Tax planning

Practitioners share what those who want to start their own business know — and don’t know.

The Treasury secretary said a digital dollar would take years to develop if the U.S. decides to proceed with one, underscoring a deliberate approach by policymakers.

The House voted Friday to decriminalize marijuana, expunge federal convictions on pot-related charges and impose taxes on cannabis producers and importers.

The unemployment rate fell two-tenths of a point to 3.6%, the U.S. Bureau of Labor Statistics reported Friday, and two previous months' job gains were revised upward.

Manchin doomed two pieces of the plan — ending a tax break for fossil fuels and taxing unrealized capital gains — just hours after Biden announced them.

Biden’s 10-year outlook still would rack up $14.4 trillion in deficits — most of it on autopilot — even after accounting for that $1 trillion in net deficit cuts from new policies like tax increases on the wealthy and corporations.

President Joe Biden’s plan to tax unrealized capital gains ran into opposition from key Democratic Senator Joe Manchin, likely dooming it just hours after it was sent to Congress.

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.