Christopher Condon

The Treasury secretary suggested that if Congress were to pass a capital-gains tax hike effective starting in April 2021, that wouldn’t count as a retroactive increase.

President Joe Biden’s pick to lead the Treasury Department’s tax policy efforts pledged to work with lawmakers on a bipartisan basis and be a strong advocate for the Internal Revenue Service.

The U.S. Treasury Department estimated that wealthy taxpayers as a group are hiding billions of dollars of income, a conclusion that aims to bolster the Biden administration’s call for Congress to approve expanded IRS funding and broad new financial-transaction reporting requirements.

The Biden administration is also calling for banks to report on account flows to help boost tax-payment compliance.

Business groups were unmoved by the Treasury Secretary’s call for U.S. companies to accept higher taxes in return for a huge public investment in infrastructure aimed at boosting the American economy.

The Treasury secretary says the plan aims to remove incentives for companies to shift investments and profit abroad and raise more money for critical needs at home.

The Treasury secretary outlined the case for a harmonized corporate tax rate across the world’s major economies.

Progressives are eyeing tax measures including an increase in the capital-gains levy.

Janet Yellen won confirmation to become U.S. Treasury secretary, building out President Joe Biden’s team as the administration struggles to win bipartisan support for a $1.9 trillion COVID-19 relief plan for shoring up a weakening economic recovery.