Laura Davison

The Senate Budget Committee chairman wants to raise the corporate tax rate to 35 percent.

U.S. taxpayers face the risk of delayed tax refunds as the agency struggles to work down a backlog of returns from last year, according to a watchdog report.

The Treasury Secretary said the limitation on state and local tax write-offs causes 'disparate treatment' across taxpayers.

Democrats will likely prove successful in raising individual income tax rates and in strengthening audits of wealthy Americans as they work on overhauling the U.S. Tax Code in coming months.

The Biden administration said in a response to concerns raised by Republicans that state governments accepting pandemic-relief money from Washington are allowed to cut taxes, but only if they don’t use the federal aid to offset those reductions.

The IRS will automatically process refunds for individuals who paid taxes on their unemployment benefits before Congress passed a law making those payments tax-free, Commissioner Chuck Rettig said.

The Internal Revenue Service’s delay of the April 15 tax-filing deadline to May 17 gives taxpayers an additional month to file returns and pay any outstanding levies.

The Treasury Department and Internal Revenue Service have distributed more than half of the $410 billion in stimulus payments to individuals that Congress approved earlier this month.

Auditors were only able to recoup about 39 percent of the more than $4 billion in unpaid taxes owed by a group of rich taxpayers with an average annual income of nearly $1.6 million.

President Joe Biden is looking at higher taxes to help pay for a long-term economic program designed as a follow-up to his pandemic-relief bill.