Biden Administration

The chair of the Ways & Means Oversight subcommittee sent a letter asking for details from the IRS on how it will enforce tax law with new funding.

The research and development tax credit for startup businesses is going from $250,000 to $500,000 per year.

The strategic plan will provide a roadmap for what has been the largest dedicated funding stream provided to the IRS in decades.

One of the world's richest men felt he had to give one of the nation's most powerful lawmakers a little pep talk.

The moment Biden signed the bill was effectively the starting gun for a race to write new policies to implement its clean energy tax credits, climate programs and environmental mandates.

The 45L tax credit expired at the end of 2021, leaving homebuilders waiting for its renewal.

The president is expected to sign the bill this week but hold a celebration in Washington on Sept. 6, after lawmakers have returned from their summer recess.

House Democrats delivered the final votes needed on a slimmed-down version of their tax, climate and drug price agenda.

Republicans and Democrats have been sparring over whether the extra funding will be used to audit low-income and middle-class taxpayers.

Lesser known provisions may lead to a kind of tax on carbon dioxide and methane emissions for the first time in the U.S.

Former Treasury Secretary Lawrence Summers criticized the stripping of a global corporate minimum tax from the recent tax-and-climate change bill.

About $222.2 billion of the increase on businesses will come from a new corporate minimum tax that requires companies with at least $1 billion in profits to pay a minimum of 15%.

House Democrats who had threatened to block President Biden's tax and climate plan unless it also expanded the deduction for state and local taxes are signaling they'll back the legislation.

After more than a year of stop-and-start negotiations, Democrats agreed to a narrow bill to invest in energy initiatives, curb drug prices and reduce the deficit, paid for by new corporate taxes.

President Joe Biden and Senate Majority Leader Chuck Schumer are the biggest winners now that a huge piece of Democrats' economic agenda is hurtling toward enactment.

The legislation aims to prevent large corporations from exploiting tax breaks to pay little if any tax, and it would allow Medicare to negotiate drug prices for the first time.

A top Democrat pushing for a new minimum tax on companies invoked fresh data showing more than 100 profitable U.S. corporations paying an average tax rate of just 1.1% as a showcase for the initiative.

The path was nearly cleared for one of the cornerstones of President Joe Biden's domestic agenda after Democrats agreed on a revised version of their tax and climate bill.

Included in the $433 billion Inflation Reduction Act is a 10-year production tax credit for nuclear energy producers.

The Senate Democrats' tax, climate and drug-price bill would reduce federal deficits.