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.

This week’s finance ministers’ meeting may help lead to a broader deal in July or October.

The legislation would overhaul the current menu of energy tax breaks, consolidating credits for renewable energy sources and offering incentives to any energy source that has no carbon emissions.

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 senator is proposing to nearly triple the IRS’s budget to help identify wealthy individuals who are evading taxes.

Signs are mounting that anxiety among congressional Democrats will significantly temper any increases that manage to pass Congress.

Treasury Secretary Janet Yellen’s team has proposed a 15% global minimum corporate tax in international negotiations aimed at ending competition to lure companies through cheap rates, which then end up eroding government revenues.

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.

The Biden administration’s proposal to dramatically expand the inheritance tax bill for wealthy Americans is running into some headwinds with Democrats on Capitol Hill, showcasing nervousness about the scope and size of elements of the White House’s ambitious tax plans.

This season may be just a harbinger of difficult tax seasons to come.