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Taxes & Budget

Coverage of the national budget and your taxes.

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Democrats’ defense bill challenge Trump on many fronts

- The Washington Times

The new Democratic majority on the House Armed Services Committee has released its first blueprint for the nation’s defense budget, a $733 billion authorization bill for the Pentagon for the coming fiscal year that blocks any funds for President Trump’s border wall, puts new restrictions on the Guantanamo terrorist detainee prison, and includes no money for Mr. Trump’s proposed Space Force.

In this May 22, 2019, photo, farmer Tim Bardole pauses for a photo as he plants a field near Perry, Iowa. Donald Trump won the presidency by winning rural America, in part by pledging to use his business savvy and tough negotiating skills to take on China and put an end to trade practices that have hurt farmers for years. While the prolonged fight has been devastating to an already-struggling agriculture industry, theres little indication Trump is paying a political price. (Zach Boyden-Holmes/The Des Moines Register via AP)

Trump’s trade war with China puts farm vote at risk

- The Washington Times

President Trump’s decision to lift steel tariffs on Canada and Mexico while postponing a fight with the European Union over auto imports leaves him free to focus on China — an escalating trade war in which both sides are digging in.

Treasury Secretary Steve Mnuchin testifies about the budget to a Financial Services and General Government subcommittee, Wednesday May 15, 2019, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)

Mnuchin says Congress will have to sue to get Trump taxes

- The Washington Times

Treasury Secretary Steven Mnuchin said Wednesday that Congress and the administration have different interpretations of the law regarding Congress’s access to tax returns, and he said if Democrats want President Trump’s returns they’ll have to get the courts to force the release.

In this Jan. 15, 2019, file photo, New York State Sen. Brad Hoylman, addresses members for the Senate at the state Capitol in Albany, N.Y. The Manhattan Democrat is one of the main sponsors of a bill that would allow congressional investigators to get access to President Donald Trump's state tax returns, giving Democrats a potential end-run around the administration's refusal to disclose the president's federal returns. The bill is expected to come up for a vote before the New York Senate on Wednesday, May 8, 2019. (AP Photo/Hans Pennink, File)

New York Senate OKs giving U.S. House Trump state tax return

- Associated Press

New York’s Democrat-controlled Senate approved a bill easily Wednesday that would allow three congressional committees to get access to President Donald Trump’s state tax returns, giving Democrats a potential end-run around the administration’s refusal to disclose the president’s federal returns.

Surprise threat from Trump to raise tariffs sinks stocks

- Associated Press

U.S. stocks fell in morning trading Monday, following a sell-off in Europe and Asia, after President Donald Trump threatened to escalate a trade war between the world’s two largest economies.

People walk past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Monday, May 6, 2019.  Shares tumbled in Asia early Monday after President Donald Trump threatened in a tweet to impose more tariffs on China, spooking investors who had been expecting good news on trade.(AP Photo/Vincent Yu)

Markets swoon after Trump threatens to hike China tariffs

- Associated Press

Stock markets around the world, particularly in Asia, fell sharply Monday after U.S. President Trump threatened to increase tariffs on imports from China at a time when many investors were banking on an easing in trade tensions between the two countries.