45ae59f6be38e421749b1804ad67ec3f Archive

TweetShareSharePin0 Shares TPC analyzed the major tax provisions in President Biden’s budget. Its analysis finds that Biden’s plan would raise average after-tax incomes for low-income households in 2024 and leave them effectively unchanged for middle-income households. The top 1 percent (those with at least roughly $1 million in income) would pay an average of $300,000

TweetShareSharePin0 Shares Fed raises rates, finds banking system “sound and resilient.” In a unanimous decision, the Federal Reserve approved a quarter-point increase in the federal funds rate target range, aiming to bring inflation back down to 2 percent over the long run while still supporting maximum employment, according to its statement.  On Capitol Hill today.

TweetShareSharePin0 Shares Debt limit talks are idling, so what about prioritizing? The House Ways & Means Committee recently advanced a bill that would prioritize certain payments if the Treasury runs out of emergency measures to prevent a default. Those payments include payments for principal and interest on debt held by the public, as well as

TweetShareSharePin0 Shares The IRS is processing returns a bit faster than last year. The IRS reports it has processed 63.2 million individual income tax returns as of March 10, 2 percent more than this time last year. Tax professionals filed 30.2 million returns electronically (an increase of 3.1 percent). The number of taxpayers filing on

TweetShareSharePin0 Shares Tune in today at noon for TPC’s Prescription with Brian Riedl of the Manhattan Institute. He’ll talk with TPC’s Howard Gleckman about President Biden’s budget plan for fiscal year 2024, congressional Republican budgeting priorities, and ongoing negotiations over the debt ceiling. Watch here at 12:00 Eastern Daylight Time. CBO: Extending TCJA provisions and

TweetShareSharePin0 Shares It’s official: IRS Commissioner Werfel has been sworn in. On Monday, Daniel Werfel was sworn in as the 50th IRS Commissioner. Werfel served as controller of the Office of Management and Budget from 2009 to 2013 and served as IRS acting commissioner briefly in 2013. His term expires in November 2027. Tomorrow on

TweetShareSharePin0 Shares President Biden’s revenue provisions throw down the gauntlet. TPC’s Howard Gleckman shares the highlights. The revenue measures won’t be approved, since even last year’s Democratically controlled Senate and House would not adopt Biden’s most ambitious tax increases. Instead, Biden’s plan “lays down a marker for what will be difficult budget negotiations later this