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☆ Trump wants the power to single-handedly choke off government spending. Lawmakers aren't sweating it yet.
▼ + stars: | 2024-11-21 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +7 min

AdvertisementTrump wants the power to refuse to spend federal dollars that Congress has already approved. Impoundment has been floated as one way that Trump could singlehandedly enact DOGE's recommended cuts to the federal budget. Meanwhile, lawmakers on Capitol Hill — including those on the House and Senate Appropriations Committees that control government spending — don't seem concerned about Trump's impoundment power grab just yet. He added that there "would be a problem" if Trump tried to impound funding approved by both chambers of Congress. AdvertisementWhat Trump could do with such sweeping powersEven if Congress won't grant Trump impoundment powers, he has another potentially more attractive avenue — the courts.

Persons: He's, Nixon, Elon Musk, Vivek Ramaswamy, Donald Trump, doesn't, it's, Richard Nixon, Trump, DOGE's, Republican Sen, Shelly Moore Capito, haven't, I've, Robert Aderholt, Rosa DeLauro, Mark Amodei, Joe Morelle, appropriators aren't, Tom Cole of Oklahoma, Mark Paoletta, there's, Daniel Schuman, Schuman, shouldn't, Vance, Karoline Leavitt Organizations: Trump, Congress, Department of Government, Capitol, Committees, Republican, West Virginia, Alabama, Democrats, Republicans, Senate, tinker, Nevada Republican, Democratic, GOP, The Washington, Trump administration's Office, Management, American Governance Institute Locations: West, Connecticut, Nevada, New York

☆ ‘It’s on him’: Democrats look to Hakeem Jeffries to plot a path to revival
▼ + stars: | 2024-11-19 | by ( Sarah Ferris | Annie Grayer | ) edition.cnn.com time to read: +9 min

In the last Congress, Democrats repeatedly helped Republicans keep the government open and propped up Speaker Mike Johnson when he faced a challenge to his leadership post. He even tapped other senior House Democrats to echo his message to the Biden team, according to another person familiar with the efforts. Still, unlike some in his party, Jeffries is not in despair, according to multiple people familiar with his thinking. But Democrats say Jeffries — alongside Senate Majority Leader Chuck Schumer, who will serve as minority leader in the next Congress — might be the best person to at least try. Internal party sparringOne of Jeffries’ toughest tasks will be keeping Democrats unified on immigration despite the many intraparty divisions.

Persons: Hakeem Jeffries, Jeffries —, Donald Trump, Jeffries, “, ’, Emanuel Cleaver, he’s, ” Jeffries, Mike Johnson, Trump, Rosa DeLauro, Harris, who’ve, Joe Biden, Kamala Harris, overperformed Harris, —, Chuck Schumer, ”, Gregory Meeks, Pramila Jayapal, Jim McGovern, Johnny Cash’s, McGovern, Chip Somodevilla, That’s, That’s James Madison’s, Jeffries didn’t, I’m, Henry Cuellar, ” Cuellar, Cuellar, Gabe Vasquez, Susie Lee of, Scott Peters, Scott Peters of California —, Anna Padilla, Democrats ’, CNN’s Ali, Haley Talbot Organizations: CNN, Democratic Party, House Democratic, Congressional Hispanic Caucus, Progressives, GOP, Capitol, Republicans, Biden, White, Democrats, Democratic, New York Democrat, Progressive, Getty, House Democratic Caucus, Congressional Hispanic, Scott Peters of, Bloomberg Locations: Washington, Yorker, Back, New York, —, Washington ,, New Mexico, Susie Lee of Nevada, Scott Peters of California, Albuquerque , New Mexico

WASHINGTON — Congress faces a Dec. 20 deadline to fund the government and avert a shutdown, and Speaker Mike Johnson says House Republicans will probably push the fight into early 2025 rather than reach a full-year funding deal this year. And then then we should be actually working on the next year’s appropriations.”But even if they push the fight to early 2025, Republicans won’t have full control over spending decisions. Government funding legislation is subject to the 60-vote threshold in the Senate, which top Republicans have promised to preserve. That means they’ll have to reach a deal with Democrats, who currently control the Senate and want to pass full-year funding this year, not in 2025. “The bottom line is we’ve got to control spending and not allow there to be a runaway spending bill in December,” he said.

Persons: Mike Johnson, “, We’re, ” Johnson, Donald Trump’s, you’d, Donald J, Trump, Robert Aderholt, there’s, it’ll, ” Aderholt, Trump’s, ” Sen, John Boozman, ” Boozman, Republicans won’t, Patty Murray, Susan Collins, We’ve, I’ve, ”, Pete Aguilar, “ Mike Johnson, Chip Roy, Boozman Organizations: WASHINGTON, “ Fox, Democrats, ”, Committee, Republicans, NBC, GOP, CRs Locations: WASHINGTON —, Maine, Texas

WASHINGTON — A triumphant President-elect Donald Trump huddled with House Republicans before their leadership elections Wednesday and threw his support behind Speaker Mike Johnson, a key ally, as the GOP prepares for unified control of government next year. Trump, the 45th and future 47th president, got multiple standing ovations from rank-and-file Republicans at the meeting. After the event with Republicans, Trump headed to the White House for a meeting with President Joe Biden. House Appropriations Committee Chairman Tom Cole, R-Okla., said Trump's meeting with Republicans was less about specific policy proposals and more of a "rah-rah address." Even before Trump's endorsement, Republicans were expected to nominate Johnson to continue as speaker in the 119th Congress.

Persons: WASHINGTON —, Donald Trump, Mike Johnson, Johnson, Trump, Elon Musk, Vivek Ramaswamy, Kamala Harris, Joe Biden, Tom Cole, Troy Nehls, Nehls, Andy Harris, “, Kevin McCarthy, McCarthy, Scott DesJarlais, — Harris, Dusty Johnson, —, Harris, We've, Steve Scalise, Tom Emmer, Sen, John Thune of, Mitch McConnell of, Elise Stefanik, Lisa McClain, Kat Cammack, Rand Paul, Rick Scott, Richard Hudson of, Blake Moore of, Kevin Hern, Gary Palmer of, Palmer, Hern, Erin Houchin, Mark Alford of, Mariannette Miller, Meeks, sidestep, Trump's, Johnson Organizations: Republicans, GOP, Hyatt, Capitol, Trump, NBC, Tech, “ Department, Government, White, Rep, House Republicans, HFC, Caucus, Freedom Caucus, Main Street, Stefanik, Republican, United Nations, National Republican Congressional Committee, Oklahoma, Committee, Reps, Mar, Republican Party, Congress Locations: Washington, Mar, Florida, Texas, America, John Thune of South Dakota, Mitch McConnell of Kentucky, New York, U.S, Lisa McClain of Michigan, Sens, Ky, Richard Hudson of North Carolina, Blake Moore of Utah, Gary Palmer of Alabama, Indiana, Mark Alford of Missouri, Iowa

WASHINGTON — Over the last two years, a narrow Republican House majority has fought bitterly over everything from electing a speaker, keeping the government functioning and even passing symbolic messaging bills. Now, Republicans have clinched at least 218 seats to win a House majority, NBC News projects, but it’ll be another small one. “The House has always been a chaotic place, will always be a chaotic place. And here in the Senate, obviously, we continue to have a number of tools to exercise.”There is precedent for a narrow House majority delivering major legislation. ‘Trump is so volatile’Rep. Steny Hoyer, D-Md., a former House majority leader, told NBC News that nobody knows what to expect from the new GOP trifecta.

Persons: it’ll, Donald Trump, Will, it’s, Tony Gonzales, Mitch McConnell, John Thune, Rob Bresnahan, ” Democratic Sen, Chris Van Hollen, Joe Biden’s, “, ”, Dusty Johnson, Robert Garcia, ” Garcia, Rosa DeLauro, “ We’ll, midsession, Biden, Mike Johnson, Richard Hudson, ” Hudson, we’ve, Ken Calvert, ‘ Trump, Steny Hoyer, Trump, ” Hoyer, Mark Pocan, Michael Waltz, Elise Stefanik, they’re, they’ve, ” Pocan Organizations: WASHINGTON, Republican, Republicans, NBC News, ”, Democratic, GOP, Trump, White House, ” Democratic, Senate, 119th Locations: Washington, Texas, Ky, Pennsylvania, Maryland, Connecticut, Ukraine, Russia, North Carolina, R, Los Angeles

☆ CVS, UnitedHealth say FTC should take Lina Khan and two commissioners off drug middlemen case
▼ + stars: | 2024-10-09 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

CVS Health and UnitedHealth Group are demanding Federal Trade Commission Chairwoman Lina Khan and two other commissioners recuse themselves from a lawsuit accusing the companies and other drug middlemen of boosting their profits while inflating insulin costs for Americans. In separate motions filed Tuesday night with the FTC, CVS and UnitedHealth argued that all three commissioners have an extensive track record of making public statements that indicate "serious bias" against the companies' so-called pharmacy benefit managers. CVS said those statements demonstrate that the commissioners have "prejudged this matter," so their participation in the case "violates due process." The FTC filed the suit last month against the three largest PBMs, CVS Health's Caremark, UnitedHealth Group 's Optum Rx and Cigna 's Express Scripts. The FTC has been investigating PBMs and their role in insulin prices since 2022.

Persons: Lina Khan, UnitedHealth, Khan, Alvaro Bedoya, Rebecca Kelly Slaughter, PBMs Organizations: Financial Services, General Government, Federal Trade Commission, CVS Health, UnitedHealth, Federal Trade, CVS, Amazon, FTC, Zinc Health Services, GPO, Emisar Pharma, OptumRx Locations: Rayburn, U.S, Caremark

☆ IRS free tax filing will be available in 24 states for the 2025 season — here's who can use it
▼ + stars: | 2024-10-03 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Internal Revenue Service Commissioner Danny Werfel testifies before the House Appropriations Committee on Capitol Hill on May 07, 2024 in Washington, DC. Kevin Dietsch | Getty Images News | Getty ImagesWho can use IRS Direct File"This year, taxpayers in Direct File's 24 states will see far more tax situations covered than during last year's pilot," and the program will be available at the opening of tax season, IRS Commissioner Danny Werfel said Thursday on the press call. Next season, Direct File will also support interest income above $1,500, pension and annuity income (excluding individual retirement accounts) and Alaska Permanent Fund Dividends. The IRS and Treasury in May unveiled a nationwide Direct File expansion and invited all 50 states to join the program. During the pilot, more than 140,000 users filed returns and saved an estimated $5.6 million in tax preparation fees, the agencies said in April.

Persons: Danny Werfel, Kevin Dietsch Organizations: Revenue, Capitol, Getty, Social, NEC, Fund, IRS, Treasury Locations: Washington , DC, Alaska

WASHINGTON — Lawmakers averted a government shutdown 40 days before the election, but they’ll face another funding crunch right before the holidays and a new Congress and president take office. House Appropriations Committee Chairman Tom Cole, R-Okla., predicted that the two parties could come to a deal and avoid a shutdown in December. Congratulations, congressmen.”The full House has already passed five of the 12 appropriations bills for the new fiscal year. The Senate Appropriations Committee sent 11 out of 12 spending bills to the floor, where none of them have had votes. "What Leader Schumer should have done is brought the appropriations bills to the floor.

Persons: WASHINGTON —, Mike Johnson, ” Johnson, Johnson, “ We’ve, ”, appropriators, they’ve, Debbie Wasserman Schultz, “, doesn’t, Tom Cole, ” Cole, it’s Donald Trump, Harris, Chip Roy, Roy, we’ve, Schumer, Sen, Susan Collins, Chuck Schumer, Byron Donalds, ” Donald, Mitch McConnell, Hakeem Jeffries Organizations: WASHINGTON, WASHINGTON — Lawmakers, Republicans, CRs, Democrats, Wednesday's, Senate, White, Republican, GOP, Freedom Caucus, SAVE, Conservative Locations: Washington, haven’t, Texas, Maine, D

☆ FTC cracks down on DoNot Pay, others for 'deceptive AI claims and schemes'
▼ + stars: | 2024-09-25 | by ( Dan Mangan | ) www.cnbc.com time to read: +3 min

The Federal Trade Commission on Wednesday announced a crackdown on what the regulator called "deceptive AI claims and schemes" by three business opportunity ventures and two companies, including the legal services firm DoNotPay. "Using AI tools to trick, mislead, or defraud people is illegal," FTC Chair Lina Khan said in a statement. "The FTC's enforcement actions make clear that there is no AI exemption from the laws on the book," Khan said. In a complaint, the FTC said that DoNotPay, which touted its AI service as "the world's first robot lawyer," failed to live up to that claim. "Since about 2023, Defendants' deceptive sales pitch has said their business model is powered by artificial intelligence ("AI")," the suit says.

Persons: Lina Khan, Khan, DoNotPay, William Basta, Kenneth Leung Organizations: Financial Services, General Government, Federal Trade Commission, Wednesday, FTC Locations: Rayburn, CapVentures, Los Angeles

☆ FTC sues drug middlemen for allegedly inflating insulin prices
▼ + stars: | 2024-09-20 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

The Federal Trade Commission on Friday sued three large U.S. health companies that negotiate insulin prices, arguing the drug middlemen use practices that boost their profits while "artificially" inflating costs for patients. It comes three days after Express Scripts sued the FTC, demanding that the agency retract its allegedly "defamatory" July report that claimed that the PBM industry is hiking drug prices. It also alleges that PBMs favor those high-list-price insulins even when more affordable insulins with lower list prices become available. President Joe Biden's signature Inflation Reduction Act has capped insulin prices for Medicare beneficiaries at $35 per month. The FTC said it remains "deeply troubled" by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs' demands for higher rebates.

Persons: Lina Khan, UnitedHealth, drugmakers Eli Lilly, Caremark, PBMs, Rahul Rao, Rao, Joe Biden's, Biden, Eli Lilly, Eli Lilly's Organizations: Federal Trade Commission, CVS, Cigna's, FTC, Sanofi, Novo Nordisk, Express, Competition Locations: Rayburn, Washington ,, U.S, drugmakers, FTC's

WASHINGTON — House Republicans on Wednesday are expected to derail their own plan to avert a government shutdown at the end of the month, with the party divided over the length of a short-term funding bill and what, if anything, should be attached to it. Democrats, who want a “clean” three-month funding patch with nothing attached, and nearly all plan to vote no. But the overwhelming majority of rank-and-file Republicans back Johnson’s move, saying holding the vote will put lawmakers on record. Everyone.”Davidson, who was ousted in July from the far-right House Freedom Caucus, lamented that Republicans have failed to unify behind a plan weeks before the election. That would buy time for bipartisan negotiators to strike a longer-term funding deal during the lame-duck session for fiscal year 2025 — if a short-term bill can pass the House.

Persons: Mike Johnson’s, Donald Trump, ’, —, noncitizens, Johnson, he’s, Mike Rogers, Warren Davidson, ” Davidson, “, ”, Trump, ” Johnson, Joe Biden, Chuck Schumer, John Duarte, Mitch McConnell, McConnell, Tom Cole, Schumer, Cole, he's Organizations: WASHINGTON —, Republicans, Wednesday, SAVE, CRs, Armed, ”, Caucus, CNBC, Democrats, Democratic, GOP Locations: Ohio, Ky

☆ Senior Republicans urge Biden to lift restrictions on Ukraine hitting targets deep inside Russia
▼ + stars: | 2024-09-10 | by ( Kylie Atwood | Jennifer Hansler | ) edition.cnn.com time to read: +8 min

CNN —A group of key House Republicans have written to President Joe Biden urging him to lift the restrictions on the use of US-provided long-range weapons systems and allow Kyiv to strike targets deep inside Russia. The UK is also considering whether to allow Ukraine to strike deeper inside Russia with its own long-range system, the Storm Shadow. “No change to policy,” one senior administration official said, adding that there is currently no openness to lifting restrictions. Last month, senior Ukrainians presented US officials with targets they would like to strike in Russia during a visit to Washington. But the Ukrainians say there are weapons productions facilities that would be within reach of the ATACMS inside Russia that are worthy military targets, a source familiar with the Ukrainians position told CNN.

Persons: Joe Biden, Volodymyr Zelensky, Antony Blinken’s, Biden, Blinken, David Lammy, Keir Starmer, “, Michael McCaul, Michael Turner, Mike Rogers, Ken Calvert, Thomas Kean, Richard Hudson, “ Biden, Harris, Donald Trump, Defense Lloyd Austin, ” Austin, ”, ” Blinken, “ It’s, Zelensky, ” John Kirby, It’s, CNN’s MJ Lee Organizations: CNN, Republicans, British, UK, House Foreign, House Intelligence, House Armed Services, House, Helsinki, Republican, Defense, Ukraine Defense Contact Group, Ukraine “, Ukraine, Russian, US National Security Council Locations: Kyiv, Russia, Ukrainian, Ukraine, Washington, London, U.S, Germany, Russia’s Kursk, Iranian, Crimea

WASHINGTON — The hard-right Freedom Caucus is pushing House Republican leaders to condition government funding on passage of new proof-of-citizenship requirements to vote and create a new deadline that faces broad Senate opposition. If GOP leaders attached it to government funding, it would spark a standoff with Democrats and President Joe Biden that risks a government shutdown. House and Senate Democrats favor a late 2024 deadline. Senate Appropriations Chair Patty Murray, D-Wash., said the Freedom Caucus demands amount to “outrageous partisan pills” that are a “nonstarter,” calling for a bipartisan approach. “The House will continue its successful effort to responsibly fund the government for FY25 when it returns from its district work period.”

Persons: WASHINGTON, —, Mike Johnson, President Trump, ”, Harris, Joe Biden, Sen, Susan Collins, Patty Murray, Donald Trump, ” Murray, Bob Good, Johnson, Athina Lawson Organizations: Republican, Caucus, Biden, Trump, Democratic, GOP, Democrats, Committee, NBC, Freedom Caucus, NBC News Locations: U.S, Maine

☆ Treasury, IRS announce 'major milestone' of $1 billion in past-due taxes collected from millionaires
▼ + stars: | 2024-07-11 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Internal Revenue Service Commissioner Danny Werfel testifies before the House Appropriations Committee on Capitol Hill in Washington, May 7, 2024. The U.S. Department of the Treasury and the IRS on Thursday announced what they called a "major milestone" of collecting more than $1 billion in tax debt from high-income individuals over the past year. "The IRS has collected $1 billion from millionaires and shown that it can successfully launch strategic new initiatives and achieve the greatest return on investment," Treasury Secretary Janet Yellen told reporters during a press call. The infusion of IRS funding, enacted via the Inflation Reduction Act in 2022, still has its critics, however, particularly among congressional Republicans. "During the past decade, the IRS didn't have the resources or staffing to pursue high-income earners who our compliance team knew owed taxes," IRS Commissioner Danny Werfel said during the press call.

Persons: Danny Werfel, Janet Yellen, Biden Organizations: Revenue, Capitol, U.S . Department of, Treasury, IRS, Finance Locations: Washington

☆ Federal Trade Commission to sue drug middlemen over prices of medications including insulin, source says
▼ + stars: | 2024-07-10 | by ( Annika Kim Constantino Mary Catherine Wellons | Annika Kim Constantino | Mary Catherine Wellons | ) www.cnbc.com time to read: +3 min

Joe Raedle | Getty ImagesAn Express Scripts spokesperson said the "prices of insulin and other medicines are set by their manufacturers, who have raised list prices repeatedly." They also create lists of medications — or formularies — that are covered by insurance and reimburse pharmacies for prescriptions. The investigation into insulin prices also examines drugmakers, but it is unclear whether they will be named in the upcoming lawsuits, Politico reported, citing people familiar with the matter. Eli Lilly , French drugmaker Sanofi and Danish pharmaceutical company Novo Nordisk control roughly 90% of the U.S. insulin market. Pharmacist Thomas Jensen looks over a prescription drug at the Rock Canyon Pharmacy in Provo, Utah, on May 9, 2019.

Persons: Lina Khan, Tom Williams, Joe Raedle, PBMs, Eli Lilly, Sanofi, Thomas Jensen, George Frey Organizations: Trade, Financial Services, General Government, CQ, Inc, Getty, Federal Trade Commission, CNBC, UnitedHealth, CVS, FTC, Politico, Novo Nordisk, Pharmacy Locations: Miami, U.S, Danish, Provo , Utah

Joe Raedle | Getty ImagesAn Express Scripts spokesperson said "the prices of insulin and other medicines are set by their manufacturers, who have raised list prices repeatedly." The FTC's investigation into insulin prices also examines drugmakers, but it is unclear whether they will be named in the upcoming lawsuits, Politico reported, citing sources. Eli Lilly , French drugmaker Sanofi and Danish pharmaceutical company Novo Nordisk control roughly 90% of the U.S. insulin market. They also create lists of medications – or formularies – that are covered by insurance and reimburse pharmacies for prescriptions. Pharmacist Thomas Jensen looks over a prescription drug at the Rock Canyon Pharmacy in Provo, Utah, on May 9, 2019.

Persons: Lina Khan, Tom Williams, Joe Raedle, Eli Lilly, Sanofi, Thomas Jensen, George Frey Organizations: Trade, Financial Services, General Government, CQ, Inc, Getty, Federal Trade Commission, CNBC, UnitedHealth, CVS, Politico, Novo Nordisk, Pharmacy Locations: Miami , Florida, Danish, U.S, Provo , Utah

☆ House G.O.P. Pushes Deep Cuts to Federal Law Enforcement
▼ + stars: | 2024-06-26 | by ( Catie Edmondson | ) www.nytimes.com time to read: +1 min

House Republicans on Wednesday advanced legislation that would slash funding for the Department of Justice and U.S. attorneys’ offices across the country, the latest attempt by the G.O.P. to punish federal law enforcement agencies that they claim have been weaponized against conservatives, especially former President Donald J. Trump. The spending bill, approved along party lines by a subcommittee of the House Appropriations Committee, would cut funding for salaries and other expenses at the Justice Department by 20 percent, and for U.S. attorneys’ offices by 11 percent. It is also an early example of how House Republicans are again trying to inject the annual government spending bills with partisan policy mandates aimed at amplifying political grievances and culture war issues. A similar process played out last year, but the most conservative measures were ultimately jettisoned in bipartisan negotiations with Senate Democrats and the White House.

Persons: Donald J, Trump Organizations: Republicans, Wednesday, Department of Justice, Justice Department, Republican, Senate Democrats, White

☆ Virginia GOP primary between House caucus chair and Trump-backed challenger too early to call
▼ + stars: | 2024-06-18 | by ( Arit John | Eric Bradner | ) edition.cnn.com time to read: +5 min

CNN —The Republican primary race between Virginia Rep. Bob Good, the House Freedom Caucus chair who angered allies of former President Donald Trump and former Speaker Kevin McCarthy, and state Sen. John McGuire was too early to call Tuesday night. The congressman from Virginia’s 5th Congressional District has faced a fierce effort to knock him out from a broad swath of the GOP in what became the most expensive House Republican primary of the cycle. Vindman’s role in Trump’s impeachment likely made a difference in his campaign. After spending most of his career in Illinois, Bondar moved to Texas in 2020, living outside Dallas – where he voted in this March’s Republican primary. State voting records show Bondar’s early in-person ballot in his primary race is the first time he has voted in Oklahoma.

Persons: Bob Good, Donald Trump, Kevin McCarthy, Sen, John McGuire, McCarthy, Good, Ron DeSantis, McGuire, we’re, ”, Trump’s, Eugene Vindman, Abigail Spanberger, Alexander Vindman, Volodymyr Zelensky, Trump, Hunter Biden, Joe Biden, –, National Security Council –, Vindman’s, Cole, Tom Cole, Paul Bondar, Bondar, impeaching Trump, “, ” Trump, Dallas –, Paul Bonder, Cheyenne Stanley, he’d Organizations: CNN, Republican, Virginia Rep, Congressional, GOP, Florida Gov, Democratic, Eugene, Virginia’s, Congressional District, Trump, Ukrainian, National Security Council, CIA, Oklahoma, Cole Americans, Security, PAC, University of Oklahoma, University of Texas, State, Longhorn Locations: Virginia’s, Oklahoma, Illinois, Texas, Dallas, Caddo

☆ Treasury, IRS unveil plan to close ‘major tax loophole’ used by large partnerships
▼ + stars: | 2024-06-17 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

IRS Commissioner Danny Werfel testifies before the House Appropriations Committee in Washington, D.C., on May 7, 2024. The U.S. Department of the Treasury and the IRS on Monday unveiled a plan to "close a major tax loophole" used by large, complex partnerships, which could raise more than an estimated $50 billion in tax revenue over the next 10 years. "These tax shelters allow wealthy taxpayers to avoid paying what they owe," IRS Commissioner Danny Werfel told reporters on a press call Friday. They also released a revenue ruling on related-party partnership transactions involving basis shifting without "economic substance" for the parties or "substantial business purpose." The plan builds on ongoing IRS efforts to increase audits on the wealthiest taxpayers, large corporations and complex partnerships.

Persons: Danny Werfel, Biden, Janet Yellen Organizations: Washington , D.C, U.S . Department of, Treasury, Finance, Taxpayers, Democrats, Wall, IRS Locations: Washington ,

☆ IRS free tax filing program to be available nationwide starting in 2025
▼ + stars: | 2024-05-30 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

IRS Commissioner Danny Werfel testifies before the House Appropriations Committee on May 07, 2024 in Washington, DC. The IRS will expand Direct File, its free tax filing program, nationwide starting in 2025, the agency and the U.S. Department of the Treasury announced on Thursday. "The Treasury Department and IRS look forward to working with states to expand Direct File to Americans across the country." Direct File was available to limited taxpayers in 12 states during the 2024 filing season. More than 140,000 users successfully filed returns using Direct File and the pilot saved an estimated $5.6 million in tax preparation fees, the agencies announced in April.

Persons: Danny Werfel, Janet Yellen Organizations: IRS, U.S . Department of, Treasury, Treasury Department Locations: Washington ,

☆ Meet the leaders of the Trump era's new conservative economic populism
▼ + stars: | 2024-05-22 | by ( Eamon Javers | ) www.cnbc.com time to read: +9 min

Drew Angerer | Getty ImagesThis reported column is Part Two of Eamon Javers' two-part series on the new, conservative economic populism gaining ground among Republicans close to former President Donald Trump. In Part One, Javers introduces readers to the new, conservative economic populism gaining ground among Republicans close to former President Donald Trump. Senator Republican Marco Rubio gives a speech at the Conservative Political Action Conference (CPAC) in Orlando, Florida, February 25, 2022. Cass counts among his allies several well respected conservative economic thinkers. "It's economic policy that emerges not from good economics, but from politics and the culture war and what your base wants," he said.

Persons: Vance, Sen, Josh Hawley, Drew Angerer, Eamon Javers, Donald Trump, Javers, WASHINGTON —, Trump, Sohrab Ahmari, Ahmari, Donald Trump's, –, We've, Oren Cass, —, Marco Rubio, Tom Cotton, Republican Marco Rubio, Octavio Jones, Cass, Robert Lighthizer, Lighthizer, James Pethokoukis, Pethokoukis, Joe Biden —, Biden, Kahn, Lina Kahn, Lina Khan, Tom Williams Organizations: Republican, U.S, Senate, GOP, Wall Street Journal, Security, African American, Trump coalition, National Labor Relations, American, Conservative Political, Reuters, CNBC, United States Trade, Trump, American Enterprise Institute, Democratic, Big Tech, Biden's Federal Trade Commission, Financial Services, General Government, Federal Trade Commission, Cq, Inc, Getty Locations: Ohio, Cuyahoga Falls , Ohio, America, Washington, Ukraine, Vance ( Ohio, Fla, Mo, Washington . U.S, Orlando , Florida, Biden's, Rayburn

☆ Rep. Henry Cuellar's indictment has the GOP comparing him to George Santos. Here's what to know about the Texas Democrat's bribery scandal.
▼ + stars: | 2024-05-06 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +5 min

The growing scandal is drawing some comparisons on the right to George Santos. AdvertisementRep. Henry Cuellar is in the midst of a growing bribery scandal involving Azerbaijan and a Mexican bank. Cuellar is the third sitting lawmaker to be indicted this Congress, following former Republican Rep. George Santos of New York and Democratic Sen. Bob Menendez of New York. AdvertisementThe George Santos comparisonIt's only been a few days, but so far, Democrats have largely held off on calling for Cuellar to resign. Former Rep. George Santos at the State of the Union in March.

Persons: Henry Cuellar, George Santos, —, Cuellar, Democratic Sen, Bob Menendez, Santos, Cuellar's, Jessica Cisneros, Alexandria Ocasio, Cortez, Bernie Sanders, That's, Hakeem Jeffries, Matt McClain, Getty Images Santos, don't, Donald Trump, Joe Biden Organizations: Democratic, Service, Justice, Texas Democrat, Republican Rep, George Santos of New, New, State Oil Company, Banco Azteca, Democrat, National Rifle Association, Rep, FBI, Republicans, State, Union, Washington, Getty Images, Botox Locations: Henry Cuellar of Texas, Azerbaijan, Mexican, George Santos of, George Santos of New York, New York, Texas, Azerbaijan Republic, Alexandria

☆ NASA's chief says China is being 'very, very secretive' and pretending its space projects aren't linked to the military
▼ + stars: | 2024-04-18 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

NASA chief Bill Nelson accused China on Wednesday of secretly working on military projects in space. Nelson told lawmakers that NASA believes Beijing is masking these projects as civilian efforts. "We believe that a lot of their, so-called civilian space programs is a military program," Nelson continued. Related storiesThe NASA chief alluded to the Spratly Islands, an archipelago in the South China Sea claimed by several nations. Meanwhile, China has repeatedly denied that it intends to establish any military presence in outer space.

Persons: Bill Nelson, Nelson, —, Artemis Organizations: NASA, China, Service, National Aeronautics and Space Administration, South China, Artemis Accords, Alxa League, Inner, Getty, UN, Embassy, Business Locations: Beijing, China, Spratly Islands, South, Russia, Alxa, Inner Mongolia Autonomous Region, Washington , DC

☆ Student Aid Woes Stalk Cardona During Appearance on Capitol Hill
▼ + stars: | 2024-04-10 | by ( Zach Montague | ) www.nytimes.com time to read: +1 min

As Miguel A. Cardona, the education secretary, appeared before lawmakers on Wednesday to make his agency’s case for funding next year, members of both parties had something else on their minds: this year’s chaotic college admissions process. Republicans peppered him with questions about the botched rollout of the new Free Application for Federal Student Aid form, which has derailed college admissions this year. Several of them asked whether the agency had diverted resources away from the project in its pursuit of canceling student debt. “There’s nothing more important right now at the Department of Education,” Mr. Cardona told the House Appropriations Committee of the aid form, saying that the agency was successfully juggling multiple priorities with the resources available. “We’re working on this around the clock.”While Mr. Cardona was testifying, the House Subcommittee on Higher Education and Workforce Development held a separate hearing where lawmakers from both parties said the problems with the aid form had harmed aspiring college students.

Persons: Miguel A . Cardona, ” Mr, Cardona Organizations: Federal, Department of Education, Higher Education, Workforce Development

Hogan's political ascendency resulted in large part from his criticism of tax increases that resonated with a tax-weary electorate in his upset victory in 2014. And Hogan, who was originally elected governor by railing against tax increases endorsed by the Maryland General Assembly, has already made the Maryland race unusually competitive in the heavily Democratic state. The Maryland Senate this month largely kept his budget plan intact, despite a drop in revenue estimates announced after the governor submitted his plan. The Senate has been mostly unreceptive to the House plan, with Ferguson ruling out the corporate tax component. He's also ruled out legalizing internet gambling this year, another part of the House plan.

Persons: Larry Hogan’s, Baltimore's, Francis Scott Key, Republican hasn’t, Hogan, Bill Ferguson, ” Hogan, Del, Ben Barnes, “ I’m, Larry Hogan, ” Barnes, “, ” Ferguson, David Trone, Angela Alsobrooks, Wes Moore, Ferguson, He's, Moore, haven't Organizations: Republican, Gov, U.S . Senate, Baltimore Democrat, Associated Press, Governor, Maryland General Assembly, Democratic, Washington Post, University of Maryland, Republicans, Maryland, Democratic U.S . Senate, U.S, Senate, Transportation Trust Fund, state's, ”, Maryland Democrats, GOP, Maryland Republican, U.S . Rep, Maryland Senate Locations: ANNAPOLIS, Md, Maryland, Baltimore, U.S, Senate, Prince George's

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