Biden Administration

President Joe Biden is proposing a series of tax increases on investors and top-earning Americans in his annual budget request to Congress.

The department detailed the tax provisions in the Biden administration's newly released budget plans for fiscal year 2024 on Thursday.

The Senate voted to confirm Daniel Werfel as the new Internal Revenue Service commissioner with bipartisan support.

The senator fired the latest salvo in a long-running dispute with the White House over implementation of Inflation Reduction Act provisions he authored.

The White House plans to target a series of high-profile tax breaks worth tens of billions of dollars for wealthy investors and corporations.

The president is proposing a series of tax increases on billionaires, rich investors and corporations.

His plan has little chance of becoming law, but the proposal is an important signpost for negotiations over government spending.

The vote was 50-46 to end a rule that allows retirement plans to weigh climate change and other environmental, social and governance issues in their investment decisions.

Since the beginning of this year, U.S. car buyers have been able to get a federal tax credit of up to $4,000 for the purchase of a used electric vehicle.

The administration is relaunching a popular tax break for manufacturers of solar panels, wind turbines, fuel cells and other clean energy equipment.

In his State of the Union address, the president urged Congress to approve raising taxes on wealthy taxpayers and big corporations.

The president will also call for quadrupling the levy on corporate stock buybacks during his address Tuesday.

The Biden administration will allow more crossover SUVs to qualify for the newly-revamped electric vehicle tax credit following lobbying by automakers such as General Motors Co. and Stellantis NV.

There's a catch buried in the law: Projects that don't meet certain new wage and labor requirements only get a fraction of the credit.

House Speaker Kevin McCarthy agreed as part of a deal with the Freedom Caucus to allow a vote on a bill levying a "Fair Tax."

While McCarthy offered a customary nod to hopes of cooperation with political opponents, he concentrated on unifying Republican populists by taking aim at enemies like the IRS.

Buying certain electric cars in the U.S. just got cheaper, thanks to new tax credits meant to phase out gasoline-guzzlers.

Among the items on the cutting-room floor are a deal on corporate tax breaks, including the expensing of research and development spending.

The Treasury Department announced a timeline for offering more information on some of the main tax provisions of the Inflation Reduction Act.

Chances are dimming that Congress will take up a multibillion-dollar package to renew a cluster of business tax breaks and provide a more generous child tax credit before lawmakers leave Washington for the year.