On Monday, the Government Accountability Office (GAO) defended the current method for budgeting for federal lending programs, known as “credit reform.” By endorsing the status quo, GAO puts itself at odds with the Congressional Budget Office (CBO), which has championed a “fair value” alternative.
Everything could come up roses for Rubio and Lee. At least one version of dynamic scoring—accounting for macroeconomic effects of a proposal—has produced some rather glowing estimates of senators Marco Rubio’s and Mike Lee’s tax plan. The Tax Foundation says the Rubio-Lee plan would increase tax
The White House plans to release its budget on February 2. It would be the first time since 2010 that the Administration would meet the deadline for the roll-out. The Hill reports that the OMB hopes such timeliness will restore some discipline to an old and broken-down process . Broken down perhaps
The House may vote this week on a one-year retroactive tax break extension. Maybe you’ve heard this song before, but Bloomberg reports the GOP figures the bipartisan tax extender package proposed last week is in fact dead. As many as one in six taxpayers could be affected without an extension of
Dave Camp on tax reform: “It can be done.” Retiring House Ways & Means Chair Dave Camp remains optimistic . The Hill reports that a deal to extend expiring tax breaks could give Camp’s successor, Paul Ryan, a chance to secure broad GOP support for a tax reform plan. About that tax extender deal
Congress is in recess through the mid-term elections. The Daily Deduction will post each Monday until then. Stranger than fiction: The IRS, “structuring,” and asset seizures. A business’ cash deposits, if under $10,000, do not trigger a government reporting requirement. But that could look like “