The often-maligned "Infrastructure Week" finally gets its moment. The House tax-writing committee gets a gander at Trump's tax returns. Happy National Ice Cream Sandwich Day!
'Sunrises.' 'Killing the dead.' 'Clock shifts.' 'Outside the box.' Names for sweet dance moves? No. They’re budget gimmicks to pay for legislation. What's slang for tax increases? 'Tax increases.'
Senate Finance Chairman Ron Wyden (D-Ore) has introduced retirement legislation that, in part, retools the existing saver’s credit.
The Senate on Wednesday failed to move forward on a bipartisan infrastructure plan that is not completely written, but is not expected to increase taxes if it is finalized.
Senate Finance Chair introduces legislation that modifies the pass-thru deduction, which will likely become a part of the legislative discussions on Capitol Hill.
Double Whammy: As IRS funding waned so did the number of corporate audits. Meanwhile, bipartisan group of Senators jettison increased IRS funding from infrastructure proposal.
Senate tees-up vote on bipartisan infrastructure bill that does not yet exist. You read that right. Modified SALT cap might hitch ride on budget. Child Tax Credit gets its close-up moment.
Senate Majority Leader Schumer announced that next week his chamber would move forward on the bipartisan infrastructure deal and the $3.5 trillion budget proposal, but it is not clear how these measures will fare.
Senate Democratic leaders on Tuesday night announced they reached a budget agreement that will allow tax increases to be expedited into law, but the details on those increases are scant.
G20 endorses global tax deal. Now comes the hard part. Senate GOP leader McConnell (sort of) backs bipartisan infrastructure plan. Liberal and conservative groups do same.
Mojo for tax increases fading on Capitol Hill. Turnabout possible if Democratic leaders twist a few arms. If mojo reverses, business tax collections would raise to 40-year high.
With the House and Senate on recess, now is a good time to provide a status update on where things stand for legislation that President Joe Biden wants enacted into law.
President Joe Biden walks back threat to sign infrastructure and reconciliation bills in tandem. Congress's tax-writing chief silent on Biden's tax increases. Bipartisan deal gives IRS a $40 billion enforcement boost; hiring spree afoot.
Biden backs infrastructure bill with no income tax increases. Progressive Democrats none-too-pleased about that. ProPublica plucks another: billionaire Peter Thiel turns Roth IRA into money machine.
President Joe Biden on Thursday threw his support behind a $1.2 trillion infrastructure plan that does not increase personal or corporate income taxes and was recently endorsed by a bipartisan group of Senators.
Tax Pros caution against monthly child tax credit payments. Treasury staffs-up to close the Tax Gap. Congressional Democrats push "infrastructure" bill with the low, low price tag of $6 trillion.
White House urges both political parties to support increased funds for the IRS. Good luck with that. GOP Senators seek info from main Justice and FBI on who leaked tax data to ProPublica. Happy Juneteenth!
Treasury Secretary Janet Yellen took heat from Democrats on the House Ways and Means Committee for President Biden’s budget failing to address the $10,000 cap on the State and Local Tax Deduction.
Treasury Secretary Janet Yellen suggested a proposed tax increase on investments that was included in President Joe Biden's budget request will not have a retroactive effective date if it become law.
The White House on Tuesday instructed House Democrats to pursue a “two-track” strategy in turning President Joe Biden’s $1.7 trillion American Jobs Plan into legislation.
Democrats fret clock is ticking as caucus is split on completing an infrastructure bill. White House officials will brief House Dems Tuesday to (hopefully) get them on the same page.
Bipartisan group of Senators tout deal on $1.2 trillion infrastructure plan that includes no tax increases, except maybe a gas tax increase. Treasury official does not rule out curbing pass-thru deduction.
Lawmakers in a joint congressional hearing on Thursday took opposing positions when debating President Joe Biden’s budget proposal to shrink the Tax Gap.
A Senate hearing on Biden's IRS budget request was overshadowed by a ProPublica report showing wealthy taxpayers have recently paid little to no income tax.
G7 tax deal sealed by Treasury Secretary Janet Yellen will be a hard sell to Congress. Progressive Democrats fret over Biden spending too much time trying to win GOP on infrastructure.
President Joe Biden backtracks on upping corporate income tax rate in effort to win GOP support for infrastructure package. Yeah, good luck with that. Dems fretting over tax increases.
The Biden Administration on Tuesday provided additional details to its federal tax credit proposal aimed at boosting low- and middle-income homeownership.
Biden's budget to include only tax proposals from his Jobs and Families plans. Still, that's a $4-plus trillion price tag. Is 75Gs the new threshold for owing tax? GOP counters Biden's scaled-back Jobs proposal with an even smaller plan.
President Joe Biden’s Administration on Friday released a $6 trillion budget that seeks to raise $3.6 trillion over the next ten years.
The Senate Finance Committee on Wednesday approved legislation along party lines that repeals several fossil fuel tax breaks while providing tax incentives for clean technologies in the electric, transportation and energy sectors.
Nominee to become Treasury's next Assistant Secretary for Tax Policy said if confirmed she would be “eager” to regulate tax preparers to help close the Tax Gap.
Dems fret over Biden's tax increases as election nears. White House lowers bid on infrastructure bill. GOP still a "no." Republicans have a Memorial Day deadline (albeit a soft deadline) to work with Dems before liberals go it alone.
Senate Finance Committee Chairman Ron Wyden (D-Ore.) has announced that on Wednesday his committee will mark up his energy bill, the “Clean Energy for America Act," which ends tax breaks for fossil fuels while incentivizing clean energy proposals.
IRS chief projects agency can clear 2019 tax filing backlog before August. Biden administration focuses on closing the Tax Gap. Treasury Inspector General finds billions underreported on withholding tax.
The Treasury Department has released guidelines for how the Biden Administration intends to close the Tax Gap, which is the difference between the taxes that are owed and what is collected.
Leading tax-writers in both chambers of Congress seek to resuscitate the Build America Bond program to help pay for an infrastructure bill, which could reduce the number of tax increases needed to pay for the legislation.
Treasury Secretary Janet Yellen and Senate Finance Committee Chairman Ron Wyden (D-Ore.) called for corporate tax increases to pay for infrastructure bill, but is not currently clear if tax increases can muster enough support to pass Congress.
'Never-ending tax season' is about to end - for most states. IRS further extends deadlines for storm-ravaged states. Coming soon to a family near you: Child Tax Credit Payment. Yes, the tax code is progressive.
President Joe Biden's plan to tax the wealthy and corporations worries some Democrats. GOP members optimist on getting to "yes" on infrastructure. Company leaders push for infrastructure deal, but, SURPRISE, they don't want to pay for it.
As political leaders in the nation’s capital seek bipartisan support for President Joe Biden’s Jobs and Families Plans, one Senator admitted on May 13th that pursuing common ground between the political parties is an elusive goal because of over-reach.
Lawmakers on the House Ways and Means Select Revenue Measures Subcommittee met for a hearing on Wednesday to debate whether the federal tax system should be more progressive.
Sen. Sheldon Whitehouse (D-RI) on Tuesday called on increased IRS funding to clamp down on wealthy and corporate taxpayers that he claimed are the main drivers of the Tax Gap, which is the difference between the amount of taxes that are owed and what is …
COVID takes down IRS printers, contributing to backlog. Did your dog also eat your homework? Millions qualify for tax forgiveness from receiving unemployment benefits, but IRS hiring Gap complicates getting payments out. Business owners fret over tax …
Growing return backlog could delay refunds. President Biden takes political fire from both parties on his plans. Biden fires back, but budges on corporate rate increase. Small business owners likely snagged by enhanced IRS enforcement. Families Plan …
The House Ways and Means Committee on Wednesday easily approved far-reaching legislation that modifies retirement accounts, but when Congress will take it up is unclear.
The reviews are in for Biden's plans: Lukewarm, at best. Several industries see potential on the spending side and dread on the tax side. Real estate pros deem clampdown on like-kind exchanges a 'job killer.' Tepid responses have prompted willingness …
House Ways and Means Chairman Richard Neal (D-Mass.) announced on Monday that his committee will “markup” his retirement bill on Wednesday.
IRS efforts to regulate preparers has been tried before, and failed. Democrats frustrated by SALT cap repeal absent from Biden's Families plan. White House wants taxable income above $452,700 (individual) and $509.300 (joint) to be in the top bracket. …
House Ways and Means Chairman Richard Neal (D-Mass.) on Tuesday released a plan to provide universal paid family/medical leave and make permanent the expanded child-related tax credits from the recently enacted “American Rescue Plan.”
White House National Economic Council Director Brian Deese on Monday said that President Joe Biden’s plan to increase the capital gains tax rate would only affect a sliver of taxpayers.
IRS foresees delays in processing refunds and quarterly payments. Biden to propose additional tax increases this week in upcoming "Families" plan. The rich will take a hit. The rest? Not so much. Speaking of the rich, they overwhelming would benefit from …
Upcoming Biden tax plan to put a hitch in giddy-up for wealthy and investors; a top 43.4% cap gains rate? Really?? Businesses hate GILTI but hate Dems' plan to change it even worse. Coming to a country near you: a global minimum tax. Gas tax, miles …
Senate Finance Chairman Ron Wyden (D-Ore.) on Wednesday introduced the Clean Energy for America Act that provides tax incentives to produce clean energy in the United States.
The effort by Congressional Democrats to repeal the $10,000 cap on the State and Local Tax deduction failed to get a ringing endorsement from witnesses who appeared Tuesday before the Senate Finance Committee.
Letter from California Democrats calling on President Joe Biden to repeal SALT cap does not include Speaker Pelosi. Differences have emerged between Senate and White House tax plans. Trump ally Roger Stone faces tax charges. Support cools for taxing …
Senate Republicans and Democrats tussle over corporate tax increases. Big tech sides with Democrats. Republicans prep smaller infrastructure bill sans tax increases. House Democrats form group to repeal SALT cap. AOC wants none of it. Buchanan throws hat …
Rep. Kevin Brady (R-Texas) announced on Wednesday that he will not seek re-election in 2022 and will retire from office, setting up a clash for who replaces him on the tax-writing House Ways and Means Committee.
IRS Commissioner Charles Rettig on Tuesday estimated that his agency does not collect roughly $1 trillion in taxes that are owed to the federal government each year.
President Joe Biden is open to negotiating with lawmakers a lower increase in the corporate income tax rate. The President will meet next week with Republicans about his plan. Biden's tax plan could cost 1 million jobs in the first two years after …
The Treasury Department on Wednesday released a report that argues why the tax portion of President Joe Biden’s American Jobs Plan should be enacted into law.
House Ways and Means Chairman Richard Neal (D-Mass.) offered a glimpse into what his tax-writing committee will focus on after lawmakers return to Washington, D.C. next week: Childcare.
Senate Finance Chairman Ron Wyden (D-Ore.) on Monday proposed ways to retool the international tax provisions that were included in the 2017 tax reform law.
Today is National Go For Broke Day! The White House should 'go for broke' in selling its infrastructure plan, as some congressional Democrats are cool to increasing the corporate income tax rate to 28%.
Senate Finance Chairman Ron Wyden (D-Ore.) on Monday proposed ways to retool the international tax provisions that were included in the 2017 tax reform law.
Business groups slam tax portion of Biden infrastructure plan. Progressive Democrats in Congress see the Biden tax plan as not big enough. Moderate Democrats in Congress are uneasy about the tax increases. Congressional Republicans outright oppose them.
President Biden on Wednesday will release infrastructure plan as accompanying tax proposals will come later. Next month, child care proposals Possible payfor: limiting deferral for like-kind exchanges.
'Super Bowl of Tax Reform.' Biden administration begins push next week for infrastructure legislation. Fed Chair Powell bearish on killing federal debt. Senator Sanders proposes tax hikes bigger than Biden's proposals. PPP extended through May.
Senate Finance Chairman Ron Wyden (D-Ore.) on Thursday said in the coming days he intends to release a document on international tax proposals, but where it goes from there is unclear.
Treasury Secretary Janet Yellen on Wednesday cautioned that it will likely take the full statutorily allotted 60 days for her department to issue guidance on states providing tax relief to their citizens while also accepting funds from the recently …
The tax-writing House Ways and Means Committee on Tuesday took its first public step toward creating recovery legislation (dubbed “Build Back Better”) without Committee Republicans participating in the hearing.
White House eyes taxing the wealthy. New tax world for the gig economy. New Mexico extends tax filing deadline. Making the case for a financial transaction tax.
The Internal Revenue Service on Wednesday delayed the April 15 tax filing deadline to May 17, according to the House Ways and Means Committee.
The Senate Finance Committee on Tuesday held a hearing on how the U.S. tax code could spur domestic manufacturing.
The House Rules Committee on Tuesday afternoon voted 7-4 to approve the guidelines that will allow the $1.9 trillion COVD-19 rescue package that passed the Senate last weekend to be debated on the House floor.
House Ways and Means Chairman Richard Neal called on the IRS to extend the 2020 tax season deadline as the pandemic hampers tax filings.
The Senate on Thursday afternoon voted 51-50 to begin debate on its COVID-19 relief bill.
Senate cuts minimum wage provision, rules out minimum wage tax from reconciliation. Senate debate and amendments expected this week.
The House Rules Committee has announced that it will hold a hearing Friday on the COVID-19 “rescue” bill to prepare it for debate on the House floor. Full house may vote passage the same day.
Treasury Secretary Janet Yellen on Monday cast doubt on enacting a wealth tax, saying that President Biden does not support it.
The House Budget Committee on Monday voted 19-16 to approve the $1.9 trillion rescue plan. The House chamber is expected to pass the bill later this week.
The House Budget Committee on Friday released the legislative text for the COVID-19 rescue bill that President Joe Biden hopes to sign into law by mid-March. The Committee will debate the bill on Monday.
The tax-writing House Ways and Means Oversight Subcommittee asked witnesses testifying before the panel if the April 15, 2021, tax filing deadline should be extended as COVID-19 continues to challenge tax preparation industry. The witnesses supported the …
The tax-writing House Ways and Means Committee vetted and passed its COVID-19 rescue plan by a 25-18 vote. The House is expected to vote and approve the entire package during the week of February 22nd.
Congressman Mike Thompson (D-Calif.) on Friday introduced the GREEN Act that could be the platform for future renewable energy legislation.
Democrats on the tax-writing House Ways and Means Committee have released their proposals for the “rescue package” that President Joe Biden has called on Congress to approve.
Former Federal Reserve Chair Janet Yellen becomes first female Treasury Secretary as Democratic lawmakers prepare to rollout legislation aimed at increasing the Child Tax Credit.
With Secretary Yellen confirmed, can the new administration move tax legislation forward, perhaps using the "reconciliation" process in the Senate? And just what is reconciliation?
Do you qualify for the Enhanced Child Tax Credit? Should you consider opting out? See below for a discussion of these issues and others.
The U.S. Treasury recently released President Biden’s proposed budget for Fiscal Year 2022. The proposed budget includes material changes to the tax code. While these are only proposals, they do demonstrate the president’s legislative priorities. We break …
Here's what you should know about the tax proposals in President Biden's American Jobs Plan.
The IRS has announced an extension of several tax deadlines, including IRA contributions, unclaimed refunds and more.
The $1.9 trillion COVID-19 rescue bill that cleared Congress and was signed into law by President Joe Biden contains several tax changes to existing law.