Finance, investment and tax-related legislation

Two senior Democrats are proposing a bill that would go further than President Joe Biden’s plan and potentially raise quadruple the revenue.

Senators Ron Wyden and Pat Toomey are drafting a proposal to overhaul a cryptocurrency provision in the $550 billion bipartisan infrastructure bill that traders and investors have criticized as being overly broad and impractical.

A Senate plan to spend $550 billion on U.S. infrastructure stands to benefit industries heavily dependent on transportation.

The $550 billion infrastructure bill that would provide the biggest infusion of federal spending on public works in decades.

A Senate proposal to ramp up IRS surveillance over cryptocurrency transactions claims it will $28 billion in tax revenue.

New York City mayoral candidate Eric Adams told a group of House lawmakers that the limit on the state and local tax deduction is harming the city.

The Senate’s bipartisan deal would impose stricter rules on cryptocurrency investors to fund a portion of the $550 billion investment.

Democrats are also uniting behind a plan to muscle through a broader budget resolution to carry the party’s priorities.

Two lawmakers in the House reintroduced bipartisan legislation Wednesday to change a provision in the Tax Cuts and Jobs Act that makes it difficult for performers to deduct business expenses.

The agreement marks a significant breakthrough in the drive to muscle through Congress a massive infusion of new spending for roads, bridges and other critical projects.

The negotiations have blown past several deadlines despite persistent expressions of optimism from lawmakers in both parties that they were close to an agreement.

Former Treasury officials say both parties should agree to increase money for the agency.

Finishing a bipartisan plan is pivotal to getting all Democrats on board with a budget outline setting up a $3.5 trillion package.

Accounting gimmicks may be needed to keep the federal government from defaulting.

The Senate Finance Committee chairman's legislation would streamline the 199A deduction for qualified business income, allowing accountants, lawyers, doctors and others to qualify, but phasing out above $400,000.

So far, the Speaker of the House has been relegated to the sidelines in the stalled Senate debate over a $3.5 trillion budget blueprint.

The bill would expand eligibility for the “pass-through” deduction to lawyers, accountants or doctors making above certain income thresholds.

The Senate Majority Leader will take a preliminary step Monday that would lead to a first test vote on the infrastructure plan by Wednesday. He set the same day as a deadline for all Senate Democrats to unite behind a budget blueprint.

The increased funding for the IRS as a way to boost tax revenue was dropped after it emerged that Democrats intend to include the measure in their bigger budget bill.

Democrats may include at least a partial expansion of the state and local income tax deduction in the $3.5 trillion budget outline that Senate Democrats agreed upon this week.