The Biden administration’s assurances that there will be no expanded tax audits on businesses and households making less than $400,000 per year applies to “total positive” income without losses, according to testimony before the Senate Finance Committee. Chris Edwards of the CATO Institute testified before the committee on May 16 on the issue of the…

The growing national debt is on an unsustainable path and must be reduced to avoid long-term damage to the U.S. economy, experts warned on May 4. “With respect to interest rates and soaring debt, we are sitting on a ticking time bomb. Congress should be working diligently to avert an otherwise-inevitable debt crisis,” Brian Riedl,…

Some Senate Republicans are worried that the IRS is placing an “overwhelmingly disproportionate” focus on enforcement in its latest budget requests and operating plan. Airing those concerns at an April 19 Senate Finance Committee hearing, lawmakers grilled IRS Commissioner Daniel Werfel about his agency’s plans for the $80 billion increase in funding it is set…

The U.S. Senate Finance Committee holds a hearing on Pharmacy Benefit Managers and the Prescription Drug Supply Chain: Impact on Patients and Taxpayers at 10:00 a.m. ET on March 30.   …

The U.S. Senate Finance Committee holds a hearing on Pharmacy Benefit Managers and the Prescription Drug Supply Chain: Impact on Patients and Taxpayers at 10:00 a.m. ET on March 30.   …

Appearing before supportive Democrats and skeptical Republicans, Health and Human Services Secretary Xavier Becerra defended President Joe Biden’s budget in front of Senate Appropriations and Finance panels on March 22. Biden’s HHS budget plan has been widely discussed since the White House announced a strategy to extend Medicare’s solvency beyond 2050 by raising the Medicare…

Frustrations rose on the Senate Finance Committee as Sen. Bill Cassidy (R-La.) questioned Treasury Secretary Janet Yellen about President Joe Biden’s intention concerning Social Security, which is projected to become insolvent in nine years. During the March 16 hearing, Cassidy zeroed in on the apparent lack of consideration for the ailing retirement program in the…

Treasury Secretary Janet Yellen offered senators no assurance that a Republican plan to prioritize payment of the nation’s bills to avoid default could be achieved due to the size and complexity of the government’s payment operation. “There is a reason that Treasury secretaries of both parties have rejected this incredibly risky and dangerous idea, and…

President Joe Biden’s nominee for IRS Commissioner was approved by the Senate Finance Committee on March 3 and will now be voted on by the full Senate. The committee vote was 17–9 with three Republicans voting with the majority, Chuck Grassley (Iowa), Bill Cassidy (La.), and Todd Young (Ind.). Daniel I. “Danny” Werfel was touted…

The U.S. Senate Finance Committee on Feb. 16 held a hearing on “Ending trade that cheats American workers by modernizing trade laws and enforcement, fighting forced labor, eliminating counterfeits, and leveling the playing field.” Much of the hearing, which was gaveled in by Chairman Ron Wyden (D-Ore.), focused on the ways that China exploits trade…