Biden Administration

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.

Michigan Democratic Senator Debbie Stabenow is pushing for last-minute changes to stringent new electric-vehicle tax-credit limits in her party's tax and spending deal amid a pressure campaign from the auto industry.

The Arizona Democrat, a pivotal vote in the Senate, is asking to drop a provision from the bill that would scale back a tax break for fund managers, known as carried interest.

The bill would impose a 15% minimum tax on large corporations, beef up tax audits and force drug companies to offer Medicare lower prices.

The Treasury Secretary waded into the congressional debate over proposed economic and climate legislation.

The Joint Committee on Taxation found that some middle- and low-income households could pay $16.7 billion in additional taxes next year as a result of the draft bill.

Now that Senator Joe Manchin is on board with a $433 billion tax and climate bill, Democrats, Republicans and the private equity industry all are trying to suss out where the Arizona lawmaker stands.

The Byrd rule allows individual pieces of a measure to be challenged on the grounds that they are incidental or extraneous to the budget.

About half of a new alternative corporate income tax would be paid by companies that self-identify as manufacturers.

Sinema has expressed opposition to ending the carried-interest tax break used by private equity and hedge fund managers to lower their tax bills.

The legislation would reinstate and increase a long-lapsed tax on crude and imported petroleum products to 16.4 cents per gallon.