Deficits

The International Accounting Standards Board is facing the prospect of a substantial deficit estimated at £5 million ($6.5 million).

A so-called corporate head tax is "on the table" as officials look for funds to help close back-to-back yearly shortfalls topping $1 billion.

President Donald Trump's recently enacted tax and spending law will add $3.4 trillion to U.S. deficits over a decade and leave millions without health care coverage, according to a new estimate from the nonpartisan Congressional Budget Office.

GOP senators voted in favor of the plan to count the extension of Trump's 2017 tax cuts as costing nothing by using an unprecedented accounting maneuver.

From an accountant's perspective, the trade deficit isn't a sign of economic weakness. As with any financial flow, there are two sides to the ledger.

Senate Republicans are aiming to wipe away budget red ink from the GOP's signature tax-and-spending bill with an unprecedented parliamentary maneuver.

New estimates from the Congressional Budget Office incorporate the broader impact the legislation would have on the economy and federal budget.

The world's richest man is declaring his opposition to tax legislation that's the centerpiece of Trump's domestic agenda.

Musk described the bill as a budget-busting "disgusting abomination." as Republican fiscal hawks stepped up criticism of the massive fiscal package.

Prospects for an even more dire U.S. fiscal trajectory threaten to stoke concerns about the bill among GOP fiscal hawks.

U.S. taxes are likely to rise as lawmakers look to narrow the federal deficit, Warren Buffett said, as Washington prepares for major tax negotiations next year.

The Council of Economic Advisers said a reduction in revenues from capital gains taxes has played a notable role in the widening deficit.

The Treasury Department, based on fresh tax revenue data, is set to release an updated estimate of the "X date" when the U.S. can no longer meet its obligations.

The bill contains a 25% tax credit for semiconductor manufacturing — the source of the revenue loss.

The federal government’s deficit has shrunk by some $1.57 trillion, driven by record receipts from a strong economy and a slowdown in spending.

Biden’s 10-year outlook still would rack up $14.4 trillion in deficits — most of it on autopilot — even after accounting for that $1 trillion in net deficit cuts from new policies like tax increases on the wealthy and corporations.

Even before the start of the coronavirus pandemic, the federal government was facing dire financial conditions, with its overall financial condition worsening by $8.16 trillion in 2019, according to a new analysis.

The American Institute of CPAs is supporting a new bill requiring the Comptroller General to present a Financial Report of the United States to all members of Congress.

The majority of the U.S.’s 75 most populous cities lack enough funds to pay their bills, but the remaining 12 have budget surpluses, according to a new report.

The federal government is taking in less money but can’t tell if the shortfall is tied to the 2017 tax cuts or other factors like trade uncertainty, the Congressional Budget Office said in a letter.