve Trump-era tax cuts
9 months, 2 weeks ago

Mike Pence’s foundation launches a $10 million election-year campaign to preserve Trump-era tax cuts

Associated Press  

WASHINGTON — Former Vice President Mike Pence’s foundation is launching a $10 million campaign to preserve the Trump-era tax cuts that are set to expire after next year as he presses conservatives not to stray from the fight before the November election. Democratic President Joe Biden has proposed keeping the tax cuts for people making under $400,000 a year while …

Congressional Budget Office raises this year’s federal budget deficit projection by $400 billion
9 months, 2 weeks ago

Congressional Budget Office raises this year’s federal budget deficit projection by $400 billion

Associated Press  

WASHINGTON — The Congressional Budget Office said Tuesday that it projects this year’s federal budget deficit to be $400 billion higher, a 27% increase compared to its original estimate released in February. White House spokeswoman Karine Jean-Pierre, said in a statement that the report “is further evidence of the need for Congress to pass President Biden’s Budget to reduce the …

'Time to stiffen our spines': Dems prep for 2025 tax fight with GOP
9 months, 2 weeks ago

'Time to stiffen our spines': Dems prep for 2025 tax fight with GOP

Raw Story  

As congressional Republicans prepare for Donald Trump's possible White House return by plotting to expand tax cuts for corporations and the wealthy that were the cornerstone of his first term in office, U.S. Sen. Elizabeth Warren on Monday said Democrats must be ferocious opponents of another "GOP tax scam," while also providing an alternative vision. "The 2025 tax fight will …

Elizabeth Warren Urges Democrats Not To ‘Roll Over’ On Tax Fight In 2025
9 months, 2 weeks ago

Elizabeth Warren Urges Democrats Not To ‘Roll Over’ On Tax Fight In 2025

Huff Post  

LOADING ERROR LOADING Sen. Elizabeth Warren, a leading figure in the Democratic Party’s liberal wing, warned her fellow Democrats on Monday to not shy away from next year’s fight over whether to extend temporary tax cuts enacted by former President Donald Trump in 2017. “The 2025 tax fight will create a huge opportunity to break with decades of tax-cutting political …

Use Expiring Trump Tax Cuts To Overhaul The Entire Tax System, Groups Say
10 months, 1 week ago

Use Expiring Trump Tax Cuts To Overhaul The Entire Tax System, Groups Say

Huff Post  

LOADING ERROR LOADING The $4.6 trillion in tax cuts that expire next year offer a chance to completely revamp the U.S. tax system that should not be missed, more than 100 progressive and economic groups said Tuesday. “Congress should pursue reforms — including corporate tax reforms — that stem the decades-long tide of tax cuts for the rich and corporations …

Many remember solid economy under Trump, but his record also full of tax cut hype, debt and disease
10 months, 2 weeks ago

Many remember solid economy under Trump, but his record also full of tax cut hype, debt and disease

Associated Press  

WASHINGTON — It was a time of fear and chaos four years ago. DECENT GROWTH Trump assured the public in 2017 that the U.S. economy with his tax cuts would grow at “3%,” but he added, “I think it could go to 4, 5, and maybe even 6%, ultimately.” If the 2020 pandemic is excluded, growth after inflation averaged 2.67% …

Extending Trump tax cuts would add $4.6 trillion to deficit: CBO
10 months, 3 weeks ago

Extending Trump tax cuts would add $4.6 trillion to deficit: CBO

Raw Story  

As former U.S. President Donald Trump and congressional Republicans campaign on extending their 2017 tax cuts if elected in November, a government analysis revealed Wednesday that doing so would add $4.6 trillion to the national deficit. The new CBO report—sought by U.S. Senate Budget Committee Chair Sheldon Whitehouse and Senate Finance Committee Chair Ron Wyden —says continuing the income, business, …

Tax the rich and end Republican welfare for the wealthy
1 year ago

Tax the rich and end Republican welfare for the wealthy

Raw Story  

Over the past 50 years, before the GOP went all in on fascism and isolationism, the most dramatic difference between Democrats and Republicans lurked in the driest of places: tax policies. As National Economic Council Director Lael Brainard told the Economic Club of New York last year, although tax cuts for the wealthy added trillions to the national debt, the …

CBO projects a $188 billion decrease in this year’s federal budget deficit, but debt would then grow
1 year, 1 month ago

CBO projects a $188 billion decrease in this year’s federal budget deficit, but debt would then grow

Associated Press  

WASHINGTON — The Congressional Budget Office said Wednesday that it expects the federal budget deficit to drop by $188 billion this fiscal year to $1.5 trillion, a short-lived dip as the annual shortfall is likely to rise over the next nine years. That’s mainly because of an agreement President Joe Biden signed last summer with Congressional Republicans that temporarily lifted …

IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding
1 year, 1 month ago

IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding

Associated Press  

WASHINGTON — The IRS is poised to take in hundreds of billions of dollars more in overdue and unpaid taxes than previously anticipated, according to new analysis released Tuesday by the Treasury Department and the IRS. The Congressional Budget Office in 2022 estimated that the tens of billions of new IRS funding provided by the IRA would increase revenues by …

IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding
1 year, 1 month ago

IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The Congressional Budget Office in 2022 estimated that the …

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