IRS will delay tax filing due date until May 17
The Internal Revenue Service says it's delaying the traditional tax filing deadline from April 15 until May 17. The pandemic hit in the middle of last year's tax filing season, setting the agency back in terms of processing. Additionally, the extension gives the IRS time to issue guidance on recent tax law changes. Ad“Never before has the law changed so substantially in the middle of tax filing season," Patrick Thomas, director of Notre Dame Law School’s Tax Clinic, said in a statement. A number of lawmakers and professionals from the tax community have urged the tax filing season be extended to accommodate for these pressures.
COVID relief bill could permanently alter social safety net
“The scope is both impressive and much needed.”AdSeveral aspects seem targeted at restructuring the country's social safety net and actually lifting people out of poverty. “That is really going to put a dent in child poverty,” Perry said. In promoting the child tax credit expansion, Democrats rallied around an analysis that predicted it would cut nationwide child poverty by 45%. He added, “What we did is unlikely to go away.”AdAt this point, the child tax credit expansion would expire at the end of the year without some sort of congressional intervention. A study by the Tax Policy Center concluded that the relief package would reduce federal taxes in 2021 by an average of $3,000 per household.
Congress OKs $1.9T virus relief bill in win for Biden, Dems
House Speaker Nancy Pelosi of Calif., and Senate Majority Leader Chuck Schumer of N.Y., pose after signing the $1.9 trillion COVID-19 relief bill during an enrollment ceremony on Capitol Hill, Wednesday, March 10, 2021, in Washington. “Help is here,” Biden tweeted moments after the roll call, which ended with applause from Democratic lawmakers. AdThe measure addresses Democrats’ campaign promises and Biden’s top initial priority of easing a one-two punch that first hit the country a year ago. According to a CNN poll released Wednesday, the relief bill is backed by 61% of Americans, including nearly all Democrats, 58% of independents and 26% of Republicans. On the relief bill, progressives had to swallow big concessions to solidify moderate support.
House approves pro-union bill despite dim Senate odds
But it faces an all-but-certain Republican blockade in a narrowly divided Senate and is unlikely to become law. Ad“I’ve heard Democrats argue that it’s the unions that built the middle class,” said Rep. Virginia Foxx, R-N.C., the senior Republican on the House labor panel. And what this bill does is take away their freedom.”Labor unions have long been a bedrock of Democratic support. “This far-reaching legislation is nothing more than an union boss wish list,” said Foxx, who led Republican debate on the bill. Virginia Republican Rep. Bob Good excoriated the bill, saying it would effectively “funnel money to Democrats” by allowing unions to collect additional dues.
House approves pro-union bill despite dim Senate odds
But it faces an all-but-certain Republican blockade in a narrowly divided Senate and is unlikely to become law. Ad“I’ve heard Democrats argue that it’s the unions that built the middle class,” said Rep. Virginia Foxx, R-N.C., the senior Republican on the House labor panel. And what this bill does is take away their freedom.”Labor unions have long been a bedrock of Democratic support. “This far-reaching legislation is nothing more than an union boss wish list,” said Foxx, who led Republican debate on the bill. Virginia Republican Rep. Bob Good excoriated the bill, saying it would effectively “funnel money to Democrats” by allowing unions to collect additional dues.
Biden hails House passage of $1.9T virus bill, now to Senate
“We have no time to waste,” Biden said at the White House after the House passage early Saturday. That ships the bill to the Senate, where Democrats seem bent on resuscitating their minimum wage push and fights could erupt over state aid and other issues. Biden said weeks ago that he didn't expect the minimum wage increase to survive the Senate's rules. But those same Senate rules prohibit provisions with only an “incidental” impact on the federal budget because they are chiefly driven by other policy purposes. Republicans oppose the $15 minimum wage target as an expense that would hurt businesses and cost jobs.
House passes $1.9T pandemic bill on near party-line vote
The new president’s vision for flushing cash to individuals, businesses, states and cities battered by COVID-19 passed on a near party-line 219-212 vote. Biden said weeks ago that he didn't expect the minimum wage increase to survive the Senate's rules. But those same Senate rules prohibit provisions with only an “incidental” impact on the federal budget because they are chiefly driven by other policy purposes. MacDonough decided that the minimum wage provision failed that test. Republicans oppose the $15 minimum wage target as an expense that would hurt businesses and cost jobs.
Biden's trade pick vows to work more closely with allies
Katherine Tai, nominee for U.S. trade representative, testifies before a Senate Finance Committee hearing on Capitol Hill, in Washington, Thursday, Feb. 25, 2021. (Tasos Katopodis/Pool via AP)WASHINGTON – President Joe Biden’s pick to be the top U.S. trade envoy promised to work with America’s allies to combat China’s aggressive trade policies, indicating a break from the Trump administration’s go-it-alone approach. Biden and his team have not indicated — and Tai didn't say Thursday — whether they will keep Trump’s tariffs. Far from coordinating with U.S. allies on trade, Trump sparred with them instead, putting tariffs on imported steel and aluminum and threatening to target European cars, too. She handled negotiations with the Trump administration over a revamped North American trade deal.
Democrats pushing Biden's COVID-19 bill through House panels
Republicans are attacking the Democrats $1.9 trillion COVID-19 relief package as too costly, economically damaging and overtly partisan. We’re very proud of that,” House Speaker Nancy Pelosi, D-Calif., told reporters when asked if the overall House bill would include the minimum wage increase. Democratic leaders hope for House passage later this month, with Senate approval and a bill on Biden’s desk by mid-March. Republicans’ amendments spotlighted what they see as political soft spots they can exploit. And while the GOP amendments were beaten back, they forced Democrats to take positions that could tee up GOP campaign ads for the 2022 elections.
Dems attempt to push through school funding, wage increase
The plan faces opposition from Republicans who want to tie new school funding to reopening. Biden's plan for $130 billion in school funding is in addition to more than $8 billion from previous relief packages. Stop ruining their futures and stop playing games.”Scott countered that schools can't make changes needed to reopen safely unless they get the funding in Biden's plan. AdRepublicans also signaled a fight over standardized testing, backing a proposed change to prevent relief funding from being used on academic assessments. The $350 billion portion of the bill before the committee also includes Biden's plan to raise the minimum wage from $7.25, where is has been since 2009.
Audit likely gave congressional staff glimpse of Trump taxes
When JCT staffers disagree with the IRS on a decision, the review is typically kept open until the matter is resolved. Even acknowledging that Trump's taxes were before the panel is verboten. Representatives for the Trump Organization did not respond to messages seeking comment and confirmation that the Joint Tax Committee had reviewed Trump's taxes. Former JCT staffers would not comment on whether they remembered the dispute with Trump, citing confidentiality rules. Neal, the lead force behind a Democratic lawsuit to expose Trump’s taxes, said the Times’ reporting is proof that the documents should be given to Congress.
NY Times: Trump paid $750 in US income taxes in 2016, 2017
President Donald Trump paid just $750 in federal income taxes the year he ran for president and in his first year in the White House, according to a report in The New York Times. The president’s financial disclosures indicated he earned at least $434.9 million in 2018, but the tax filings reported a $47.4 million loss. Roughly half of Americans pay no income taxes, primarily because of how low their incomes are. But IRS figures indicate that the average tax filer paid roughly $12,200 in 2017, about 16 times more than what the president paid. The president in 2017 paid $145,400 in taxes in India and $156,824 in the Philippines, compared to just $750 in U.S. income taxes.
Trump's tax revelation could tarnish image that fueled rise
“Donald Trump needs this election to be about Joe Biden as a choice," said longtime GOP consultant Alex Conant. Trump's support over the years has remained remarkably consistent, polls over the course of his presidency have found. Even today, when asked to explain their support for Trump, voters often point to his success in business as evidence of his acumen. Roughly half of Americans pay no federal income taxes, but the average income tax paid in 2017 was nearly $12,200, according to the IRS. Senate Democratic leader Chuck Schumer tweeted an emoji calling on followers to raise their hands “if you paid more in federal income tax than President Trump.”“That’s why he hid his tax returns.
Democrats to redraft virus relief in bid to jump-start talks
WASHINGTON – House Democrats are going back to the drawing board on a huge COVID-19 relief bill, paring back the measure in an attempt to jump-start negotiations with the Trump administration. The Democratic-controlled chamber could also pass the $2 trillion-plus measure next week if talks fall through to demonstrate that the party isn't giving up on passing virus relief before the election. The chamber passed a $3.4 trillion rescue measure in May but Republicans dismissed the measure as bloated and unrealistic. Republicans reacted coolly, especially at the prospect of a partisan floor vote if the effort doesn't spark constructive talks. Thursday's developments come as moderate “front line" Democrats in competitive reelection races have been pressing leaders like Pelosi to become more flexible.
Democrats propose sweeping bill to curb presidential abuses
WASHINGTON – House Democrats on Wednesday proposed a bill to curb presidential abuses, a pitch to voters weeks ahead of Election Day as they try to defeat President Donald Trump, capture the Senate from Republicans and keep their House majority. Each of the bill’s provisions is a response to actions by Trump or his administration that Democrats see as abuses of presidential power. It builds on an elections and ethics reform package the House passed soon after Democrats reclaimed the majority in 2019. Congress has yet to send to the president any legislation to try to curb foreign election interference after Russia meddled on several fronts in the 2016 presidential contest. “The degradation of our democracy over the past 3 1/2 years is not the work of the president alone,'' Schiff said.
Ex-Marine wins Democratic primary for Joe Kennedy IIIs seat
Jake Auchincloss has won a packed primary to become the Democratic nominee in the race to fill the U.S. House seat being vacated by Rep. Joe Kennedy III in Massachusetts. Nearly 1 million voters, skittish over the coronavirus pandemic, used the mail option for Tuesdays primary. He was elected to the Newton City Council in 2015. Kennedy opted not to seek reelection so he could challenge incumbent U.S. Sen. Edward Markey in the Senate Democratic primary, but lost that bid Tuesday, becoming the first member of the Kennedy political dynasty to lose a congressional race in Massachusetts. The few other members of Massachusetts all-Democratic congressional delegation who had faced primary opponents Reps. Richard Neal, Stephen Lynch and Seth Moulton all breezed through Tuesdays runoff.
Progressive challengers' year: 3 wins and some close calls
But some challengers lost, and their overall wins were a modest number compared with the 535 House and Senate members. Kessler wasn't impressed with the three progressive challengers who defeated Democratic incumbents, either. Other high-profile progressive hopefuls lost Senate Democratic primaries in Colorado, Maine and Texas, and House contests in states including Georgia, New York and Ohio. Jamaal Bowman, a Black educator raised by a single mom, defeated House Foreign Affairs Committee Chairman Eliot Engel of the Bronx and Westchester, New York. They're an effective and well-funded operation now," said Sean McElwee, who does polling and research for progressive Democrats.
Trump order allows some unemployment pay, defers payroll tax
Trump moved to continue paying a supplemental federal unemployment benefit for millions of Americans out of work during the outbreak. The previous unemployment benefit, which expired on Aug. 1, was fully funded by Washington, but Trump is asking states to now cover 25%. In addition to the extension of some unemployment benefits, Trump's orders call for a deferral of payroll tax and federal student loan payments and efforts to halt evictions. Trump said the employee portion of the payroll tax would be deferred from Aug. 1 through the end of the year. He added that Trump "does not have the power to unilaterally rewrite the payroll tax law.
Progressives say primary wins latest sign of momentum shift
FILE - In this March 6, 2020 file photo, Rep. Rashida Tlaib, D-Mich., speaks at a campaign rally in Detroit. Her opponent in the primary was Detroit City Council President Brenda Jones. Y'all, we about to change the world.Beyond signaling momentum, the victories are giving progressives confidence about two upcoming tests. Next week, squad member Rep. Ilhan Omar of Minnesota will face a challenge from a well-funded opponent, Antone Melton-Meaux. In March, Marie Newman knocked off Illinois Rep. Dan Lipinski, an abortion opponent who compared progressive Democrats to a tea party of the left."
Trump administration to give Congress full virus loan data
WASHINGTON After prodding from Democratic lawmakers, the Trump administration has agreed to give Congress but not the public complete data on the millions of small businesses that received loans from a $600 billion-plus coronavirus aid program. Their concession came with a warning to lawmakers not to divulge confidential loan information to the wider public. Last week, the Treasury Department and SBA relented to pressure from lawmakers and watchdogs and agreed to publicly disclose details on which businesses received loans under the program. Under the new agreement, the agencies will provide the complete data on loans of all sizes to the congressional oversight panels. Economists have said the small business loan program has helped, though its hard to know by how much.
Outcry as some nursing homes try to grab stimulus checks
(Leah Millis/Pool via AP)WASHINGTON Compounding the hardships of the coronavirus, some nursing homes have demanded that low-income residents turn over their $1,200 economic stimulus checks, a cash grab lawmakers want to halt. Low-income Medicaid recipients must not be coerced into wrongly handing over their checks for fear of being kicked out of their homes, wrote Neal and Pallone. We are not aware of widespread issues with resident stimulus funds," the American Health Care Association said in a statement. Generally, a Medicaid recipients taxable income is taken into account in determining their eligibility for the program. CMS chief Seema Verma tweeted on Tuesday that nursing homes engaging in this behavior will be subject to enforcement action.
US flag still flying at former Coast Guard station after Dorian
The American flag flying on a former Coast Guard light station off the coast of North Carolina has made it through Hurricane Dorian. (CNN) - The American flag flying on a former Coast Guard light station off the coast of North Carolina has made it through Hurricane Dorian. Live video from the Frying Pan Tower shows that the flag is torn but is still fluttering proudly. The tower is 34 miles off the coast of North Carolina and Hurricane Dorian passed over the area before making landfall on Friday at Cape Hatteras. At one point, about 20 Coast Guard cadets lived on the tower, but it was automated in 1979 and GPS navigation has since made it obsolete.
Light station sits in Hurricane Dorian's path, 34 miles off N.C. coast
A former Coast Guard light station off the coast of North Carolina is offering a unique view of Hurricane Dorian's power as the storm moves slowly northeast. SOUTHPORT, N.C. - A former Coast Guard light station off the coast of North Carolina is offering a unique view of Hurricane Dorian's power as the storm moves slowly northeast. The Frying Pan Tower, 34 miles offshore in the Atlantic, is right in the storm's path. Track Hurricane DorianA camera on the tower's helipad, some 85 feet above the ocean, is sending live video as the storm approaches. For years, about 20 Coast Guard cadets lived on the station full time.
Judge may block NY from handing over Trump tax returns for now
CNN imageWASHINGTON, D.C. - A federal judge signaled Wednesday that he plans to prevent New York from immediately handing over President Donald Trump's state tax returns to congressional Democrats for the time being. Judge Carl Nichols of the US District Court in Washington, DC, said he wants to make sure that "Mr. Trump cannot suffer any harm" while arguments play out. Trump's attorneys filed a motion earlier this month seeking to prevent New York from releasing, and Congress from obtaining, the President's state tax returns under a newly passed New York state law. While that plays out, New York would be prevented from releasing the President's state tax returns, if it receives a request from Congress. The judge said he will consider the matter Wednesday night and expects to issue an order soon.
Trump sues to prevent the release of his tax returns
(CNN) - President Donald Trump has filed suit in federal court in Washington, DC, against the House Ways and Means Committee, the New York state attorney general and the New York tax commissioner to prevent the disclosure of his tax returns. Andrew Cuomo signed an amendment into law that would allow Congress to get a hold of Trump's state tax returns. Trump argues the House committee is not entitled to the state tax returns because its jurisdiction is over federal taxes, and therefore "no legislation could possibly result from a request for the President 's state tax returns." The lawsuit notes Trump's tax returns were a major issue during the 2016 election, with criticism from Democratic candidate Hillary Clinton and others. "Voters heard the criticisms from Secretary Clinton, and they elected President Trump anyway.
House Democrats file lawsuit to obtain Trump tax returns
(CNN) - The Democrat-led House Ways and Means Committee filed a lawsuit on Tuesday to enforce subpoenas and obtain President Donald Trump's tax returns, an escalation in a fight for the President's personal financial information. The lawsuit was filed in D.C. District Court against Treasury and the IRS and their respective leaders, Steve Mnuchin and Charles Rettig. Neal initially made his request for Trump's tax returns on April 3. The complaint argues that the committee is not required to justify its reasons for seeking tax returns under Section 6103, but states that the panel "is investigating the IRS's administration of various tax laws and policies relating to Presidential tax returns and tax law compliance by President Trump, including whether the IRS's self-imposed policy of annually auditing the returns of sitting Presidents is working properly." The Democrats on Neal's committee have argued that they need access to the President's tax returns in order to understand how the IRS administers the presidential audit program.