Taxes

The nonpartisan Congressional Budget Office estimated Thursday that President Biden’s social spending bill will add $367 billion to the federal deficit over the next 10 years, without counting potential revenue from an IRS tax enforcement crackdown that White House officials claim will cover the remaining cost.

Some of the wealthiest and most prolific Democratic donors are likely to benefit financially if Democrats are successful in repealing a Trump-era limit on state and local tax (SALT) deductions.

The Internal Revenue Service could soon get a massive infusion of cash to help it track down wealthy tax cheats.

House Speaker Nancy Pelosi on Thursday defended the inclusion of changes to the state and local tax deduction in President Biden's signature spending plan, even though economists across the political spectrum agree the policy would serve as a windfall to wealthy Americans.

Enhanced IRS tax enforcement provisions included in President Biden’s social spending bill will cause audits to double over the next 10 years, according to a Republican memo distributed by House Minority Leader Kevin McCarthy, R-Calif., to GOP lawmakers on Thursday morning.

President Biden on Wednesday called for the Federal Trade Commission to probe whether oil and gas companies are engaging in criminal conduct by profiting from artificially high prices at the pump, even as wholesale fuel costs decline.

President Biden's signature social spending and climate bill promises to offset nearly $2 trillion in spending with higher taxes on corporations and the wealthiest Americans, but a new analysis shows how the U.S. economy would actually lose more in revenue than is generated in the long run.

Larry Kudlow takes a closer look at inflation and the supply chain crisis as it continues to worry the American people

Millions of parents across the U.S. can expect to receive some extra cash this week, when the IRS will start distributing the fifth round of payments from the expanded child tax credit.

A conservative group focused on opposing President Biden's economic agenda launched a new $100,000 ad campaign this week targeting five House Democrats over surging consumer prices as inflation hits the highest level since 1990.

A majority of millionaires would receive a tax cut under the newest reconciliation framework unveiled by House Democrats, according to a new analysis published this week.