Laura Davison

The proposal is the result of weeks of talks between Democrats about how to scale back an idea first floated by Treasury officials.

The lawmakers want to wait until other countries implement the proposed 15% corporate tax rate.

The plan would require financial institutions to report information about some bank accounts to the IRS.

The party’s progressives and moderates disagree over which pieces of President Biden’s agenda to pay for — and how long to pay for them.

Democrats risk settling for a less generous expansion of the state and local tax deduction than previously hoped after President Joe Biden conceded that lawmakers will have to scale back his economic agenda to get it enacted.

Financial institutions aim to stop a measure that would require banks to hand over some account information to the IRS.

A new deal would up the thresholds of what triggers reporting to the IRS, according to a key House Democrat.

The 400 wealthiest families slashed their income tax to an average rate of 8.2% from 2010-2018 because of preferential capital gains rates.

High-earning taxpayers would face much smaller tax hikes — or even cuts — if Democrats decide to restore the federal deduction for state and local taxes in legislation that’s now moving through the House.

Fraud or improper payments accounted for more than $90 billion of the government’s emergency aid for the unemployed and small businesses.