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☆ House Passes Antiterror Financing Bill as Democrats Warn Trump Could Abuse It
▼ + stars: | 2024-11-21 | by ( Karoun Demirjian | ) www.nytimes.com time to read: +1 min

The bill, which also waives the tax liability for U.S. hostages while they are in captivity, began as a strongly bipartisan venture. But then Mr. Trump was elected president. And suddenly, what most Democrats had initially regarded as a tool for targeting terrorist groups began to be seen as a potentially dangerous weapon ripe for abuse by a president bent on kneecapping his rivals. An array of nonprofit groups on the left began an intensive lobbying campaign to kill the measure, convinced that Mr. Trump would try to use it to wipe them out. Democrats took up the refrain and most dropped their support for the legislation, which passed largely along party lines on Thursday.

Persons: Donald J, Trump Organizations: Democrats

☆ Trump made a lot of tax promises. Can he keep them?
▼ + stars: | 2024-11-16 | by ( Tami Luhby | ) edition.cnn.com time to read: +7 min

Although Trump claims that his plan to raise tariffs will replace the revenue lost to these tax breaks, experts say that’s not possible. President-elect Donald Trump's tax proposals could cost trillions of dollars. In addition to eliminating taxes on certain income, Trump also floated making interest paid on car loans fully tax deductible; getting rid of the controversial cap on state and local tax deductions; ending the double taxation on Americans who live abroad; exempting police officers, firefighters, veterans and active-duty military from federal income tax; and even exploring jettisoning the federal income tax itself. Though his campaign didn’t release details on the proposal, Trump indicated that he would eliminate both federal income taxes and payroll taxes, which fund Social Security and Medicare. Virtually all tipped workers would get some tax relief if Trump also gets rid of payroll taxes on tips, the Tax Policy Center found.

Persons: Donald Trump, ” Karoline Leavitt, Trump, Marc Gerson, Miller, ”, Gerson, Donald Trump's, Jabin, Idaho Sen, Mike Crapo, Mandi Critchfield, Spokespeople, Jason Smith, Chris Campbell, ” Campbell, Republican Sen, Ted Cruz of, Byron Donalds, “ Sen, Brendan Duke Organizations: CNN, Social Security, Trump, GOP, “, Fox News, Capitol, Washington D.C, Republicans, Washington Post, Getty, Senate, Missouri Rep, Republican, Incamera Solutions, Yale University, Center, Rep, Center for American Progress Locations: Washington, Idaho, Nevada, Ted Cruz of Texas, Florida

Unlike Trump’s surprise win in 2016, House and Senate GOP leaders have been preparing for months for a possible GOP sweep. With Republicans winning control of the Senate, delivering on Trump’s agenda will come down to whether the GOP retains a majority in the House. Even with unified GOP control, there would be challenges ahead for Republicans. One issue is the political math: House Republicans believe if they do hold onto the majority, it won’t be by much. But it wouldn’t be easy to clear a huge package through a narrowly divided House even if Republicans control all the levers of power.

Persons: Donald Trump, ” GOP Wisconsin Sen, Ron Johnson, Mike Johnson, Trump, Johnson, Joe Biden, Johnson —, —, “, Tim Burchett, ” Johnson, Mark Meadows, Steve Bannon, Joe Biden’s, Nicole Malliotakis, ” Malliotakis, — Biden, Nancy Pelosi, “ Dems, Marjorie Taylor Greene, ” Greene, Danya Gainor Organizations: CNN, Republicans, Capitol, GOP, Trump, ” GOP Wisconsin, Senate Finance, House, Democratic, Republican, “, Trump Administration, House Republicans, Republican New York, Democrats, Biden White, nab Locations: Washington, ”, Pennsylvania, Michigan, Congress

☆ Fixing Social Security funding woes requires addressing immigration 'fraud,' Vance said. Here's what experts say
▼ + stars: | 2024-10-01 | by ( Lorie Konish | ) www.cnbc.com time to read: +12 min

Trump in March said on social media platform Truth Social that Democrats are "killing Social Security and Medicare by allowing the invasion of the migrants." The earnings suspense file is an electronic holding file for wage items where names and Social Security numbers on Form W-2s do not match the Social Security Administration's records, an agency spokesperson said via email. "Immigration, in general, has a very positive role," said Sam Gutterman, chairperson of the American Academy of Actuaries' Social Security committee. The Social Security Administration in an email explained that there are strict rules about who can legally receive benefits and Social Security numbers. "The Social Security Act does not permit payment of benefits to noncitizens residing in the U.S. if they're not lawfully present here," a Social Security spokesperson said.

Persons: Sen, JD Vance, Alex Wong, Donald Trump, Kamala Harris —, Vance, Harris, Tara Watson, Watson, Andrew Biggs, General, Jeffrey Brown, Brown, I've, " Biggs, Sam Gutterman, Renata Miller, they're, actuary, Stephen Goss, Goss Organizations: Radford University, Getty, Social Security, Medicare, Republican, Trump, CNBC, of Homeland, Brookings Institution, Immigration, Immigrants, American Academy of Actuaries, Taxation, Social, someone's Social, American Enterprise Institute, Social Security Administration, Social Security Administration Office, Finance, American Academy of Actuaries ' Social Security, Department of Health, Human Services, HHS, Department of Homeland, SSA Locations: Radford , Virginia, U.S, misdirection

☆ Ways & Means Chair Rep. Smith: There will be a cap on SALT deductions
▼ + stars: | 2024-09-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWays & Means Chair Rep. Smith: There will be a cap on SALT deductionsHouse Ways and Means Committee Chairman Rep. Jason Smith (R-Mo.) joins 'Squawk Box' to discuss the 2025 Trump tax cut expirations, whether the SALT cap will be repealed, what the new corporate tax rate should be, and more.

Persons: Smith, Jason Smith Organizations: Trump

☆ Neither party gains by letting the 2017 tax cuts expire, says former Rep. Kevin Brady
▼ + stars: | 2024-09-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNeither party gains by letting the 2017 tax cuts expire, says former Rep. Kevin BradyFormer House Ways and Means Committee Chairman Rep. Kevin Brady (R-Texas) and current Ways and Means Committee member Rep. Brad Schneider (D-Ill.) join 'Squawk Box' to discuss what's next for the Trump tax cuts, whether a bipartisan agreement can be reached, tax promises on the campaign trail, and more.

Persons: Kevin Brady, Brad Schneider, what's, Trump Locations: Texas

Former Green Bay Packers quarterback Brett Favre said he's been diagnosed with Parkinson's, a stunning disclosure made to Congress on Tuesday while testifying about his potential misuse of taxpayer money. Favre, appearing before the House Ways and Means Committee, has been accused of improperly using political connections to redirect public money to his alma mater and his own pocket. "Sadly, I also lost an investment in a company that I believed was developing a breakthrough concussion drug I thought would help others, and I’m sure you’ll understand why it’s too late for me because I’ve recently been diagnosed with Parkinson’s," Favre told lawmakers. Recently, the doctor, running the company pleaded guilty to taking (public) money for his own use." The Hall of Fame QB improperly received program money for speaking engagements that he never made, according to a state auditor.

Persons: Brett Favre, he's, Favre, I’ve, Parkinson’s, Angelina Katsanis, who’d, Phil Bryant Organizations: Green Bay Packers, Parkinson's, POLITICO, AP, JAMA, NFL, Assistance, Fame, Gov, University of Southern Locations: Canton, Washington, University of Southern Mississippi

☆ Brett Favre reveals he's been diagnosed with Parkinson's disease
▼ + stars: | 2024-09-24 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

Brett Favre said he's recently been diagnosed with Parkinson's disease. Prevacus and its investors, including Favre, have been tied up in a Mississippi welfare fraud case. Go to newsletter preferences Thanks for signing up! AdvertisementFormer NFL star quarterback Brett Favre revealed during a congressional hearing on Tuesday that he had "recently been diagnosed with Parkinson's" — a neurodegenerative disease. "I'm sure you'll understand, while it's too late for me because I've recently been diagnosed with Parkinson's, this is also a cause dear to my heart."

Persons: Brett Favre, he's, Favre, —, it's, I've Organizations: pharma, Service, NFL, Business Locations: Mississippi

☆ How promises of a ‘post-Roe future’ have fallen short
▼ + stars: | 2024-09-22 | by ( Edward-Isaac Dovere | ) edition.cnn.com time to read: +17 min

Few address child care, for infants or beyond. Since Dobbs, seven states have had ballot initiatives on the topic, with the abortion rights position winning in each state. In November, at least 10 more initiatives aimed at restoring or protecting abortion rights will be in front of voters across the country. But Brahm has also rallied an array of political, faith, academic, medical and advocacy leaders into a coalition called “Building a Post-Roe Future” that calls for more affordable health care and child care, expanded child tax credits, paid parental leave, flexible work hours and enforced pre-natal support. Though paid parental leave has been a big topic of discussion around the country, the only states to enact such measures since Dobbs are those where abortion rights are protected.

Persons: CNN — Weeks, Roe, Wade, ”, Mike Johnson, Dobbs, Johnson hasn’t, there’s, It’s, ’ ”, Samuel Lee, that’s, haven’t, Josh Brahm, Brahm, Kamala Harris, Donald Trump, Tate Reeves –, Chris Seward, Phil Berger, Lee, ” Lee, “, Louis, Angela Weiss, Brenda Shields, Shields, ” Shields, Mike Parson, Crystal Quade, Parson, ” Quade, aren’t, they’re, Kim Reynolds, Pat Grassley, Grassley, ” Grassley, Zach Wahls, couldn’t, Reynolds, Kent Nishimura, Johnson, Taylor Haulsee, Claudia Tenney, York –, Tenney, Mariannette Miller, Meeks, Miller, Young Kim, Kim, Callie Strock, Dave Schweikert, tweeting, Schweikert, Utah Sen, Mitt Romney, Republican Sen, Marco Rubio, ” Brahm Organizations: CNN, Social, Republican, Rights Institute, IT, Lifeline, North, North Carolina Senate, Democratic, National Center for Health Statistics, Getty, Republicans, Missouri Chamber of Commerce, Republican Gov, ”, “ Iowa Press, Food and Drug Administration, Energy, Commerce Committee Locations: Louisiana, Roe America, Washington, Iowa, Missouri, Roe, Georgia, Atlanta, America, Wilmington , North Carolina, Mississippi, ” In Mississippi, , Kentucky, Ohio, North Carolina, Raleigh, St, Washington , DC, York, California, Arizona, Utah, Marco Rubio of Florida

☆ Trump's promise to repeal SALT caps revives the fight on Capitol Hill
▼ + stars: | 2024-09-20 | by ( Brian Schwartz | ) www.cnbc.com time to read: +4 min

The SALT deduction allows tax payers to deduct up to $10,000 of property, sales or income taxes that have already been paid to state and local governments. Historically, most of the tax payers who claim the deduction reside in high tax states such as New York, Connecticut, New Jersey and California. There was no cap on SALT prior to the Trump tax bill. Some of those recent conversations have featured Trump's new stance on bringing back the full SALT deduction, despite his bill being the cause for the $10,000 cap. Rep. Young Kim, R-Calif., told CNBC in a statement that the SALT cap is "hurting" her constituents and said Trump's most recent take on SALT shows he's listened to "Americans across the country hurting from the SALT cap."

Persons: Josh Gottheimer, Donald Trump's, Trump, Andrew Garbarino, Garbarino, Anthony D'Esposito, Nick LaLota, Jason Smith, Smith, Young Kim, he's, Kim, they'll Organizations: United States Capitol, Republicans, Senate, Capitol, New York Republicans, CNBC, Democrats, The New, The New Jersey House, Democratic Locations: Washington ,, New York , Connecticut , New Jersey, California, The, The New Jersey

☆ Why Trump’s trade hero turned against tariffs
▼ + stars: | 2024-09-14 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +15 min

Vice President Kamala Harris has lambasted Trump’s tariff plan as a tax, but President Joe Biden has maintained tariffs Trump put in place during his presidency. We used trade policy, or tariffs, as a form of reciprocity, where we said, OK, our tariffs are pretty high. So that’s what led to all these trade agreements, the General Agreement on Tariffs and Trade, GATT, which became the WTO (World Trade Organization), NAFTA (North American Free Trade Agreement) and other free trade agreements that we’ve reached. He began to entertain this idea of reciprocity, of trying to reduce foreign tariffs by offering cuts in our tariffs. How do those tariffs compare with the late 19th century tariffs?

Persons: CNN —, Donald Trump, Kamala Harris, Joe Biden, Biden, Read, Douglas Irwin, Irwin, William McKinley —, Trump, IRWIN, there’s, It’s, we’ve, William McKinley WOLF, William McKinley, McKinley, they’ve, Bush, H.C ., William Jennings Bryan, that’s, they’re, it’s, Britain WOLF Organizations: CNN, Republicans, Democrats, Trump, Dartmouth College, Commerce, US Trade, Trade, WTO, World Trade Organization, American Free Trade, of Congress, University, Virginia’s, Federal, WOLF, Peterson Institute for International, Republican Party Locations: China, Ohio, Pennsylvania, Homestead , Pennsylvania, H.C, Buffalo, trillions, United States, it’s China, Britain, Japan

☆ Senate Rejects Bipartisan Tax Deal
▼ + stars: | 2024-08-01 | by ( Andrew Duehren | ) www.nytimes.com time to read: +1 min

The Senate rejected a bill on Thursday that would have restored lapsed tax breaks for businesses and expanded the child tax credit, as many Republicans in the chamber lined up against the bipartisan deal in hopes of gaining an advantage in bigger tax legislation expected next year. It soared through the House earlier this year with broad bipartisan support, a rare feat. Business groups loved it and hoped Congress would again allow companies to immediately deduct the full cost of capital investments and research expenses from their tax bills. Republicans senators worried that the bill’s expansion of the child tax credit veered into creating a new welfare program, stalling the legislation. Mr. Schumer also ultimately voted against the bill, a decision that allows him to potentially bring it back up for another vote.

Persons: Jason Smith, Ron Wyden, —, Chuck Schumer, Joe Manchin III, West, Bernie Sanders, Vermont —, Schumer Organizations: Republican, Democrat, Finance, Senate, New York Democrat, Republicans, Democrats Locations: Missouri, Oregon, West Virginia, Vermont

☆ Buying a first home is 'prohibitively expensive' and 'almost impossible' for many, says Janet Yellen
▼ + stars: | 2024-05-03 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Read previewOwning a home is a key element of the American dream, yet it's become an unattainable fantasy for many people, Janet Yellen said. At the same time, the 30-year fixed mortgage rate has surged from around 3% at the end of 2021 to around 7%. As a result, Yellen said that buying a first home is "almost prohibitively expensive." Prospective sellers are holding off on listing their properties because they're unwilling to give up the dirt-cheap mortgage rate they secured years ago. AdvertisementBiden has also proposed a one-year tax credit of up to $10,000 for middle-class families that sell their starter home to someone who'll live in it.

Persons: —, Janet Yellen, Yellen, Biden Organizations: Service, Treasury, Business, Federal Reserve, White House, Tax, stoke

☆ Rep. Jason Smith: Every American will see a tax increase at the end of 2025 if Trump tax cuts expire
▼ + stars: | 2024-04-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. Jason Smith: Every American will see a tax increase at the end of 2025 if Trump tax cuts expireHouse Ways and Means Committee Chairman Rep. Jason Smith (R-Mo.) joins 'Squawk Box' to discuss the future of Trump tax cuts, whether Congress will pass a slimmed down version of the tax cuts, and more.

Persons: Jason Smith Organizations: Trump

☆ 'Nobody's getting wealthy on Social Security,' lawmaker says. The November election may influence the program's future
▼ + stars: | 2024-04-27 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Protect Social Security!" In 1983, when the last major Social Security reforms were enacted, there were no benefit enhancements, Larson argued. Today, annual earnings of up to $168,600 are subject to a 6.2% payroll tax toward Social Security paid by both workers and employers. Larson's plan also calls for closing loopholes that allow wealthy taxpayers to avoid paying Social Security taxes on other income. Larson said the public is well aware that Social Security benefits are theirs and they've paid for them.

Persons: Kean, Dave Kotinsky, Larson, they've, John Larson, Conn, Mark Wilson, Nancy Altman, Drew Ferguson, Ferguson, Jodey Arrington, Charles Blahous, Blahous Organizations: Getty, hasn't, Social Security, Security, Social, Capitol, Democratic, Republican, Republican House, Republicans, George Mason University Locations: Bridgewater , New Jersey, Jan, Georgia, Texas

☆ 'On life support': Senate Republicans are prepared to sink the child tax credit bill
▼ + stars: | 2024-04-10 | by ( Sahil Kapur | ) www.cnbc.com time to read: +6 min

Teddy bears, meant to represent West Virginia children, appear on the National Mall during an event with the Unbearable Campaign to urge Congress to expand the Child Tax Credit on Wednesday, February 2, 2022. Sen. Thom Tillis, R-N.C., a member of the Finance Committee, said he'd be happy to see the entire tax bill fade away. Saying the bill would "create entitlement spending that would generate significantly higher deficits," he called for spending cuts to fund the child tax credit expansion. He said there's "no question" Senate Republicans are trying to sink the bill to deny President Joe Biden an achievement in an election year. "This tax bill looks like, to me, it's in very serious trouble," he said Tuesday.

Persons: Teddy, Jason Smith, Ron Wyden, Sen, Thom Tillis, he'd, Tillis, Mike Crapo of, Mitch McConnell, Crapo, Chuck Grassley, , Grassley, who's, Richard Neal, Joe Biden, Josh Hawley, Wyden, We're, Donald Trump, that's, Chuck Schumer, he'll, we'll, Schumer Organizations: Republicans, House, Senate, Republican, Democrats, Democratic, Finance, Finance Committee, GOP, NBC, Manhattan Project Locations: West Virginia, Mike Crapo of Idaho, Iowa

☆ CIA refutes whistleblower claim pushed by Republicans leading Biden impeachment inquiry
▼ + stars: | 2024-04-05 | by ( Annie Grayer | ) edition.cnn.com time to read: +3 min

CNN —House Republicans leading the impeachment inquiry into President Joe Biden were dealt their latest blow this week when the CIA informed them that an allegation they pushed was false, the latest example of House Republicans citing questionable information to make a serious claim. But the CIA has refuted that claim in a letter obtained first by CNN that was sent to Jordan and Comer. House Republicans are pushing back on the refutation. “I’ve made a document production in conjunction with the grand jury investigation,” Morris testified in his closed-door interview with Republicans conducting the inquiry in January. Republicans have raised questions about why Morris lent the president’s son millions of dollars and have sought to connect him to their impeachment inquiry into President Biden.

Persons: Joe Biden, Hunter Biden’s, undercutting, James Comer, Jim Jordan, Hunter Biden, Comer, Congressional Affairs James A, Catella, Russell Dye, Jamie Raskin, ” Raskin, Kevin Morris, Hunter, Morris, “ I’ve, ” Morris, “, ”, Biden, Gary Shapley, CNN’s Paula Reid Organizations: CNN — House Republicans, CIA, Republican, Department of Justice, FBI, IRS, CNN, “, Congressional Affairs, Republicans, Democrat Locations: Jordan, Delaware

CHICAGO (AP) — Voters are set to cast their ballots Tuesday to decide competitive U.S. House races during the Illinois presidential primary. Democratic incumbents in at least two Chicago-area congressional races are locked in energetic challenges in the strongly Democratic territory. “We plan on finishing what we started.”It’s a crowded five-candidate primary field, including Chicago City Treasurer Melissa Conyears-Ervin, a former Davis ally who now says it’s time for him to be voted out. “I’m running to use my knowledges, my expertise, my intellect.”He has backing from top Illinois Democrats. Also running are Chicago educator Nikhil Bhatia and Kouri Marshall, a former deputy director for Pritzker.

Persons: Danny Davis, Kina Collins, Davis, ” Collins, “, ”, Melissa Conyears, Ervin, Conyears, “ I’m, I’m, J.B . Pritzker, Nikhil Bhatia, Kouri Marshall, Pritzker, “ Chuy ” Garcia, Chicago Alderman Raymond Lopez, Lopez, Garcia, “ He’s, hasn’t, suburbanites Organizations: CHICAGO, —, Democratic, DISTRICT U.S . Rep, Chicago Democrat, Chicago, Chicago Teachers Union, Chicago ) Bears, Illinois, Gov, Chicago Alderman, City Council, Democrat, Chicago police, Republican Locations: Chicago, “, Mexico

☆ Rep. Dan Kildee: There are ways to cut our overall costs without reducing benefits
▼ + stars: | 2024-03-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. Dan Kildee: There are ways to cut our overall costs without reducing benefitsHouse Ways and Means Committee and Budget Committee member Rep. Dan Kildee (D-Mich.) joins 'Squawk Box' to break down President Biden's budget proposal, the impact on the federal deficit and national debt, and more.

Persons: Dan Kildee

☆ Labor unions, domestic manufacturing groups launch coalition to reform de minimis import loophole
▼ + stars: | 2024-03-06 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

-WASHINGTON — Labor unions, domestic manufacturers, business associations and other interest organizations on Wednesday announced a bipartisan coalition to target an import loophole allowing billions of un-taxed goods into the U.S."The coalition we have assembled is a testament to the mounting pressure to close the de minimis loophole," Rep. Earl Blumenauer, D-Ore., said. The ranking member of the House Ways and Means Subcommittee on Trade is working in conjunction with the new Coalition to Close the De Minimis Loophole. CBP said it processed over 1 billion de minimis shipments in FY '23, according to a report last modified on March 1. The company has been valued at over $66 billion according to a November report, while PDD reported third-quarter revenue of $9.44 billion that month. "Our industry has lost astonishingly 10 plants in five months as a result of the de minimis loophole," Glas told reporters.

Persons: Rep, Earl Blumenauer, minimis, Blumenauer, Mike Gallagher, Gallagher, Neal Dunn, Sherrod Brown, Marco Rubio, Dunn, Dan Bishop, Rosa DeLauro, Conn, Shein, PDD, Kim Glas, Glas Organizations: Port, WASHINGTON — Labor, Wednesday, Trade, Coalition, Chinese Communist Party, U.S . Customs, CBP, CNBC, House CCP Committee, PDD Holdings, National Council of Textile Organizations, AFL, Alliance for American Manufacturing, Coalition for, Prosperous Locations: China, Port of Los Angeles, Long Beach , California, U.S, United States, Sens, Ohio, Singapore, Prosperous America

☆ Tackling the tax gap: IRS cracks down on wealthy
▼ + stars: | 2024-02-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTackling the tax gap: IRS cracks down on wealthyNatasha Sarin, Yale Law School and Yale School of Management professor and former Treasury Department official, and Alex Brill, American Enterprise Institute senior fellow and former House Ways and Means Committee policy director and chief economist, join 'Squawk Box' to discuss the IRS' plans for 'dozens of new audits' of corporate jet usage as part of its increased scrutiny of large corporations, complex partnerships and top earners, the best ways to tackle the tax gap, and more.

Persons: Natasha, Alex Brill Organizations: Yale Law School, Yale School of Management, Treasury Department, American Enterprise Institute senior

☆ IRS aims to close 'inequity gap' for unpaid taxes. How the agency targets top earners for audit
▼ + stars: | 2024-02-20 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

IRS Commissioner Daniel Werfel testifies before the Senate Finance Committee on April 19, 2023. The tax gap, or the difference between taxes owed and paid, was an estimated $688 billion for tax year 2021, the IRS reported in October. Instead, profits flow through to the business owners' tax returns. Other 'red flags' for higher earnersIn addition to complex partnerships, the IRS is watching for other "red flags" from higher earners, according to Hylton. Another area of for increased audits could be estate and gift tax returns, particularly those using "aggressive valuation discounts" for assets, Hylton said.

Persons: Daniel Werfel, Chip Somodevilla, Danny Werfel, Werfel, Eric Hylton, Hylton, Colin Walsh, Baker Tilly, Baker Organizations: Senate, IRS, Alliantgroup Locations: U.S, Hylton, Puerto Rico

☆ Consovoy McCarthy: This small, conservative law firm is landing big wins at the Supreme Court
▼ + stars: | 2024-02-20 | by ( John Fritze | ) edition.cnn.com time to read: +4 min

Created a decade ago by two former law school classmates who gave up their jobs at larger practices, the lawyers at Consovoy McCarthy have argued 11 appeals at the Supreme Court in that time – including a landmark case last year that ended affirmative action in college admissions. Bryan Weir, in his debut appearance at the Supreme Court, will argue the clock starts on the statute of limitations when a plaintiff – in this case, the truck stop – is affected. But perhaps the most notable recent issue Consovoy McCarthy brought before the Supreme Court consisted of two appeals challenging the consideration of race in admissions at Harvard and the University of North Carolina. Longtime anti-affirmative action advocate Edward Blum hired Consovoy McCarthy to argue that they violated the equal protection clause included in the 14th Amendment. The firm also has an appeal pending at the Supreme Court challenging a so-called bias response team at Virginia Tech.

Persons: Consovoy McCarthy, Donald Trump’s, Neil Gorsuch, Brett Kavanaugh, Amy Coney Barrett, Clarence Thomas, Bryan Weir, Biden, “, Thomas McCarthy, Weir, McCarthy, ”, Joe Biden’s, Supporters, Edward Blum, Blum, David Lat, Trump, Lat Organizations: CNN, Supreme, US, Appeals, Trump, Harvard, University of North, Longtime, Virginia Tech Locations: North Dakota, University of North Carolina, Idaho

☆ IRS weighing 'audit selection algorithm' changes for low-income taxpayer credit
▼ + stars: | 2024-02-15 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Al Drago | Bloomberg | Getty ImagesAfter vowing to "substantially" reduce audits on a low-income tax credit in September, the IRS confirmed it's taking steps to address the inequity. "We also are testing changes in the audit selection algorithm," that could "remediate the disparate impact that has been occurring," he said. The report pointed to a faulty software algorithm used by the agency that selects who gets audited and noted the earned income tax credit contributed to this disparity. The credit has a high 'improper payments rate'In 2022, about 23 million filers received $57 billion from the earned income tax credit, and the tax break averaged $2,541. For tax year 2023, the credit is worth up to $7,430 for a household with three or more children, according to the IRS.

Persons: Danny Werfel, Al Drago, We've, Werfel, Erin Collins Organizations: Washington , D.C, Bloomberg, Getty, IRS, Stanford University, University of Michigan, U.S . Department of, Treasury, University of Chicago, Senate Finance Locations: Washington ,

☆ I.R.S. Commissioner Aims to Show Progress Amid Threats of Budget Cuts
▼ + stars: | 2024-02-14 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

A year later, Mr. Werfel has overseen the clearing of a backlog of thousands of tax filings, shrinking wait times on the I.R.S. telephone lines and the creation of a system that lets qualified taxpayers submit their federal returns with no cost. But those achievements have not been enough to satisfy Republicans, who have accused Mr. Werfel of making the I.R.S. commissioners and when Mr. Werfel testifies before the House Ways and Means Committee on Thursday, he will receive a frosty reception as he fends off efforts to cut his agency’s budget. For Mr. Werfel, the face-off is an opportunity to explain why even skeptics would benefit from a well funded I.R.S.

Persons: Daniel Werfel, Werfel Organizations: Internal Revenue Service

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