Biden Administration

The lobbying comes as Democrats and the White House work to advance a new version of the so-called Build Back Better Act.

After championing a major expansion in federal aid, the president is now putting the budget deficit back in the spotlight.

Manchin doomed two pieces of the plan — ending a tax break for fossil fuels and taxing unrealized capital gains — just hours after Biden announced them.

Biden’s 10-year outlook still would rack up $14.4 trillion in deficits — most of it on autopilot — even after accounting for that $1 trillion in net deficit cuts from new policies like tax increases on the wealthy and corporations.

President Joe Biden’s plan to tax unrealized capital gains ran into opposition from key Democratic Senator Joe Manchin, likely dooming it just hours after it was sent to Congress.

Tax proposals in the Biden administration’s budget include plans to raise the corporate tax rate to 28% and to tax the unrealized capital gains of “extremely wealthy” individuals.

President Joe Biden made a fresh effort on Monday to persuade Congress to take steps to overhaul the tax code and squeeze more revenue from the largest companies and the wealthiest households.

The administration is calling for more than $2.5 trillion in tax hikes on wealthy and large corporations over a decade.

The budget calls for a minimum 20% tax rate that would hit both the income and unrealized capital gains of households worth more than $100 million.

The request will show a $1 trillion reduction in deficit spending over the coming decade, generated in part by a new tax targeting billionaires.

Build Back Better seems less and less likely, but federal taxes are still on execs' minds, according to a recent survey.

An omnibus spending bill released by congressional appropriators would reduce a budget increase for the Internal Revenue Service previously passed by the House by over half.

The Treasury has sought to reassure a group of Republican senators the agreement will have a negligible impact on U.S. tax revenue.

The president is directing government agencies to focus more on the fast-growing crypto market, from researching a U.S. digital dollar to combating illicit finance.

While the Biden administration’s Build Back Better Act remains stalled in the Senate, lawmakers may be able to advance some parts of the legislation, including tax credits for electric vehicles, solar panels and home energy efficiency that have wide appeal to voters.

His proposal includes partially rolling back the 2017 tax cuts by raising rates on upper-income Americans and corporations.

Accounting firms and their clients are growing worried about upcoming changes in the ability to deduct research and development costs and are asking Congress to do something about it.

In the State of the Union, the president pitched elements of his stalled “Build Back Better” program as a means to temper the surge in prices that’s costing him support.

President Joe Biden said the U.S. will impose sanctions on Russia that will hamper its ability to do business in foreign currencies as President Vladimir Putin’s decision to invade Ukraine sparked the worst security crisis in Europe since World War II.

Two House Democrats have a new plan to provide a more generous state and local tax deduction.