IRS making progress on backlog, but millions remain unprocessed

Charles P. Rettig, commissioner of the Internal Revenue Service, testifies during the Senate Finance Committee hearing titled The IRS Fiscal Year 2022 Budget, in Dirksen Senate Office Building in Washington, DC, June 8, 2021. Tom Williams | Pool | Reuters The IRS is making progress on its backlog of unprocessed tax returns, but millions remain, … Read more

Racial justice organizations ask Congress to reinstate child tax credit

A demonstration organized by the ParentsTogether Foundation in support of the child tax credit portion of the Build Back Better bill outside the US Capitol on Dec. 13, 2021. Sarah Silbiger / Bloomberg via Getty Images How the child tax credit helped families The child tax credit was enhanced as part of President Joe Biden’s … Read more

The pandemic stimulus checks were a big experiment. Did it work?

People rally during a demonstration in support of Covid-19 relief, organized by Shutdown DC, on the National Mall in Washington, DC, on Feb. 25, 2021. Al Drago | Getty Images When the US began to shut down the wake of the onset of Covid-19, it meant millions of families were suddenly without the income they … Read more

Parents of Uvalde and Buffalo mass shootings testify before Congress

[The stream is slated to start at 10 a.m. ET. Please refresh the page if you do not see a player above at that time.] Parents, law enforcement and one fourth-grade student are describing to US lawmakers mass shootings in Uvalde, Texas, and Buffalo, New York, that last month left 31 Americans dead and horrified … Read more

There’s a push in Congress for a new national retirement savings plan

Itza Villavicencio Urbieta | Istock | Getty Images As retirement legislation continues to evolve in Congress, some lawmakers are hoping to address what they view as a persistent problem: lack of access to a workplace plan among low- and middle-income workers. A bipartisan, bicameral group of lawmakers has started work on a bill to tackle … Read more

Schumer wants to pass gun reform bills after Texas school shooting

Senate Majority Leader Charles Schumer, DN.Y., conducts a news conference after senate luncheons in the U.S. Capitol, on Tuesday, May 24, 2022. Tom Williams | Cq-roll Call, Inc. | Getty Images Senate Majority Leader Chuck Schumer pledged Wednesday to renew his efforts to pass stricter U.S. gun-control laws, but acknowledged that Republicans will likely block … Read more

House Democrats push for SALT relief in appropriations bill

Rep. Tom Suozzi, DN.Y., speaks during a news conference announcing the State and Local Taxes (SALT) Caucus outside the US Capitol on April 15, 2021. Sarah Silbiger | Bloomberg | Getty Images Despite roadblocks, five House Democrats are still fighting for relief on the $ 10,000 limit on federal deduction for state and local taxes, … Read more

Trump picks Oz, Cawthorn face GOP primaries in Pennsylvania, North Carolina

Pennsylvania US Senate candidate Dr. Mehmet Oz speaks during a Republican leadership forum at Newtown Athletic Club on May 11, 2022 in Newtown, Pennsylvania. Michael M. Santiago | Getty Images Two of former President Donald Trump’s highest-profile endorsements hope to emerge victorious from no-holds-barred Republican primary races in Pennsylvania and North Carolina as the pivotal … Read more

There’s a growing interest in wealth taxes on the super-rich

Late. Ron Wyden, D-Ore., Speaks during a Senate Finance Committee nomination hearing on Feb. 23, 2021. Greg Nash | Pool | Reuters Americans increasingly favor a wealth tax on the ultra-rich. But despite an uptick in proposals, these policies have struggled to gain traction. President Joe Biden in March unveiled the latest federal wealth tax … Read more

Why Biden’s billionaire minimum income tax may be a tough sell

Josh Gottheimer, DN.J., talks to reporters in Washington, Nov. 4, 2021. Elizabeth Frantz | Reuters President Joe Biden has proposed a new tax on the ultra-wealthy as part of his 2023 federal budget, aiming to reduce the deficit by about $ 360 billion. Some experts say it’s unlikely to gain traction in Congress. The “billionaire … Read more