Former President Donald Trump on Oct. 31 urged the U.S. Supreme Court to stop tax officials from handing over his returns to a congressional panel. Rep. Richard Neal (D-Mass.), chairman of the House Committee on Ways and Means, is seeking six years of Trump’s returns. Neal says they’re necessary to make sure presidents are audited…
Trump Urges Supreme Court to Stop IRS From Giving His Tax Returns to Congress
Instead of Adding 87,000 IRS Agents …
Commentary The egregiously misnamed Inflation Reduction Act of 2022 is hardly anti-inflationary by virtue of the hundreds of millions of dollars in “green energy” subsidies it has authorized. However, some of its proponents—adherents of Modern Monetary Theory—may genuinely believe that the act will reduce inflation. MMT holds that the way for government to reduce inflation…
IRS Raises 401(K) Contribution Limit by Record Amount Amid Raging Inflation
The Internal Revenue Service (IRS) on Friday announced it would raise the 401(k) contribution limit by a record 9.8 percent amid decades-high inflation. Starting in 2023, Americans can contribute as much as $22,500 into 401(k), 403(b), the federal government’s Thrift Savings Plan, and most 457 retirement plans, according to the IRS’s announcement. That’s $2,000 more…
Biden to Keep Releasing Oil from Reserve; TikTok Tracks You Across the Web: Report | NTD Business
President Joe Biden once again releases millions of barrels of oil from the strategic reserve. The move leaves the reserve at a decades-low and comes only 20 days before the midterms. A new report says TikTok is tracking you even if you don’t use the app. How? And what information is it getting? The IRS…
IRS Releases Inflation Adjustments for 2023 Taxes: Here’s What It Means for You
As the cost of living has soared for Americans battling against chronic inflation, the Internal Revenue Service (IRS) may be bringing some welcome relief. The federal agency announced on Oct. 18 a string of new annual inflation adjustments that will impact the 2023 tax year, potentially bringing a boost to your paycheck, particularly if your salary hasn’t kept up…
Millions of Americans Are Still Eligible for a Stimulus Check, and Time Is Running Out
Millions of Americans are still eligible to get a COVID-19-related stimulus payment, according to the Internal Revenue Service (IRS) in a recent update. Some homeholds, the IRS said, are eligible for a potentially large payment. About 9 million primarily low-income individuals did not claim either all or portions of several stimulus payments that were sent…
Armed and Beltway-ish: More Federal Bureaucrats Than US Marines Authorized to Pack Heat
October 14, 2022
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When Congress authorized $80 billion this year to beef up Internal Revenue Service enforcement and staffing, Republican House Minority Leader Kevin McCarthy invoked the language of war to warn that “Democrats’ new army of 87,000 IRS agents will be coming for you.” A video quickly went viral racking up millions of views, purporting to show…
IRS Employees Used COVID-19 Relief Funds for Luxury Cars, Trips to Las Vegas: Justice Department
Five former and current employees of the IRS have been charged with schemes to defraud COVID-19 relief measures like the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans, according to the Department of Justice (DOJ). The two programs were federal stimulus initiatives authorized under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Court documents…
Republicans Seek to Divert IRS Enforcement Funding Boost for Border Security
House Republicans have released a draft bill that would halt the nearly $50 billion funding boost for Internal Revenue Service (IRS) enforcement in the “Inflation Reduction Act” and instead use the money to bolster border security. Called the “Diverting IRS Resources to the Exigent Crisis Through (DIRECT) Funds for Border Security Act” (pdf), the legislation…
Republican Study Committee Chairman’s Bill Would Rescind Biden’s 87,000 New IRS Agents
More than $80 billion for President Joe Biden’s plan to double the size of the IRS workforce by adding 87,000 new agents would be rescinded by a bill introduced on Sept. 26 by Republican Study Committee (RSC) Chairman Jim Banks of Indiana. The $80 billion was included in Biden’s recently approved $739 billion Inflation Reduction…
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