Biden Administration

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.