A higher corporate tax, which Sinema reportedly opposed in recent weeks, would raise hundreds of billions needed for Biden's social spending plan.
Democrats plan to spend trillions, tax the wealthy, and dodge a potentially catastrophic recession this week. Failing at any could doom the party.
"Stepped-up basis" lets billionaires transfer assets without paying taxes. Closing it could help raise more than $320 billion, the White House said.
Biden wants billionaires to pay their 'fair share.' House Democrats decided to leave a huge chunk of their fortunes untaxed.
The wealthiest earn more from investments than salaries. Biden promised to change that, but the House is preserving a loopholes instead.
Rich Americans know the government likely won't catch their antics, Treasury said. Beefing up IRS enforcement could bring in $1.6 trillion in unpaid taxes.
It was a selling point for the Republican tax overhaul in late 2017: A promise that the new law would simplify the nation’s confusing tax code to the point people would be able to file their returns on a postcard, saving people time and making taxes more understandable. It was […]
The housing market has been losing momentum, with inventories rising to 2011 highs. A mismatch between residential-real-estate activity and the rest of the economy may be worsening the slowdown. Wage growth could help bridge the disconnect. From rising prices to the new tax law, economists say there are a number […]
The National Association of Manufacturers (NAM) released a survey of its 14,000 members on Wednesday, showing record levels of confidence among the group and an overall positive outlook. NAM cites the Republican-led tax law as a driving force behind the boom in US manufacturing. Projected wage growth is also expected […]
The group Tax March is buying $US300,000 worth of ads in Nevada to attack the new GOP tax law. Nevada is home to Republicans’ most vulnerable senator in the 2018 midterms, Dean Heller. The ad will highlight the relative benefits the new law gives to wealthier Americans. A liberal group […]
Apple has about $US250 billion in overseas cash. The tax law enacted at the end of last year gives the company incentives to transfer those holdings to the US. Apple has said it owes $US38 billion in taxes on that amount and has suggested it plans to spend tens of […]
Treasury Secretary Steven Mnuchin said the Treasury is closely following the growth of cryptocurrencies, particularly bitcoin. Mnuchin addressed the possible government shutdown, the debt ceiling, and the new tax law during a talk at the Economic Club of Washington DC. Mnuchin also said that going to a rally with President […]
Walmart is raising wages and issuing one time bonuses to employees. The company’s CEO said it’s a move to try and stay competitive. Watch Walmart trade in real time here. Walmart said it will raise the starting wage for its employees, and issue one time bonuses up to $US1,000, as […]
President Donald Trump continued his crusade...