House Budget Committee Republican Leader Jason Smith (MO-08) today released a fact sheet exposing how the Washington Democrats’ so-called “Inflation Reduction Act” relies on budget scoring gimmicks and false sunsets to hide the true cost of its inflationary spending and will add to the nation’s already unsustainable debt. “Democrats are at it again using budget gimmicks and fake sunsets to create savings on paper – just … Continue reading FACT SHEET: Democrats’ Inflation EXPANSION Act Increases Debt by $114 Billion
Category: Taxation
On Monday, U.S. Sen. Ron Johnson (R-Wis.) sent a letter to Internal Revenue Service (IRS) Commissioner Charles Rettig requesting information on the backlog of tax returns preventing millions of Americans from receiving refunds. Over the last 18 months, Congress has appropriated substantial additional funding to improve IRS processing operations, but no noticeable improvements have been … Continue reading Sen. Johnson Presses IRS on Backlog of Tax Returns
As America spirals into a recession, domestic manufacturers will soon face a higher cost of doing business as a result of Washington Democrats’ tax and spending plan, reports the Wall Street Journal. Analysis released last week from the Joint Committee on Taxation (JCT) shows that domestic manufacturers would bear roughly 50 percent of the tax burden from a … Continue reading Nonpartisan Committee Confirms Nearly Half of New Taxes in Democrat Proposal Fall on US Manufacturers as America Spirals into Recession
U.S. Senator Ben Sasse (R-NE) and U.S. Senator Chris Van Hollen (D-MD) introduced a resolution to encourage the President to begin negotiating a tax agreement with Taiwan.“Our economic partnership with Taiwan is one we should always look to strengthen,” said Senator Sasse. “Taiwan is a democratic success story, an economic success story, and our eighth largest trading … Continue reading Sasse and Van Hollen Call for US Tax Agreement with Taiwan
The United States Senate unanimously passed Sen. Mike Lee’s (R-UT) FORMULA Act. The bill, which removes import tariffs on baby formula and baby formula input products until the end of this year now heads to the President’s desk. The House of Representatives had previously modified and passed the bill resulting in Senate reconsideration. The national baby … Continue reading Lee’s FORMULA Act to repeal federal trade tax on baby formula heads to President’s desk
Governor Glenn Youngkin today announced that Virginia ended the fiscal year 2022 with a $1.94 billion general fund revenue surplus. On a fiscal year-to-date basis, total revenue collections rose 16.3 percent, based on preliminary data. “While I am pleased that our additional revenue can be reinvested in Virginia, the Commonwealth’s general fund revenue surplus confirms … Continue reading More relief needed as Virginia overtaxed residents by over $2 billion
“The sharp increase in softwood lumber prices, on top of high inflation and supply chain challenges, has only further added to residential construction costs.” U.S. Sens. John Thune (R-S.D.) and Bob Menendez (D-N.J.) this week urged U.S. Department of Commerce Secretary Gina Raimondo and U.S. Trade Representative (USTR) Katherine Tai to prioritize lumber tariff relief … Continue reading Thune, Menendez Urge Administration to Prioritize Lumber Trade to Improve Housing Costs
Senator Mike Braun is introducing “The Braun Budget” – a balanced federal budget designed to throw the brakes on out-of-control government spending, fight inflation by bringing expenses and revenue into balance over 10 years, and unleash American prosperity by making the Trump tax cuts permanent. Under to Congressional Budget Act, if the Senate Budget Committee fails … Continue reading Senator Braun introduces balanced federal budget to fight inflation, unleash prosperity
House Budget Committee Republican Leader Jason Smith (MO-08) released the following statement after the Consumer Price Index showed inflation at a forty-year high of 9.1 percent and rising 13.8 percent since President Biden took office: “President Biden’s inflation crisis is sending America hurtling towards a recession after turning the American Dream into an unaffordable nightmare … Continue reading As Biden’s Inflation Crisis Pushes America Toward Recession, Democrats Scheme on Higher Taxes & More Spending
Sen. Chuck Grassley (R-Iowa), a lifelong farmer and member of the Senate Agriculture Committee, joined Sen. Roger Marshall (R-Kan.) and nearly two dozen of his colleagues in urging President Biden and his administration to reverse policies that will drive fertilizer prices even higher. Many agricultural inputs have been impacted by 40-year high inflation, including fertilizer. … Continue reading Senators Demand Biden Relax Trade Taxes On Fertilizer
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