Senate Finance Chairman Charles E. Grassley announced the creation of five task forces charged with delving into what to do about 42 myriad tax breaks that continually get turned on and off by Congress, ranging from an incentive to sell cleaner-burning biodiesel fuel for trucks to a deduction for mortgage insurance premiums.
The joint announcement by the Iowa Republican and Oregon Democrat Ron Wyden, the committee’s ranking member, comes 16 and a half months after 26 tax “extenders” expired at the end of 2017. Grassley said the task force is charged with coming up with solutions by the end of June, including whether to consolidate or change certain provisions, make them permanent or allow them to lapse.
Treasury Secretary Steven Mnuchin said Wednesday he expects the courts will resolve the conflict between the administration and House Ways and Means Chairman Richard E. Neal over the release of President Donald Trump’s tax returns.
“This will go to the third branch of government to be resolved,” Mnuchin said Wednesday during questioning before the Senate Financial Services Appropriations Subcommittee.
House Ways and Means Chairman Richard E. Neal issued subpoenas Friday for Treasury Secretary Steven Mnuchin and IRS Commissioner Charles Rettig to provide President Donald Trump’s tax returns.
The action takes to the next level a five-week-long dispute between the administration and Neal, D-Mass., who first asked on April 3 for six years of Trump’s personal tax returns, the returns for eight Trump companies and other tax information.
Treasury Secretary Steven Mnuchin told House Ways and Means Chairman Richard E. Neal Monday that the IRS will not hand over President Donald Trump’s tax returns and associated information.
“In reliance on the advice of the Department of Justice, I have determined that the Committee’s request lacks a legitimate legislative purpose, and … the Department is therefore not authorized to disclose the requested returns and return information,” Mnuchin wrote in a letter to Neal.
Conservatives are making a fresh push to spread their message of fiscal discipline after new estimates that the Medicare and Social Security trust funds will soon be depleted, and amid talk of a $2 trillion infrastructure spending package and busting discretionary spending limits.
The House Republican Study Committee released a budget proposal Wednesday that assumes cutting $12.6 trillion in spending over a decade and eliminating the deficit within six years.
Updated 6:12 p.m. | Treasury Secretary Steven Mnuchin said Tuesday he will make a determination by May 6 on whether to comply with House Ways and Means Chairman Richard E. Neal’s request for six years of President Donald Trump’s tax returns.
Neal had set a 5 p.m. deadline Tuesday for the administration to comply with his request. The Treasury Department announced shortly after the deadline that Mnuchin had sent a 10-page response to the Massachusetts Democrat’s request.
There’s nothing like waiting until the last minute — as long as waiting doesn’t make the problem worse.
Therein lies the conundrum facing lawmakers and 2020 presidential candidates when it comes to Social Security, which last year paid out retirement and disability benefits to some 63 million Americans.
IRS Commissioner Charles P. Rettig likes to compare the IRS’ past-their-prime computer systems to an aging car. In the case of this clunker, he puts the repair bill at somewhere between $2.3 billion and $2.7 billion.
That’s the cost of the IRS’ six-year modernization plan, intended to make dealing with the agency more like banking online, a goal it has attempted, and missed, in the past.
Treasury Secretary Steven Mnuchin said he needed more time to review House Ways and Means Chairman Richard E. Neal’s request for six years of President Donald Trump’s tax returns.
Mnuchin wrote in a letter Wednesday to Neal, D-Mass., that he would personally supervise the review and that he would consult with the Justice Department. Wednesday was the deadline set by Neal in a request to IRS Commissioner Charles P. Rettig on April 3.
Treasury Secretary Steven Mnuchin said he did not know if Treasury’s legal department was reviewing whether he or IRS Commissioner Charles Rettig should be the one to make the decision on whether to hand over President Donald Trump’s tax returns to House Ways and Means Committee Chairman Richard E. Neal.
Mnuchin was quizzed about his reaction to Neal’s April 3 letter requesting six years of the president’s tax returns at a hearing Tuesday of the House Appropriations Financial Services subcommittee by the panel’s chairman Mike Quigley, an Illinois Democrat.
House Ways and Means Chairman Richard E. Neal formally asked the IRS Wednesday for six years of President Trump’s tax returns and set a deadline of April 10 to get the documents.
Signaling a fight ahead, Trump told reporters later he was “not inclined” to comply with Neal’s demand.
The third time may be the charm for a 122-page collection of retirement benefit tweaks that died in the last two Congresses but has become a top priority for House Ways and Means Chairman Richard E. Neal.
Much of the bill that the Ways and Means Committee approved Tuesday recycles provisions from previous Congresses. One major change would make it easier for small businesses to band together to offer retirement benefits, while offering tax credits to defray the start-up costs.
It must be nice to get your own personal report on the economy from the head of the world’s largest central bank.
Federal Reserve Chairman Jerome Powell met with roughly 70 House Republicans at the whip team meeting prior to Monday night votes, where, among other things, he talked about the Fed recently lowering its economic growth projections for 2019 and 2020.
A fund designed to help crime victims is also used by lawmakers as an annual budgetary gimmick to help pay for other programs. But the victims fund is starting to run dry, making appropriations decisions tougher, as our tax and fiscal policy reporter Doug Sword explains.
It’s been an unspoken rule among appropriators for years: if the annual Commerce-Justice-Science subcommittee allocation feels a little light, fear not. There’s always money in the Crime Victims Fund.
However, the good times may be coming to an end. The program’s finances are drying up, and the Appropriations Committees are facing major new obligations in fiscal 2020 that will stretch the means of panel leaders even if there’s a deal to lift austere spending caps for next year.
An investigation into whether President Donald Trump was involved in the decision to keep the FBI on prime Pennsylvania Avenue property is still far from over, lawmakers said Wednesday.
“We’re closer to the beginning than the end of the investigation,” said House Appropriations Financial Services Subcommittee Chairman Mike Quigley following a Wednesday hearing.
The Trump administration is proposing to raise about $60 billion over 10 years through new and expanded fees, including repeat proposals for eight fees rejected by appropriators last year.
The biggest of the bunch, by far, is a plan to raise $31.7 billion over 10 years by boosting the fees housing finance giants Fannie Mae and Freddie Mac charge to guarantee the mortgage market. The duo has been under federal conservatorship since 2008, when they required $187 billion in bailout funds to stay afloat.
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