Laura Litvan

The West Virginia Democrat told Senate Majority Leader Chuck Schumer he wouldn’t agree to an economic package before an August congressional recess.

A Senate plan to expand taxes on some businesses to bolster Medicare raised alarms about inflation, potentially complicating Democrats’ attempt to pass a broad economic package.

The state and local tax deduction issue threatens to spark a showdown among Democrats as high-stakes Senate talks inch closer to a deal on President Biden’s economic agenda.

A Treasury inspector general will review why two former FBI officials who ran afoul of former President Donald Trump were subjected to rare and detailed tax audits.

Sen. Joe Manchin said Tuesday he’s not in talks with the White House or top Democrats on reviving President Biden’s $2 trillion tax and social spending agenda.

One key holdout — Senator Joe Manchin — said he’s skeptical he can vote for a bill that includes major economic changes.

The goal is increasingly challenged by competing priorities that include raising the debt ceiling and the divisions in the party over the massive tax and spending plan.

Despite a host of issues, they aim to vote this week on the roughly $2 trillion tax and spending bill.

Congressional Democrats floated fresh proposals on how to increase the federal deduction on state and local taxes, but House and Senate lawmakers were at odds over whether the very rich should be allowed to take the tax break.

The outline of the tax and spending bill provided a breakthrough after a long standoff between moderate senators and progressive Democrats.

Some House lawmakers raised doubts about the terms of the deal and whether differences could be resolved in the next few days.

Hikes in the top tax rates are off the table, although a “billionaire’s tax” on unrealized capital gains is under discussion.

There is increased momentum for an income tax on $1 billion or more in annual income, or three consecutive years of $100 million or more in income.

The Arizona Democrat — who has opposed raising rates on corporations and individuals — will back ways of increasing revenue from domestic corporations, global companies, high net-worth individuals and through tax enforcement.

While the immediate threat of a default would recede, the deal would merely delay the fight to December.

Manchin said any new programs should be means-tested and that the tax offsets should include elimination of the carried-interest provision that especially benefits private equity firms.

The specific tax hikes remain to be detailed, as does any move to suspend or expand a $10,000 SALT cap.

After early progress in the Senate, the administration's plans now face a crucial test this week in the House.

Among the unresolved issues is how to modify a provision dealing with reporting requirements for cryptocurrency transactions.

The $550 billion infrastructure bill that would provide the biggest infusion of federal spending on public works in decades.