New from me today: Given everything, it feels strange to write about Democrats’ debate over what to put in a 2029 reconciliation bill. But it’s happening already. Can Dems raise $1T or $2T or $5T in revenue? And which policies get first priority? www.wsj.com/politics/pol...

JCT is live streaming its 100th birthday celebration on March 4. (I'm on the panel) www.jct.gov/live-stream/

I’ve got a fun one this morning. If you saw what you thought was a surefire money-making opportunity to go all-in, would you do it? Alan Cole did, and here's what happened: www.wsj.com/finance/inve...

New: The first batch of IRS filing season data is up. www.irs.gov/newsroom/fil... www.wsj.com/livecoverage...

New from me: The updated CBO baseline is out and there's a lot of red ink. www.wsj.com/politics/pol...

New from me: Trump's tax law was a big win for Amazon. The company's US profit went up and its US taxes went down. www.wsj.com/business/tru...

New from me: The fight over shaping the school-choice tax credit is happening. Among the big questions is how much state control and regulation there will be. www.wsj.com/politics/pol...

New from us: Trump's tax-disclosure lawsuit against the government he runs is mind-bending. He supervises the private attorneys demanding at least $10 billion in damages--and also the government attorneys authorized to settle the case and pay him with federal money. www.wsj.com/us-news/law/...

Yes. The tax code section in question -- 7431 -- specifically authorizes suits against the government for taxpayer privacy breaches when an officer or employee of the US is at fault.

Here's our updated full story on Trump suing the government he runs and demanding $10 billion. Tax code Sec. 7431 in the spotlight and all sorts of complicated questions looming for Treasury/IRS/DOJ. www.wsj.com/politics/pol...

Global minimum tax is getting real -- like basically erasing the GE Aerospace special tax rate in Singapore. www.wsj.com/livecoverage...

New from us: It's not just tax season. It's 10-K season too. And this year, we're getting more granular information on where companies paid cash taxes. First up with the new-style disclosures are Netflix, Intel and SLB. www.wsj.com/articles/com...

Tax season is here, featuring much larger expected refunds. That was an intentional strategy by Republicans to draw attention to their tax cuts, to make voters notice that they're getting something. Will it work? My story: www.wsj.com/politics/pol...

1 and 2 are especially interesting. 3, I would think we would have seen in share-price declines?

Some 👀revenue numbers here. Non-withheld individual income tax collections, including the Jan. 15 estimated payments, up 52% over January 2025. Theories welcome and encouraged! www.wsj.com/livecoverage... via @wsj

The U.S. threatened to walk away from the global minimum corporate tax deal. It stayed -- and won concessions for U.S.-based companies. My latest: www.wsj.com/politics/pol...

New from me: New from me: The IRS is taking a $16 billion shot at Meta Platforms' Irish tax maneuvers. The government is using a novel approach, continuing a legal fight with the company that's dragged on for nearly a decade. www.wsj.com/politics/pol...

We're seeing the OBBBA showing up in corporate tax receipts data. www.wsj.com/livecoverage...

Tax video! Here's my piece of the WSJ's video series on Trump's year. www.wsj.com/video/how-bu...

Treasury released final designs of special quarters celebrating the nation's 250th birthday. They altered a prior plan honoring major movements during U.S. history. Out: Abolition, suffrage, civil rights. In: Mayflower Compact, Revolutionary War, Gettysburg Address. www.wsj.com/politics/pol...

EXCLUSIVE: Federal tax prosecutions fell to their lowest level in decades this year, declining more than 27% from the year before as the Trump administration cut the ranks of attorneys and agents who pursue those cases, a Reuters examination has found. www.reuters.com/world/tax-pr...

The U.S. is -- still -- a low-tax country. Latest data show OECD tax levels hitting a record high as the U.S. stays flat: www.wsj.com/livecoverage...

Don Korb was this close to becoming IRS chief counsel again. Trump just pulled the plug on his nomination. My latest: www.wsj.com/politics/pol...

Greetings from Philadelphia, where I watched the production of the final five pennies. They're headed for an auction, not your sock drawer. www.wsj.com/articles/wit...

New from me: The corporate tax cuts from this year's law are running into a roadblock -- the 2022 corporate minimum tax. Companies (Meta, Qualcomm) are disclosing billions of dollars in tax breaks they can't use. And there's pressure on Treasury to ease the rules. www.wsj.com/politics/pol...

New from me: Documents show how sweeping a request ICE made for IRS tax records -- and how IRS pushed back until the resulting handover was much, much narrower. www.wsj.com/politics/pol...

The SALT cap is now $40,000, but it shrinks very quickly once income exceeds $500k. All-in marginal tax rates are over 50% in that range in some states. We go through some key tax-planning ideas: www.wsj.com/personal-fin...

Tariffs brought in record revenue in fiscal year 2025 for the U.S. government. But how much did that change the overall picture? Five takeaways from @richardrubindc.bsky.social and me today on what has changed about the federal budget—and what hasn’t. www.wsj.com/economy/tari...

New from me today: Democratic-backed tax bills introduced since OBBBA enactment have called for expanding some of Trump's "no tax on" policies. It's a nod to their popularity -- and an attempt to highlight the new law's limits. www.wsj.com/politics/pol...

If you fall into one of the new law's preferred groups, you can go quite a way up the income scale before you have to pay federal income tax. We visualized a few examples: www.wsj.com/personal-fin...

New from me today: What tax do billionaires pay? The corporate tax, which is a crucial component of the US revenue system at the very top of the income distribution, according to a new study. www.wsj.com/personal-fin...

New from me: The "no tax on overtime" deduction is big, popular -- and a little messy. Employers and workers are starting to grapple with the rules for who qualifies and who doesn't. www.wsj.com/politics/pol...

New from us today: The tax law made five separate changes that will affect incentives for charitable giving. How will that all shake out? www.wsj.com/politics/pol...

New from me: US exporters -- particularly those with factories and research expenses -- scored a big win in the tax law. www.wsj.com/politics/pol...

We're doing a live Q-and-A today on the recent WSJ poll, including Americans' dim views of the new tax-and-spending law. Lob in your questions now: www.wsj.com/politics/pol...

IG update: As of May, IRS workforce was down 25% from this year's 103,000 starting point. Pretty even spread over job types, including a 26% decline in revenue agents (auditors). Here are all the details: www.tigta.gov/sites/defaul...

CBO current policy (CP) score is useful for the pattern. You see expanded tax cuts happen first (deficits up against CP by $597B in 26-29). Those expire and spending cuts come ($936B deficit reduction against CP in 30-34). Unless Congress extends "no tax on" & cancels spending cuts.

New from us: The tax law retools Opportunity Zones, trying to push more money into rural areas largely left behind by a program for left-behind areas. www.wsj.com/politics/pol...

So post-enactment, the current policy baseline is no longer current policy. Are we calling it: --Baseline formerly known as current policy --The then-current policy baseline --Prior policy baseline None of those are particularly fun and/or clear.

First time I think I've gotten Zeus into a budget story. www.wsj.com/politics/pol...

The school-voucher/scholarship tax credit in the GOP tax bill is unlike any other tax break. Our story: www.wsj.com/politics/pol...

All the noise about the SALT cap is around $10k, $30k, or $40k. But there are a ton of dollars in the much messier and more technical debate about cap workarounds for businesses. www.wsj.com/politics/pol...

New from us today: A visual look at how and why the US turned from budget surpluses to deficits over the past quarter-century. www.wsj.com/politics/pol...

CBO says the House GOP megabill gets more expensive when economic effects are included. Our new story: www.wsj.com/politics/pol...

First WSJ take on the Senate tax/health text. More to come: www.wsj.com/politics/pol...

Thanks to @richardrubindc.bsky.social for featuring this work in his recent article on the debate around the macroeconomic impacts of the OBBBA: www.wsj.com/economy/trum...

New from me: An interview with CBO Director Phill Swagel, who's bearing the brunt of Republican attacks on the budget scorekeeping agency. www.wsj.com/politics/pol...

There's noise about trying to do more spending cuts in the Senate bill. But addressing many of the senators' concerns--Medicaid cuts, IRA phaseouts, tax-cut permanence--require more money to avoid even bigger deficit increases. My latest on the $$ squeeze in the Senate: www.wsj.com/politics/pol...

Some spousal news...

New from us this morning: The version of "no tax on Social Security" in the House bill is not quite that. It's a real tax cut, for sure. That said, many people will stay pay taxes on benefits. And some who don't receive benefits will get the tax cut. www.wsj.com/personal-fin...