Tax reform

The near doubling of the capital gains tax rate would have a large impact on the net profit from any sale of any capital asset.

Senate Budget Committee Chairman Bernie Sanders is proposing to partially revive the federal deduction for state and local taxes in an draft outline of a budget resolution designed to fast-track much of President Joe Biden’s economic agenda.

The president’s plan for trillions in proposed spending and tax increases is likely to take at least until September to clear.

The Biden administration’s proposal to impose a global minimum tax on corporations has been provoking opposition in Congress, with Republicans advocating user fees instead to pay for infrastructure improvements.

The Treasury secretary suggested that if Congress were to pass a capital-gains tax hike effective starting in April 2021, that wouldn’t count as a retroactive increase.

Mitt Romney is helping lead lawmakers in creating a new proposal to present to the Biden administration.

The proposal sets aside the Biden administration’s proposal to raise the headline corporate income rate to 28% from 21% — a non-starter for Republican lawmakers — though that could be pursued elsewhere.

The American Jobs Plan would take taxes on GILTI through the roof.

Contrary to the dire predictions at the time, the massive overhaul of the nation’s Tax Code during Donald Trump’s presidency had a negligible initial impact on the nation’s domestic migration patterns, new data from the Internal Revenue Service show.

The so-called 1031 like-kind exchange rule was created a century ago to aid family farmers.