Schumer, Manchin Meet to Discuss New Tax Hike

Senate Majority Leader Chuck Schumer (D-NY) met this week with Sen. Joe Manchin (D-WV) to discuss a tax increase and deficit reduction bill to curb rising inflation. Manchin, who torpedoed Democrats’ Build Back Better spending package last year, is now open to raising the corporate tax rate to 25 percent and the capital gains tax… Read more »

Biden Releases $5.8T Budget Plan for 2023

President Biden released a $5.8 trillion budget plan this week that includes a reduction in the federal budget deficit of more than $1 trillion over the next 10 years. The White House budget, which serves as an opening salvo in negotiations with Congress, pivots to fiscal prudence by reducing pandemic safety net costs and proposing… Read more »

House Passes Bipartisan SECURE Act 2.0

The House overwhelmingly passed legislation Tuesday night to bolster retirement savings opportunities for workers, sending the bill on to the Senate. The legislation (H.R. 2954), called the “Securing a Strong Retirement Act of 2022” or “SECURE Act 2.0,” builds on the 2019 SECURE Act by further incentivizing Americans to save for their retirements. SECURE 2.0,… Read more »

IRS Gets 6 Percent Funding Boost in Omnibus

The Internal Revenue Service (IRS) got a six percent boost in funding in the $1.5 trillion omnibus spending deal (H.R. 2471) that Congress passed last week, which equates to the most significant funding increase for the agency since 2001. IRS funding in the bill is earmarked for taxpayer services, to help tackle this tax-filing season… Read more »