Tax planning

The Treasury Secretary waded into the congressional debate over proposed economic and climate legislation.

The Joint Committee on Taxation found that some middle- and low-income households could pay $16.7 billion in additional taxes next year as a result of the draft bill.

An obscure retirement and estate planning technique holds added benefits amid tighter rules on inherited IRAs.

The Byrd rule allows individual pieces of a measure to be challenged on the grounds that they are incidental or extraneous to the budget.

Sinema has expressed opposition to ending the carried-interest tax break used by private equity and hedge fund managers to lower their tax bills.

The legislation would reinstate and increase a long-lapsed tax on crude and imported petroleum products to 16.4 cents per gallon.

Democrats are seeking to pass the bill this week in the Senate and in the House next week.

The Arizona lawmaker is “reviewing the text and will need to review what comes out of the parliamentarian process.”

Stock market woes are depressing earnings for advisors who charge on client assets, but the pass-through benefit and a health insurance deduction can alleviate a lot of the pain.