taxes

DOJ: Congress must meet high bar for Trump tax information
Cases set for March 31 oral argument

The Supreme Court building at sunset on Nov. 14, 2019. (Bill Clark/CQ Roll Call file photo)

The Justice Department on Monday night backed President Donald Trump in the Supreme Court fight over congressional subpoenas for his financial documents, telling the justices that lawmakers must meet a higher bar when seeking a sitting president’s personal records.

The cases, set for March 31 oral argument, center on subpoenas from three House committees to accounting firm Mazars USA, Deutsche Bank and Capital One Financial Corp. House Democrats are seeking eight years of Trump’s financial and tax records.

Puerto Rico disaster bill would revive older tax breaks
House Democrats eye bigger refunds for low-income residents and tax relief for distilleries

California Rep. Mike Thompson pushed back on GOP criticism, saying it was common practice to combine relief provisions for disaster-stricken areas into one bill. (Tom Williams/CQ Roll Call file photo)

House Democrats have tucked tax relief for rum distilleries and more generous refunds for lower-income island residents into a disaster aid package intended to help Puerto Rico recover from an unusually destructive spate of recent earthquakes.

Backers say the add-ons are part of an ongoing effort to help Puerto Rico and other territories such as the U.S. Virgin Islands, also hit hard by hurricanes in recent years. But Republicans call the effort a typical congressional maneuver of piling on to a must-pass bill.

Deficit widens, economic growth slows in new CBO outlook
Repeal of health care taxes the largest driver of 10-year deficit increase, according to projections

Under new Congressional Budget Office estimates, the federal deficit is projected to fall slightly to $1 trillion in fiscal 2021 and then commence a steady rise to $1.7 trillion in 2030. (Bill Clark/CQ Roll Call file photo)

The Congressional Budget Office projects higher deficits for this year and the coming decade, with a fiscal 2020 deficit of $1.015 trillion — $8 billion higher than the agency estimated last August.

The fiscal 2019 deficit was $984 billion, by comparison.

Top Trump aide stops short of echoing boss’ claim that economy is ‘best it’s ever been’
But Lawrence Kudlow touts wage growth and low unemployment rate

Larry Kudlow, director of President Donald Trump’s National Economic Council, says the economy under Trump will “rank up there” with previous strong economies. (Yasin Ozturk/Anadolu Agency via Getty Images)

Donald Trump’s chief economic adviser on Friday stopped short of endorsing the president’s repeated claim that the U.S. economy is at its strongest point in the country’s history.

“In history? I think it’ll rank up there, yes,” Lawrence Kudlow told CQ Roll Call on Friday. But he notably did not say the U.S. economy is the strongest it’s ever been as his boss heads into what pollsters and strategists in both parties say could be a photo-finish election.

Chris Allen, Senate Finance Committee GOP tax aide, has died
Allen handled pensions and tax-exempt organizations issues under Finance Chairman Charles E. Grassley

Chris Allen, right, with Sen. Pat Roberts, R-Kan., in an undated photo. (Courtesy Sen. Pat Roberts)

Chris Allen, a Senate Finance Committee GOP tax aide, has died, according to his former boss, Sen. Pat Roberts, R-Kan.

“Chris was beloved by everyone who had the privilege of meeting him,” Roberts said in a statement. “He had a brilliant mind, a generosity of spirit and a passion for serving the country in the United States Senate. His gentle soul made him an amazing husband, father, son, brother and friend.”

‘Eliminated’ Soleimani and ‘booming’ economy: Takeaways from Trump’s first 2020 rally
President alleges ‘Crazy Bernie’ condemned U.S. military strike on Soleimani

President Donald Trump speaks during a reelection rally at the Huntington Center in Toledo, Ohio, on Thursday night. (Kyle Mazza/Anadolu Agency via Getty Images)

ANALYSIS — “Hello, Toledo,” President Donald Trump told an arena full of supporters Thursday night as he made clear he believes the Buckeye State is now solidly GOP territory.

“We love Toledo, you remember, I was here a lot,” Trump said at the top of another raucous campaign rally. “You remember 2016 — what a year that was, right?”

Businesses hit by mistaken tax penalty seek help from Congress
Drafting error in 2017 GOP tax overhaul hurt retail industry particularly hard

Arizona Sen. Martha McSally is the lead sponsor of a bill that would address an unintentional mistake in the 2017 Republican tax code overhaul over deducting net operating losses. (Bill Clark/CQ Roll Call file photo)

A one-word drafting error in the 2017 tax code overhaul has sent companies ranging from specialty retailer PetSmart Inc. to Nissan Motor Co. scrambling to Capitol Hill for relief.

As part of the effort to offset a dramatic reduction in the corporate tax rate in the 2017 law, Republicans limited the ability of firms to claim tax breaks on net operating losses, or when deductions exceed income.

Talking taxes 2020
CQ Budget, Ep. 138

UNITED STATES - Rep. Nita Lowey, D-N.Y., leaves a meeting with Sen. Patrick Leahy, D-Vt., Sen. Richard Shelby, R-Ala., and Rep. Kay Granger, R-Texas, in the Capitol after agreeing to a spending deal. (Photo By Bill Clark/CQ Roll Call)

Tax reporter Doug Sword sits down with guest host Jennifer Shutt to explain why Congress added so many tax bills to a massive spending package and what exactly those provisions will mean during the upcoming year. CQ Budget delves into what didn't make it into the package and predicts how far those provisions will advance in 2020.

House passes restored ‘SALT’ deduction bill
Democrats deal symbolic blow to Republicans’ tax code overhaul

Reps. Peter King, R-N.Y., left, and Mike Doyle, D-Pa., make their way to votes in the Capitol on Nov. 15, 2019. (Tom Williams/CQ Roll Call file photo)

House Democrats dealt a symbolic blow to Republicans’ tax code overhaul Thursday on the two-year anniversary of that law’s passage. 

On a mostly party-line vote of 218-206, the House passed a bill that would make good on a top Democratic tax priority: lifting a $10,000 limit on state and local tax deductions, known as SALT. It was amended to prevent households earning more than $100 million from claiming unlimited deductions, however, after a procedural motion offered by Republicans won enough bipartisan support.

Year-end spending deal avoids government shutdown
CQ Budget, Ep. 137

From left, Sen. Patrick Leahy, D-Vt., Rep. Nita Lowey, D-N.Y., Sen. Richard Shelby, R-Ala., and Rep. Kay Granger, R-Texas, (not pictured) emerge from a meeting in the Capitol to announce a spending deal. (Photo By Bill Clark/CQ Roll Call)

With fiscal 2020 appropriations finally complete, CQ Roll Call's budget and tax editor Peter Cohn explains what got funded, what it means, and what lies in store for next year.