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News Articles: federal taxes

House Speaker Kevin McCarthy speaks to members of the media at the U.S. Capitol in Washington, D.C., on May 24, 2023. The U.S. government will soon run out of cash to pay its bills unless it can raise or suspend its debt ceiling.

5 things people get wrong about the debt ceiling saga

Did spending by President Biden and the Democrats rack up the country's debt? Is a default the same as a government shutdown? Here are answers to things people often get wrong about the debt ceiling.

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By:
  • Scott Horsley
The Internal Revenue Service building is seen in Washington, D.C., on April 5. The IRS got $80 billion in new funding as part of the climate and health care bill passed by Congress on Friday. Most of that money will be used to target wealthier tax evaders.

The IRS just got $80 billion to beef up. A big goal? Going after rich tax dodgers

The big climate and health care bill passed by the House Friday includes billions in new funding for the IRS over the next decade. Most of that money is aimed at catching wealthy tax cheats.

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By:
  • Scott Horsley
A battle over taxes continues to brew as the IRS is seeking to obtain more bank account information, a move strongly opposed by Republicans and the lenders themselves.

Does the IRS really want to spy on your bank account? The latest tax fight, explained

The Biden administration hopes to help fund its agenda by cracking down on tax evasion, but its plan to require more bank information is drawing strong opposition from GOP lawmakers and banks.

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By:
  • Scott Horsley
Children and teachers from the KU Kids Deanwood Child Care Center complete a mural in celebration of the launch of the child tax credit on July 14 in Washington, D.C. Tens of millions of parents have received their first monthly child tax credit payment, but it might make sense to opt out of the rest of the payments and wait until next year to claim the credit in full.

You Might Consider Opting Out Of The Child Tax Credit. Here's Why

The first monthly enhanced child tax credit payment has landed, but some families are now opting out. Here's how to decide whether it makes sense for you.

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By:
  • Andrea Hsu
Morris Pearl, a former managing director at the investment giant BlackRock, is a member of Patriotic Millionaires, a group that advocates for a more equitable tax system.

He's Part Of The 1%. And He Thinks His Taxes Aren't High Enough

The tax code allows wealthy people who live off investment income to pay taxes at a much lower rate than average people who earn salaries.

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By:
  • Jim Zarroli