Biden Administration

President Joe Biden is looking at higher taxes to help pay for a long-term economic program designed as a follow-up to his pandemic-relief bill.

The Internal Revenue Service said Friday that the third round of Economic Impact Payments will begin hitting taxpayers’ bank accounts as early as this weekend.

The president's first major legislative achievement will offer aid to tens of millions of individuals, businesses, and state and local governments.

President Biden signed the American Rescue Plan Act into law Thursday, triggering the release of $1,400 Economic Impact Payments along with tax breaks for stimulating the economy.

Households will begin receiving the $1,400 stimulus payments included in the pandemic-relief bill approved by Congress before the end of March, according to the White House.

The legislation includes a massive, one-year expansion to the child tax credit program aimed at curbing child poverty, a change Democrats are already seeking to make permanent.

President Joe Biden’s $1.9 trillion COVID-19 relief bill cleared its final congressional hurdle Wednesday, with the House passing the bill on an 220 to 211 vote, sending it to the president for his signature.

The House is poised to send the $1.9 trillion COVID-19 relief plan to President Joe Biden for his signature, providing an economic boost that will last long after $1,400 stimulus checks start arriving in Americans’ accounts this month.

President Joe Biden is on the cusp of his first legislative win with the House ready to give final passage to his $1.9 trillion COVID-19 relief plan. It includes a big expansion in the child tax credit and makes student loan forgiveness tax free.

Senate Democrats passed the latest version of the $1.9 trillion stimulus bill after a more than 24-hour voting session that included the longest single vote in the chamber’s history.

The Senate enters the final stages of debating President Joe Biden’s $1.9 trillion pandemic relief bill on Thursday, with passage in the chamber likely pushed off until the weekend.

In a court filing Wednesday, the Treasury Department and the Justice Department said they were still weighing how to respond to a subpoena by House Democrats.

Senate Democrats are jettisoning a proposal to penalize corporations that don’t raise the minimum wage for their lowest-paid workers in an effort to keep President Biden’s broader stimulus plan on track.

The U.S. has dropped a key demand in negotiations over digital taxation of technology companies such as Alphabet Inc.’s Google and Facebook Inc., lifting a barrier that had raised transatlantic trade tensions and prevented an international deal.

A fresh initiative in the U.S. Senate to put a tax penalty on big companies as a way of forcing higher minimum wages prompted a skeptical reaction among economists including a top adviser to former President Barack Obama.

The House passed President Joe Biden’s $1.9 trillion pandemic-relief plan, spanning $1,400 stimulus checks, enhanced jobless benefits and fresh funding for vaccines and testing. Also included: a minimum-wage measure with no prospects of passing in the Senate.

The uncertainties in the year ahead are making it difficult for corporate tax executives to decide exactly what to do, given the challenges surrounding COVID-19.

Two Senate committee chiefs are looking at ways to raise taxes on companies paying workers less than $15 an hour, as part of a new strategy to include President Joe Biden’s push to boost the minimum wage to that level in his COVID-19 aid bill.

Senate Majority Leader Chuck Schumer is weighing adding a provision to the $1.9 trillion COVID-19 relief plan that would put a penalty tax on big companies that don’t pay workers at least $15 an hour, a Democratic aide said on condition of anonymity.

The Biden administration will give exclusive access to the Paycheck Protection Program to the nation’s smallest businesses for two weeks as part of a broader effort to steer federal aid to the most vulnerable parts of the economy.