Crapo: High Wholesale Price Inflation Means More Pain for Consumers
Washington, D.C.–After the Bureau of Labor Statistics released its September Producer Price Index (PPI) showing that wholesale prices rose by 8.5 percent from the previous year, higher than expected and remaining well above the long-run average of 2.6 percent, U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the following statement: “American families […]
Crapo: Stagnant Economy Needs Pro-Growth Policies
Washington, D.C.–U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the statement below following release of data on the personal consumption expenditures price index (PCE) for August, which showed that core PCE inflation increased from 4.7 percent to 4.9 percent, year over year. A third estimate for second quarter GDP was also recently released, […]
Congressional Republicans: IRS Should Extend COVID-19 Filing Deadline to Provide Taxpayers Much-Needed Relief
Washington D.C.–U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) and U.S. House Ways and Means Committee Ranking Member Kevin Brady (R-Texas) led Congressional Republicans in a bicameral letter urging Assistant Treasury Secretary for Tax Policy Lily Batchelder and Internal Revenue Service (IRS) Commissioner Charles Rettig to extend the COVID-19 related penalty deadline as taxpayers continue to […]
Finance Committee Republicans: IRS Should Use Massive Funding Boost to Fix Numerous Existing Problems
Washington, D.C.–U.S. Senate Finance Committee Republicans, led by Ranking Member Mike Crapo (R-Idaho), sent a letter to Internal Revenue Service (IRS) Commissioner Charles Rettig requesting detailed plans for how the agency will spend the massive $80 billion injection of mandatory funding recently granted to it under the Inflation Reduction Act, including how it will fix […]
Finance Committee Republicans Demand Accountability for Continued Late Release of Medicare, Social Security Trustees Reports
Washington D.C.–U.S. Senator Mike Crapo (R-Idaho), Ranking Member of the Senate Finance Committee, led Finance Committee Republicans in a letter to the Government Accountability Office (GAO) requesting the agency monitor the Managing Trustee’s flagrant disregard for statutory deadlines. Required by law, the Medicare and Social Security Trustees reports are to be issued no later than April 1, […]
Senate Republicans: Unprecedented Drug Price Control Scheme Threatens Innovation, Future Drug Costs
Washington, D.C.–Senate Republicans, led by U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho), are expressing concerns with the establishment of a permanent government price-setting program, funded by billions of taxpayer dollars, in the partisan Inflation Reduction Act, and raising questions regarding federal health agencies’ plans for program implementation. In a letter to Health […]
Crapo on Persistently High Inflation
Washington, D.C.–U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the below statement following the release of the consumer price index (CPI) for August, which came in higher than expected at 8.3 percent and remains more than double the historic long-run average of 3.3 percent. “Widespread underlying inflation is still not under control, […]
Finance Committee Republicans Introduce Bill to Protect Middle Class, Small Businesses from Supersized IRS
Washington, D.C.–U.S. Senate Finance Committee Republicans, led by Ranking Member Mike Crapo (R-Idaho), introduced a bill to prevent the Internal Revenue Service (IRS) from using its massive, $80 billion infusion of taxpayer dollars to squeeze more revenue out of American taxpayers who earn less than $400,000 per year. “Democrats cannot achieve their desired tax revenue […]
Crapo Statement on Protecting Taxpayers Earning Under $400,000 from Increased IRS Scrutiny
Washington, D.C.–U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the following statement on increased funding for the IRS included in the “Inflation Reduction Act,” and his amendment to protect small businesses and middle-class taxpayers from increased audits. “It’s clear that the President, the IRS, and the Secretary of Treasury are scrambling to […]
Crapo Votes Against Democrats’ Damaging Tax-and-Spend Bill
Washington, D.C.–U.S. Senator Mike Crapo (R-Idaho), Ranking Member of the Senate Finance Committee, today voted against the Democrats’ mislabeled “Inflation Reduction Act,” a partisan, filibuster-proof budget proposal that does nothing to bring the economy out of stagnation and recession, and instead gives Americans higher taxes, more spending, higher prices and an army of IRS agents. […]