Allyson Versprille

The biggest set of U.S. tax increases in a generation took a major step forward on Wednesday.

Senators Ron Wyden and Pat Toomey are drafting a proposal to overhaul a cryptocurrency provision in the $550 billion bipartisan infrastructure bill that traders and investors have criticized as being overly broad and impractical.

A Senate proposal to ramp up IRS surveillance over cryptocurrency transactions claims it will $28 billion in tax revenue.

The administration is aiming at trusts — particularly dynasty trusts, vehicles that wealthy families can use to benefit multiple generations of descendants.

Clients could end up having to pay back the money next filing season.

The Biden administration has proposed requiring the collection of data on foreign cryptocurrency investors active in the U.S., aiming to bolster international cooperation to help in a broader crackdown on tax evasion.

The dilemma represents another challenge with the special legislative process known as budget reconciliation.

The president's plan for increased tax audits of the wealthy and corporations is a major funding source for his economic-investment proposals.

The White House plans to propose almost doubling the capital gains tax rate for those earning $1 million or more, to 39.6 percent.

His plan includes a proposal to almost double the capital gains tax rate for wealthy individuals to help pay for a raft of social spending, according to people familiar with it.