Laura Davison

Three Democratic senators introduced legislation that would stop the tax breaks used by private equity money managers and others.

Lawmakers are considering giving the IRS additional funding and authority to expand its tax enforcement operation.

The proposed top 39.6 percent tax bracket in the administration's “American Families Plan” would encompass less than 1 percent of taxpayers.

The 10-year plan would ramp up federal support for American families, with a major expansion in spending on child care, paid leave and education.

The president’s decision threatens to complicate congressional negotiations over his sweeping new social-spending program.

President Joe Biden’s coming tax package will feature an end to a major benefit for wealthy estates that drastically minimizes the levy for inheritors, along with a bump up in the top income tax rate and funding for strengthened IRS auditing, according to a person familiar with his proposal.

The president is poised to unveil a plan that would raise taxes on the income, investments and estates of the wealthiest Americans to levels not seen in more than four decades.

The White House plans to propose almost doubling the capital gains tax rate for those earning $1 million or more, to 39.6 percent.

His plan includes a proposal to almost double the capital gains tax rate for wealthy individuals to help pay for a raft of social spending, according to people familiar with it.

Democrats are making another push for the Biden administration to include a repeal of the cap on state and local tax deductions in its long-term economic program.

Sen. Ron Wyden proposes ending existing tax breaks for fossil fuels and creating new incentives for low-and-no carbon energy sources.

President Joe Biden told a group of lawmakers that a permanent expansion could be difficult to pass the Senate.

Lawmakers should closely study the impact of the deduction before making changes, the No. 3 House Democrat James Clyburn said.

Trump’s legislative triumph has put President Biden in a bind.

Increasing funding for the IRS enforcement efforts could yield enough to pay for reinstating the full deduction.

Democratic and Republican House members are forming a bipartisan group to push for a repeal of the $10,000 cap on state and local tax deductions, demonstrating a broadening campaign to restore a valuable tax break.

The top Republican on the House Ways and Means Committee said he would leave Congress at the end of this term.

Seventeen Democrats told House Speaker Nancy Pelosi they would be ready to oppose any tax legislation that doesn't restore the break.

The new figure for the tax gap is multiples higher than previous estimates from the federal government.

States that pass tax cuts to conform with recent federal tax changes won’t run afoul of a rule that says states can’t use federal stimulus funding to pay for cuts.