Biden Administration

The latest version of the spending package, which is still being debated, includes a minimum tax of 15% on a corporation’s book income.

Well-off professionals in costly areas of the U.S. are set to get a windfall from competing plans to change the deduction limit for state and local taxes.

Sen. Bernie Sanders is working on a proposal to set an income threshold for an unlimited state and local tax deduction.

Legislators are anticipating the Congressional Budget Office projections, which will be released by Friday.

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

Lawmakers representing high-tax areas are pushing to make the SALT deduction on federal income taxes a priority.

A major IRS enforcement boost will likely be omitted from a forthcoming top-line revenue estimate of Democrats’ tax-and-spend package.

The bipartisan infrastructure bill that the House passed over the weekend and sent to President Biden’s desk includes some tax-related provisions, including an early expiration of the Employee Retention Tax Credit and new rules for reporting on cryptocurrency transactions.

The president described the passage of the bill a direct response to voters who handed his party defeats in state elections last week.

There were last-minute changes on modifying the SALT deduction and a provision allowing Medicare to negotiate drug prices.

The $1.75 trillion package marks a dramatic shift toward boosting support for families with children.

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.

Democrats have found new urgency to pass the roughly $1.75 trillion tax and spending plan as well as an infrastructure bill with $550 billion in new spending after being stung by a Republican sweep of statewide races in Virginia.

Moderates are echoing Senator Joe Manchin’s complaint about not knowing the full cost and economic impact of the Biden adminstration's plans.

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

Leaders of the biggest economies formally backed a plan to overhaul the way countries tax multinationals in a bid to stem rate competition.

A new round of haggling started, as they worked to fill in details and deal with last-minute attempts to restore priorities that had been left out.

Influential lawmakers still want various tax provisions in the bill.

Arizona Senator Kyrsten Sinema, a crucial swing vote for Democrats, has given the Biden administration a list of specific tax policies she will support in order to raise revenue for the social spending plan Democrats hope to pass this year.

The president’s tax agenda, crafted by experts who worked on the proposals for years and wrote books about their ideas, is getting a wholesale revamp as Democrats battle to find a program their caucus can unite behind.