Laura Davison

The private equity industry is trying defend a cherished tax break that Democrats have targeted for elimination.

A rare show of bipartisan unity unfolded Tuesday, with 18 lawmakers making the case for an expansion of the state and local tax deduction.

The service is gearing up for a potentially massive tax-enforcement push if Congress passes a plan including $40 billion to expand audits on the wealthy.

Senate Budget Committee Chairman Bernie Sanders is proposing to partially revive the federal deduction for state and local taxes in an draft outline of a budget resolution designed to fast-track much of President Joe Biden’s economic agenda.

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.

Representative Tom Suozzi, one of the leaders in Congress behind the push for an expansion of the state and local tax deduction, is considering proposing a one-time wealth tax on the richest Americans.

The disclosure of the personal income and tax data of some of the wealthiest Americans has been referred to additional federal investigators.

Mitt Romney is helping lead lawmakers in creating a new proposal to present to the Biden administration.

The leaders of the biggest Western economies are expected to endorse a plan that focuses on super-wealthy individuals and businesses.

The proposal sets aside the Biden administration’s proposal to raise the headline corporate income rate to 28% from 21% — a non-starter for Republican lawmakers — though that could be pursued elsewhere.