Deficits

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.