Topic: Daily Deduction

Questions, Subsidies, Deductions, and Profits

By :: October 8th, 2015

The Senate Finance Committee has some questions for Volkswagen. Chairman Orrin Hatch and Ranking Member Ron Wyden sent the German automaker a letter yesterday. They asked about the “defeat devices” VW used to help its diesel passenger  cars meet IRS requirements for the advanced lean-burn technology motor vehicle credit. “This activity raises questions of whether […]

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Who Pays and Who Gains?

By :: October 7th, 2015

How many households will pay no federal income tax in 2015? TPC finds it’s now 45.3 percent, nearly 5 percentage points higher than TPC estimated in 2013. But, as Bob Williams explains, “that doesn’t mean more Americans have moved off the tax rolls… the higher estimate reflects new and better estimates of the number of […]

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Hope's Limits, Math, and Cuts

By :: October 5th, 2015

International tax reform bites the dust. The last shred of hope that this Congress could enact international tax reform faded when House Ways & Means Committee chair Paul Ryan conceded that talks with Democratic Senator Chuck Schumer to tie the initiative to the highway bill have failed. With Ryan bowing to the inevitable, Congress will […]

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On Taxes and Cost Containment

By :: October 2nd, 2015

The “Cadillac tax” has a loyal pit crew. A bipartisan group of 101 economists and health experts have co-signed a letter urging Congress to retain the tax on high-cost health insurance plans. A bipartisan group of lawmakers is moving to kill the Affordable Care Act levy, which is scheduled to take effect in 2018. Backers […]

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No October Surprise, So Far

By :: October 1st, 2015

On the Hill… The Senate and House passed funding bills to keep the government open through December 11, with just the usual minutes to spare. Now that that’s taken care of, the Senate Finance Committee holds a hearing today on improper payments in federal programs. Comptroller General of the United States Gene Dodaro will testify. […]

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Thirty days, goodbye September, shutdown talks? Maybe in December.

By :: September 30th, 2015

About that possible government shutdown… The Senate passed a continuing resolution to fund the government through December 11. Senate Majority Leader Mitch McConnell and outgoing Speaker of the House John Boehner will meet with President Obama “soon” for budget negotiations, and the House is on track to approve a short-term spending bill, too. Now Congress […]

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Not October yet, but, oh, the tax tricks and treats!

By :: September 29th, 2015

Donald Trump unveiled his tax plan—is it going to “cost him a fortune?” He has a tax cut for nearly everybody, but the highest income households would likely be the biggest beneficiaries. And his plan would likely add trillions to the national debt over the next decade, concludes TPC’s Howard Gleckman. But while Trump details […]

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A Resignation, and… Resignation

By :: September 28th, 2015

Speaker of the House John Boehner resigns. His resignation—in the wake of a conservative effort to overthrow him—increases the chances that Congress will fund the government at current levels through December 11 and avoid a shutdown this week. The Senate plans to approve a 10-week continuing resolution today. The biq question is what happens next: […]

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Fairness, Cheating, and Certainty

By :: September 25th, 2015

Next week on the Hill… Maybe a shutdown, maybe not, and also a couple of Senate Finance Committee hearings. On Tuesday, the panel will hold a hearing on Puerto Rico’s debt crisis. On Thursday, it will consider improper payments made through federal programs including Medicare, Medicaid, and the Earned Income Tax Credit. On the campaign […]

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A lawmaker's work is never done.

By :: September 24th, 2015

On the Hill today… The Senate plans to vote on a continuing resolution to fund the government from October 1 through December 11. The continuing resolution includes a provision to defund Planned Parenthood, a move that could actually cost $130 million over 10 years because the government would have to pay for more unplanned births, according […]

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