Peter Cohn

House Democrats give IRS an extension to provide Trump tax returns
Ways and Means chairman wants six years of president’s returns by April 23

House Ways and Means Chairman Richard E. Neal is giving the IRS an extension until 5 p.m. on April 23 to produce the six years of President Donald Trump’s tax returns he requested earlier this month.

The Massachusetts Democrat told IRS Commissioner Charles P. Rettig in a letter Saturday that the agency has failed to produce the tax returns despite an “unambiguous legal obligation to do so” under Section 6103 of the tax code. If Rettig declines to turn over the records by the new deadline, Neal wrote that “your failure will be interpreted as a denial of my request.”

Assessing the new tax law as April 15 arrives
CQ on Congress podcast, Episode 148

 

This Iowa farmer has his finger on the 2020 pulse
Hint: It’s Chuck Grassley

ANALYSIS — The eyes of the world are again on Iowa, hallowed political ground that punches far above the weight of its six electoral votes.

The state’s senior senator, Charles E. Grassley, a Republican now in his seventh term, says Hawkeye State voters “want people that don’t have extreme right or left views.” It’s also simple math: Democrats and Republicans each make up less than one-third of Iowa’s registered voters, so winning over independents is critical.

Did Tax Reform Scrooge the Holiday Party Spirit?
Political Theater, Episode 49

Whether it was a cramped schedule, the funeral of a president, changes to the tax code or overall crankiness, the holiday party scene this year seemed a little, um, meh. CQ Roll Call's Niels Lesniewski, Kate Ackley and Peter Cohn crash the party that is Political Theater to discuss the wine, song and tax deductions of the Washington holiday party circuit. 

SALT Still Rubs the Democrats’ Tax Wounds
Getting to a unified agenda on taxes won’t be easy for incoming majority

ANALYSIS — A strange dilemma for the incoming majority House Democrats is encapsulated in a series of June tweets from Democratic candidate Jennifer Wexton on the six-month anniversary of the Republicans’ signature 2017 tax overhaul.

Rep.-elect Wexton, who ultimately defeated GOP Rep. Barbara Comstock in northern Virginia, wrote in an opening tweet that the bill “hurt working families by giving tax cuts to the wealthiest and blowing up our national debt.” In another, Wexton wrote that the law’s cap on state and local tax deductions “hits #VA10 families hard, yet @RepComstock still voted for the bill.”

Spending Talks About to Hit a Wall, New Tax Plan in Doubt
CQ Budget Podcast, Episode 90

Lawmakers are racing against the clock to pass seven more spending bills, but their efforts are likely to be a struggle amid President Trump's insistence for $5 billion for the border wall that Democrats don't want to give him, says CQ budget editor Peter Cohn. And CQ tax writer Doug Sword brings us up to date with the latest GOP effort to pass new tax legislation that would renew some tax breaks while making corrections to last year's massive tax overhaul. ...
Tax Cuts to Be Revisited, Vows Sen. Van Hollen
CQ Budget Special Edition Podcast, Episode 89

This is a special edition podcast to bring you an interview with a key lawmaker, Sen. Chris Van Hollen, about how Democrats will respond to Republican tax cuts.

"When it comes to the tax breaks for millionaires that will definitely be revisited,'' the Maryland Democrats tells CQ's budget and tax editor Peter Cohn. 

How Trump's Imagined Tax Cut Could Work
CQ Budget Podcast, Episode 84

President Donald Trump wants another tax cut for the middle class, a proposal administration officials and members of Congress are now scrambling to make happen. CQ budget and appropriations editor Peter Cohn explains the options available and their consequences.

 

Behind the Interest Rate Increases
CQ Budget Podcast, Episode 82

Stock market losses and interest rate increases by the Federal Reserve may be making some people jittery especially President Donald Trump. But none of it is abnormal, explains CQ's numbers guru, budget and appropriations editor Peter Cohn. ...
‘Regular Order’ Still Not Out of the Woods
Current appropriations process is still a far cry from before the late 2000s

ANALYSIS | Senate leaders have spent the past few months crowing about the return to “regular order” on appropriations, justifiably in many respects. They’ve passed nine spending bills, the first time that’s happened since 2009, and a first before September since 1999. And Congress sent three spending bills to the president’s desk before the Oct. 1 start of the fiscal year, which hasn’t happened in 10 years.

But by several metrics, the Senate hasn’t matched the fuller appropriations debate in the “world’s greatest deliberative body” that existed prior to the late 2000s. Senators have spent roughly 16 days this year debating their appropriations bills on the floor; the average was nearly 28 days from fiscal 1986 through 2006. The Senate has considered 165 amendments to fiscal 2019 spending bills, compared with 269 per year during the fiscal 1986-2006 period.

Do Debt and Deficits Matter? It Depends on Who's Minding U.S. Fiscal Policy: Podcast
CQ on Congress, Episode 116

The Congressional Budget Office recently revised its earlier, already dire warning that the national debt will be 150 percent larger than the entire U.S. economy within 30 years — and GOP budget and tax proposals could make a bad situation much worse.

CQ News editors Patrick B. Pexton and Pete Cohn discuss the political landscape of debt and deficits heading into what could be a fateful midterm election.

Podcast: Minibus, Rescission Package Go to Senate, But Can They Pass?
CQ Budget, Episode 64

The House moved two big appropriations packages — a bundle of spending bills and a measure to cancel almost $15 billion already allocated — but their future remains uncertain amid Democratic opposition,  says CQ Budget and Appropriations Editor Peter Cohn.

 

Podcast: House-Senate Tussle Over Spending Bills
CQ Budget, Episode 62

Lawmakers know how much money they can have for the 12 spending bills but the House wants to give a huge chunk of it for Homeland Security, leaving no room for any increase to the Labor-HHS-Education bill, says CQ Budget and Appropriations editor Peter Cohn. He adds that the spending bill could even see huge cuts if the proposed $15 billion package to claw back money already allocated passes. ...
End of an Era on Senate Finance as Longtime Staffer Departs
Mark Prater was figure in major tax debates dating to the 1990s

Mark Prater, a fixture in GOP tax policymaking on Capitol Hill, is leaving his post as chief tax counsel for the Senate Finance Committee.

“Mark has played a vital role in every major tax debate in the last quarter century,” Finance Chairman Orrin G. Hatch announced Tuesday in a statement, noting Prater’s work on last year’s tax code overhaul, the Bush-era tax cuts and more. He joined the Finance Committee in January 1990. Tuesday was his last day with the panel.

Podcast: Pitfalls Under New Tax Law
CQ Budget, Episode 56

With tax day on Tuesday, CQ budget and tax editor Peter Cohn takes a look at the impact the new tax law will have on individual taxpayers and the broader economy.  Republican proponents say the tax overhaul will spur economic growth, but it is likely to also boost the country's debt and catch some taxpayers off guard, explains Cohn.  ...
History Shows You Can’t Bank on Tax Bill Projections
CBO figures are no crystal ball