Looks like we’re headed to ~2.5% CPI inflation on the year. Graph via Kate Generelli at CRFB.org

💡 How Big is the Tax Gap? ⤵️ The net "tax gap" – the difference between taxes owed and taxes paid – was $625 billion in 2021. That's more than all current spending on #Medicaid and more than half of all corporate tax collection. Learn more: crfb.org/blogs/how-big-….

➡️ Reducing the tax gap is one of the easiest ways to raise revenue without increasing anyone’s taxes. Learn more by visiting our Tax Gap Resources page on our website: crfb.org/our-work/issue….

🚨 The United States borrowed $1.9 trillion in the first eleven months of fiscal year 2024, including $380 billion in August, according to the latest Monthly Treasury Statement from Treasury Department. The following is a statement from CRFB president Maya MacGuineas:

🚨 The CR recently introduced in the House would extend the $20.2 billion in rescissions to the IRS in this year’s appropriations bill alongside other FY 2024 appropriations. U.S. CBO estimates these cuts would weaken the agency’s tax enforcement capabilities, increase the tax

There is bipartisan interest in blowing a $200 billion hole in Social Security's deficit in order to allow double-payments for certain retirees. WEP-GPO would advance insolvency by 6 months!! via CRFB.org: crfb.org/blogs/repealin…

🚨 NEW: Members of Congress recently filed a discharge petition on a bill to repeal #SocialSecurity’s Windfall Elimination Provision (WEP) and Government Pension offset (GPO). U.S. CBO estimates the bill would add $196 billion to deficits over the next ten years and hasten Social

🚨 Removing the SALT cap would increase the cost of TCJA extension by $𝟏.𝟐 𝐭𝐫𝐢𝐥𝐥𝐢𝐨𝐧. Via CRFB.org crfb.org/blogs/salt-cap…

📰 NEW this AM in Washington Post Opinions: CRFB co-chair Mitch Daniels writes on the need to prepare for the consequences of a future debt crisis, and says a dedicated conference could help develop plans. "With debts already about to surpass the nation's entire GDP, and adding close to $2

🚨 The bipartisan Employee Retention Tax Credit Repeal Act was introduced this week by Senator Mitt Romney (R-UT), Senator Thom Tillis (R-NC), and Senator Joe Manchin (I-WV). In response to massive cost overruns and fraud associated with the pandemic-era Employee Retention Credit (ERC), the

🚨 NEW: A bipartisan House bill sponsored by Rep. David Schweikert (R-AZ), Congressman Jared Golden (D-ME), Rep. Mike Kelly (R-PA), and Rep. Glenn Grothman (R-WI), the Employee Retention Tax Credit Repeal Act, would end processing of ERTC claims after January 31, 2024. Like the Senate version introduced last week,

🚨 New overtime estimates 🚨 No taxes on *any* overtime pay would cost $𝟏.𝟕 𝐭𝐫𝐢𝐥𝐥𝐢𝐨𝐧 on a static basis and $𝟔 𝐭𝐫𝐢𝐥𝐥𝐢𝐨𝐧 in the extreme case that we give switches to hourly. With guardrails, costs could range from $300b to $5t. 1/ crfb.org/blogs/donald-t…