Tax planning

Tax proposals in the Biden administration’s budget include plans to raise the corporate tax rate to 28% and to tax the unrealized capital gains of “extremely wealthy” individuals.

President Joe Biden made a fresh effort on Monday to persuade Congress to take steps to overhaul the tax code and squeeze more revenue from the largest companies and the wealthiest households.

The administration is calling for more than $2.5 trillion in tax hikes on wealthy and large corporations over a decade.

The request will show a $1 trillion reduction in deficit spending over the coming decade, generated in part by a new tax targeting billionaires.

The bull market has made many wealthy clients overweight in single stocks. Here’s what they can do to diversify their retirement nest eggs and cut taxes.

An omnibus spending bill released by congressional appropriators would reduce a budget increase for the Internal Revenue Service previously passed by the House by over half.

With more states allowing gaming, more taxpayers need to be aware of the tax rules around winnings.