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Schweikert in Committee: "How does this committee produce policy that says we're not going to raise taxes on working people?"
Click here or on the image above to listen to my full remarks.
The cost of the expected additional revenues from everyone with the expirations at the end of the year would be about $1,500,700 a second. This is more than just what we're going to extend in the expiring tax policies. The fact of the matter is the world we're dealing with today is different than those of us who worked on TCJA in 2017. We are now facing a movement around the world where government debt is up almost a full point since where we were in December last year.
Nearly 6 million jobs, $540 billion in wages, and $1.1 trillion in U.S. GDP are at risk if Congress fails to preserve pro-manufacturing tax policies this year, according to a just-released economic impact study conducted by EY and released by the National Association of Manufacturers.
IRS Announces January 27 Start to 2025 Tax Filing Season
In addition to Direct File and Free File, the IRS reminds taxpayers about other programs available to help taxpayers: Volunteer Income Tax Assistance/Tax Counseling for the Elderly. Taxpayers can find organizations in their community with IRS certified volunteers that provide free tax help for eligible taxpayers. A Department of Defense program, MilTax generally offers free return preparation and electronic filing software for military members, and some veterans, with no income limit.
- Highlights of other IRS changes to help taxpayers. Included among the improvements taxpayers will see during the 2025 filing season are:
- New scam alert available on Individual Online Account: To help protect taxpayers against emerging threats, there’s a new banner on the Online Account homepage that alerts taxpayers of potential scams.
- Mobile-Adaptive Tax Forms: Taxpayers can now access 67 forms on cell phones and tablets.
- Virtual assistants to help with refunds, other questions: During filing season 2025, the IRS will offer voicebot services to all taxpayers calling the IRS for refund information.
- Taxpayers should check ‘Where’s My Refund? on IRS.gov. Most refunds are issued in less than 21 calendar days. Taxpayers can use Where's My Refund? to check the status of their 2024 income tax refund within 24 hours of e-filing. Refund information is normally available after four weeks for taxpayers who filed a paper return.
- Choose a trusted tax professional. More than half of all tax returns are expected to be filed this year with the help of a tax professional, and the IRS urges people to use a trusted tax pro to avoid potential scams and schemes. Taxpayers can use the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications to find trusted professionals.
The Get Ready page on IRS.gov highlights steps taxpayers can take now to streamline the filing process and interact with the IRS before, during and after filing their federal tax return.
Health is Wealth: 2025 Recipes from The Juice Lady
Beet, Coconut, and Lime Soup
Ingredients
1 tbsp coconut oil
1 yellow onion, chopped roughly
2 large beets, scrubbed and cut into 1″ pieces
6 cups water or vegetable stock
3 tbsp apple cider vinegar
2 cloves garlic, minced
3 inch-chunk ginger, minced
1 tbsp coriander seed, freshly ground
2 tsp cumin seed, freshly ground
1 tsp black pepper, freshly ground + more to taste
1 tsp sea salt or more to taste
2 tbsp cashew or almond butter
2 cups full fat coconut milk
1 tbsp lime juice + more to squeeze on top as desired
Garnish with chopped cilantro
Garnish with chopped cilantro
Instructions
1. Over medium high heat, add the oil and chopped onions to a large soup pot and cook until the onions start to brown and become translucent, stirring occasionally.
2. Add the beets, water or vegetable stock, apple cider vinegar, garlic, ginger, coriander, ground cumin, black pepper and salt. Cover the pot and bring to a low boil until the beets are fork tender, 10-15 minutes. Turn off the heat and add nut butter, coconut milk and lime juice. Use an immersion blender on high to blend the soup until smooth and creamy, or blend the soup in batches in a high powered blender until smooth. Taste and adjust salt/pepper as you like.
3. To serve, garnish with chopped cilantro and a drizzle of coconut milk. Serve hot and squeeze lime juice over top as desired.
**A note from the nutritionist: "Studies have shown that beets, and particularly beet juice, can lower blood pressure. This is due to the beets’ high nitrate content, which converts to nitric oxide. Nitric oxide relaxes and widens blood vessels, which can help to lower blood pressure." -Cherie Calbom, MS
What I’m Reading & Why It Matters
The McKinsey report highlights the economic challenges posed by declining birth rates in the world’s wealthiest economies, which may require significant increases in productivity growth to maintain living standards. For example, the UK, Germany, Japan, and the US would need to double productivity growth to match GDP per capita growth seen since the 1990s, while countries like Spain and Italy would need even larger increases. With two-thirds of countries now experiencing birth rates below the replacement level, governments face rising costs associated with aging populations, including housing and childcare, while fewer young people are entering the workforce. The report stresses that no single solution exists, and a combination of longer working lives, increased labor force participation, and higher productivity is essential. However, despite hopes that AI and robotics could boost productivity, current trends show stagnation in European productivity, making urgent demographic and economic reforms crucial to avoid long-term decline.
This study examines the U.S. federal debt's rapid growth, its causes, and potential solutions, finding that deficits are projected to remain unsustainably high despite recent fiscal reforms like the 2023 Fiscal Responsibility Act. Rising debt is driven by mandatory spending on programs like Social Security and Medicare, growing interest payments, and insufficient revenue growth. Internationally, successful debt reductions have relied on spending reforms rather than tax increases, minimizing economic disruption and ensuring lasting results. Current projections suggest U.S. debt will exceed historical highs, creating risks such as high inflation, interest rates, and financial instability. Addressing these challenges will require comprehensive reforms to spending programs, tax policies, and the budget process to stabilize the debt-to-GDP ratio. |