Tax Strategies

The biggest set of U.S. tax increases in a generation took a major step forward on Wednesday.

The proposal to end the step-up in basis was already facing obstacles before it was left out of draft legislation.

The high inflation amounts that households and businesses have been experiencing this year are likely to lead to larger increases in tax brackets and other inflation-adjusted tax items in 2022.

House Democrats are considering a two-year repeal as one of their potential paths to undoing the $10,000 cap on the federal deduction for state and local taxes.

President Joe Biden’s push to ramp up taxes on the wealthy is getting diluted by his Democratic allies in Congress, undermining his chances of fully delivering on his 2020 campaign pledge to curb America’s widening inequality.

The bipartisan infrastructure bill includes requirements for brokers to report their customers’ cryptocurrency gains to the Internal Revenue Service, but exactly what constitutes a broker is stirring controversy.

The uber-rich are already using a trick to avoid paying the higher taxes proposed by Democrats, but it won’t work for the moderately.

Lawmakers are seeking to extend the recently expanded tax break through 2025, endorsing a key component of the president’s social safety net plan.

The Ways and Means Committee voted to approve 12 weeks of paid family leave and a mandate to enroll employees in retirement accounts.

The stumbling block is scrapping the deduction limit without losing progressives wary of a tax cut that would overwhelmingly benefit the wealthy.