Tag: tax

Commentary: Tax Armageddon Day Is Coming

RealClearWire

Benjamin Franklin famously wrote in 1789 that “our new Constitution is now established and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.” Death and taxes are fated. However, are enormous tax hikes also a fait accompli? Is it a certainty – ‘an accomplished fact’ – that the White House and Congress will repeal tax reforms that worked? Tax breaks that helped small business owners and families.

For the past several days Americans have been scrambling to make the deadline to complete their 2022 tax returns. Most taxpayers will be relieved once the ordeal is done. However, here’s an unfortunate reality: if Washington fails to act, the federal tax code is headed for major changes in just a couple of years, including massive tax hikes on families and small businesses.

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Biden Signs $740 Billion Climate, Tax and Health Care Bill into Law

The Center Square

President Joe Biden signed a $740 billion spending package into law Tuesday, the final step for the green energy, health care and tax hike bill after months of wrangling and controversy, in particular over the legislation’s hiring of 87,000 new IRS agents to audit Americans.

Democrats at the White House Tuesday touted the bill’s deficit reduction of $300 billion over the next decade. The bill includes several measures, including a $35 per month cap on insulin copays, an extension of Affordable Care Act subsidies, and authorization for Medicare to negotiate certain drug prices.

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U.S. Senate Passes Massive Tax and Spend Bill Targeting Carbon Emissions, Prescription Drug Costs, More

The Center Square

The U.S. Senate on Sunday passed a $740 billion new taxing and spending bill that seeks to combat climate change and allow the government to control the price of prescription medications, among other things.

No Republicans voted for the bill, named the Inflation Reduction Act of 2022, in the divided 50-50 Senate, forcing Vice President Kamala Harris to break the tie. The measure must return to the House for a concurrence vote after senators passed several amendments Sunday. The House is expected to take the bill up again on Friday. If the House concurs, President Joe Biden has indicated he will sign it.

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