Biden Administration

Senate Democrats detailed their proposed levy on the ultra-wealthy, a new and logistically risky approach to taxation.

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

The Senate Republican leader ridiculed a tax plan targeting the unrealized capital gains of the ultra wealthy as a “harebrained scheme.”

President Biden will likely be unable to keep one of his key campaign promises because of unyielding resistance among even some in his own party to raise taxes.

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.

President Joe Biden’s acknowledgement that he doesn’t have sufficient Senate Democratic backing for his proposed increase in the U.S. corporate tax rate gives fresh impetus to efforts by negotiators to find alternative revenue sources for a sweeping social-spending bill.

Democratic negotiators have been working to address opposition from Senator Kyrsten Sinema, an Arizona moderate, to boosting rates.

They're exploring alternatives after months of focusing on proposals to increase tax rates on income and capital gains.

Congressional Democrats are at odds over President Biden’s economic agenda, even as party leaders aim to have a deal outline by the end of the week.

The spending package could still include a measure to expand or temporarily remove the cap on the deduction on state and local taxes.

Lawmakers are rejiggering the proposal after a wave of criticism by Republicans and bank lobbyists.

The proposal is the result of weeks of talks between Democrats about how to scale back an idea first floated by Treasury officials.

The Democratic Senator said there’s little chance that Congress can complete work on President Biden’s economic agenda by the end of the month.

The lawmakers want to wait until other countries implement the proposed 15% corporate tax rate.

The plan would require financial institutions to report information about some bank accounts to the IRS.

The party’s progressives and moderates disagree over which pieces of President Biden’s agenda to pay for — and how long to pay for them.

The Biden administration said it’s close to securing agreements from a number of countries on withdrawing their so-called digital service taxes.

As governments celebrate another advance toward a global tax accord, an obscure legal question in the U.S. threatens to tear it apart.