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The Congressional Budget Office in 2022 estimated that the tens of billions of new IRS funding provided by the IRA would increase revenues by $180.4 billion from 2022 to 2031. The IRS now says that if IRA funding is restored, renewed and diversified, estimated revenues could reach as much as $851 billion from 2024 to 2034. However, House Republicans built a $1.4 billion reduction to the IRS into the debt ceiling and budget cuts package passed by Congress last summer. IRA funding "is enabling the IRS to reverse this trend,” Leiserson said. The tax gap — which is the difference between taxes owed and taxes paid — has grown to more than $600 billion annually, according to the IRS.
Persons: Joe Biden's, Lael Brainard, Brainard, Greg Leiserson, Leiserson, Organizations: WASHINGTON, IRS, Treasury Department, Democrats, Congressional, Office, Republicans, Congress
Georgetown University in Washington, D.C. Not everyone with debt would have been covered under the Biden administration’s student loan forgiveness plan. The Supreme Court has barred the Biden administration from carrying out its plan to extinguish up to $20,000 in federal student loan debt, and millions of borrowers will continue to struggle under the weight of their loans. Ms. Schmidt owes $64,000 in student debt, more than half of which is for her graduate work in nursing. But she’s already contemplating how she’ll finance her dream of becoming a civil rights lawyer, which typically requires an additional six figures in student debt. Yet her mother is still paying down student debt of her own.
Persons: Biden, Gina McDavitt, weren’t, Pell, , , McDavitt, ” Ms, Ms, Monica Schmidt, Schmidt, Kevin Serna, Dorien Rogers, Rogers, Asha Anthony, she’s, , Anthony, Mr, don’t, Joanna Leiserson, Brian Kaiser, “ I’m, Leiserson Organizations: Georgetown University, Biden, College of San, San Francisco State University, The New York Times, University of Phoenix, Northern Illinois University, Public, Schaun, Tax, Howard University, Salisbury University, The New York, Republicans Locations: Washington ,, College of San Mateo, Bay, Vallejo , Calif, Genoa, Ill, Germantown, Md, Credit, Montgomery County, Mesa, Maryland, Spokane, , forbearance
Now, imagine that you have three children, are separated from your spouse and are earning just $11.50 an hour after spending years raising them. That was the predicament that Joanna Leiserson found herself in when she was living in Spokane, Wash., in 2000 and her oldest child was about to start college. PLUS loans were the only way to afford the schools that best fit her children’s needs. And then there is the matter of any higher power that might have an opinion on the matter. “Which is a community in which all persons can live sustainable lives of dignity and respect.”
Persons: Joanna Leiserson, she’s, , “ I’m, Ms, Leiserson Organizations: Public, Republicans Locations: Spokane, , forbearance
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