Treasury Secretary John Snow told the House Budget Committee that the Bush administration's proposed budget is the result of a focus on priorities while looking for savings in every agency. "I think you'll find that it exhibits a dedication to fiscal discipline, transparency and economic growth," he said. "This administration appreciates that cutting taxes and exercising fiscal discipline must go hand in hand. We appreciate that this is the people's money with which we are dealing, and that we work for the taxpayers." Snow acknowledged that, in the short run, tax cuts might have a negative impact on budgets and deficits. However, he said, growth, rather than higher taxes, is the answer. "Treasury receipts are rising in the second half of calendar 2004, individual income tax revenue is up 10.5 percent versus the same period in 2003, and will continue to rise as long as we have economic growth," he said. "Let me be very clear on this: We have deficits and they are unwelcome. But we are not under-taxed and higher taxes will not be the solution to reducing deficits. Fiscal discipline, combined with economic growth, is the correct path."
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Speedy sentencing; WWTF; no longer Confident; and other highlights of recent tax cases.
8h ago -
The Internal Revenue Service and the Treasury Department released final regulations on the transfer of clean energy manufacturing, investment and production tax credits, with specific rules for partnerships and S corporations.
April 25 -
Sens. Cassidy and Warren teamed up to introduce legislation aimed at making math error notices from the IRS easier to understand.
April 25 -
A recent experiment tested different generative AI models against each other on the CPA Exam and found they each have their own strengths and weaknesses.
April 25 -
Firms must transform their business models to afford the cost of multilayered retention strategies, a new report by the Pennsylvania Institute of CPAs says.
April 25 -
The IRS has long offered alternative dispute resolution, but says use has declined in recent years, and it hopes to make it more attractive and accessible.
April 24