Earlier today, President Joe Biden said "we have a deal" on infrastructure. It doesn't include hiking corporate taxes, but the IRS could get bigger.
The Group of 7 summit yielded a historic tax agreement that, if enacted, could yield billions for governments around the world.
The annual G7 summit is focusing on economic measures that could address inequities worldwide. They want to change things, but can they, really?
Biden also offered to cut the amount of new spending he's seeking to $1 trillion. Republicans have barely budged in the negotiations.
A global minimum corporate tax rate would stop companies from moving to a different country to get a better tax rate.
Treasury Secretary Janet Yellen has been at the forefront of enacting a global minimum tax, and the FT reports the G-7 could agree a deal this week.
The world's top 50 biggest companies paid an effective tax rate of 17.4% in 2020 compared to 35.5% in 1990.
Treasury Sec. Janet Yellen has been making the case for a nonbinding global minimum tax rate, and the NYT reports she's proposing it be at least 15%.
As a growing number of GOP-led states cut off unemployment benefits, Sen. Shelley Moore Capito suggested allocating the unused aid for infrastructure.
The Treasury secretary spoke with the Chamber of Commerce to drum up support for Biden's infrastructure plan.
As infrastructure talks heat up, who's paying and who's receiving taxes is set for the spotlight. This July, families will start getting checks.
Of the 100 firms in the S&P 500 with the lowest median wages, 51 boosted CEO pay by 29% on average while cutting the typical worker's pay by 2%.
"What I'm proposing is badly needed and able to be paid for and still grow," Biden said in a speech. "Trickle-down ain't working very well, man."
At times shouting and at times whispering, Biden lit into corporate executives, saying he won't "deprive" any of second homes or private jet travel.
Penn Wharton Budget Model found that Biden's infrastructure plan will raise $1.3 trillion in tax revenue and increase government debt by 5% in 2050.
According to a report from the Institute on Taxation and Economic Policy, the bottom 99% of Americans would see essentially no change to their taxes.
President Joe Biden has proposed boosting corporate tax rates up to 28% and several other rates up to 39.6%. Morgan Stanley sees just one as likely.