Taxes & Budget
Coverage of the national budget and your taxes.
New Jersey governor signs budget boosting taxes on companies making over $10 million
New Jersey Democratic Gov. Phil Murphy signed a $56.6 billion budget moments before midnight Friday, hiking taxes on high-earning corporations to help the state’s transit agency while spending billions on education and other programs.
Inspector general backs Trump over Biden in taxpayer audit standards
The IRS’ inspector general is out with a new report finding that the tax agency gets more bang for its buck by going after the wealthiest taxpayers — a finding that undercuts President Biden’s approach to expanding audits.
Speaker Johnson, Senate Republicans eye ‘big’ policy agenda for 2025
House Speaker Mike Johnson and Senate Republicans met Wednesday to begin discussions on a policy agenda they can muscle through Congress next year if their party has full control in Washington.
Trump, Biden plans expose deep divisions in tax law philosophies
Whether you pay more or fewer taxes next year hinges entirely on the 2024 presidential election as President Biden and former President Trump propose dueling plans for altering the nation’s tax code.
U.K.’s glum Conservatives try to shift the mood with a promise of tax cuts as polling day nears
Prime Minister Rishi Sunak on Tuesday implored British voters, and his own party, to throw him a lifeline in the U.K.’s July 4 election, putting the promise of lower taxes at the heart of the Conservative Party’s election manifesto.
Most IRS buildings operating at less than 50% occupancy
A majority of the IRS’s office buildings are running at less than 50% capacity, the tax agency’s inspector general said Monday in an audit prodding officials to speed up their consolidation plans.
Treasury secretary blames labor unions for blocking return-to-work at IRS
The IRS is struggling to get its employees back to work in person at least 50% of the time, and Treasury Secretary Janet Yellen said the agency’s labor union is the chief hurdle.
Congress opens probe into federal workers doing union business on taxpayers’ time
House investigators said Thursday they are trying to track how much time employees at federal departments spend working on labor union business while still being paid by taxpayers.
U.N. secretary-general calls for ‘windfall’ tax on profits of fossil fuel companies
U.N. Secretary General Antonio Guterres called Wednesday for a “windfall” tax on profits of fossil fuel companies to help pay for the fight against global warming, decrying them as the “godfathers of climate chaos.”
Trump and Biden should debate taxes, new Cold War and immigration
Former President Donald Trump’s legal woes, President Biden’s age and their colorful campaign rhetoric can easily distract voters from the nation’s tough challenges.
Billionaire entrepreneur makes history with $40M tax fraud payout in D.C.
Billionaire Michael J. Saylor has agreed to pay the District of Columbia $40 million to settle the city’s claims that the founder of software company MicroStrategy cheated on his taxes by falsely claiming he was not a resident.
Hundreds of vehicles with over $2 million in traffic fines booted and towed in D.C.
District of Columbia officials on Thursday said they’ve booted and towed more than 800 vehicles the past two months that racked up over $2 million in fines as authorities try to pump the brakes on lawless driving in the city.
We’ll take it from here: Biden makes permanent IRS program that calculates Americans’ taxes for them
The Biden administration on Thursday made permanent and expanded a program that gives the IRS the power to calculate the amount of taxes each participant owes to the federal government.
Congress preps for drama with spending, farm bill, Pentagon policy amid election-year bombast
Memorial Day for Congress kicked off an election-year sprint in which serious legislation usually takes a back seat to partisan messaging bills.
Bipartisan House bill seeks to increase presidential transparency
An unlikely bipartisan duo has teamed up to introduce legislation that would require presidents and vice presidents to disclose their tax returns, along with any foreign payments or expensive gifts they receive.
Hunter Biden seeks a delay in his federal tax trial set to begin in Los Angeles next month
Hunter Biden’s lawyers will press a judge on Wednesday to delay his trial that’s set to begin next month in Los Angeles on charges that he schemed to avoid paying $1.4 million in taxes.
Biden cancels another $7.7 billion in student loans
President Biden announced Wednesday that his administration is canceling $7.7 billion in student loans for 160,000 borrowers.
Biden administration is giving $1 billion in new weapons and ammo to Israel, congressional aides say
The Biden administration has told key lawmakers it is sending a new package of more than $1 billion in arms and ammunition to Israel, two congressional aides said Tuesday.
GOP proposes stiffer penalties for IRS leakers after Trump tax return leak
House Republicans announced legislation Thursday to double the maximum prison time to 10 years for anyone convicted of leaking secret taxpayer information, saying the current penalty wasn’t strong enough to prevent the unprecedented leak of President Trump’s taxes.
Class warfare: Biden tests the potency of soak-the-rich appeal to voters
Politicians often bet big on promising tax cuts to get elected. President Biden is letting it ride on tax increases.
