White House Won’t Release Summer Economic Projections

White House officials will not release updated economic projections this summer as is common practice, according to the Washington Post. The White House typically unveils a federal budget proposal every February and then provides a “mid-session review” in July or August with updated projections on trends such as unemployment, inflation and economic growth. Two White… Read more »

Trump Budget Would Boost IRS Funding

President Trump’s fiscal 2021 budget plan proposes $12 billion in funding for the Internal Revenue Service (IRS), up from the $11.5 billion allocated to the agency in the fiscal 2020 government funding bill the president signed in December. The proposed budget increase is intended to allow the IRS to “modernize its systems to improve taxpayer… Read more »

Trump Proposes $4.8 Trillion Budget Plan

The White House on Feb. 10 released a $4.8 trillion budget plan for Fiscal 2021 that outlines the administration’s political priorities heading into the November election. The plan maintains $740.5 billion for the Defense Department but would cut domestic spending while reducing costs to Medicaid and Medicare. Funding for numerous federal programs and agencies would… Read more »

CBO Predicts Deficit Will Top $1 Trillion

The Congressional Budget Office predicted this week that the federal budget deficit will top $1 trillion annually over the next 10 years unless Congress makes “significant changes to tax and spending policies.” The soaring deficit is fueled by increased borrowing by the federal government, though CBO predicted that interest rates for the next decade would… Read more »

Study Suggests Need for Higher IRS Budget

A new study in the American Accounting Association journal suggests that IRS collections from audits of corporate tax returns have been severely hampered by congressional budget constraints on the agency. The IRS has long pleaded with Congress for additional funding to aid enforcement and collection efforts but has dealt with budget cuts for many years… Read more »