Biden Administration

Biden’s approach might be politically astute, but from a fiscal-design point of view, it’s partially self-defeating, Bloomberg’s Clive Crook writes.

The Treasury Department estimates added enforcement could capture an additional $700 billion in tax dollars.

Signs are mounting that anxiety among congressional Democrats will significantly temper any increases that manage to pass Congress.

Instead of hitting heirs with a hefty tax payment at the time of a benefactor’s death, one proposal would allow the beneficiaries to defer the bill.

President Biden releases his annual budget on May 27, a move likely to detail his plans to increase the capital gains tax rate and eliminate a lucrative benefit for inherited estates.

The focus is supposed to be on the wealthy and corporations, since they're the ones who account for the majority of tax misconduct, but what does that mean exactly?

Having a regulator appoint an auditor would deal with the conflicts once and for all, writes Chris Hughes.

Affluent clients can use wealth and retirement strategies to blunt the impact of the administration’s proposals, which include a higher capital gains rate.

Bizarrely, the administration’s plan targets two loopholes that pass-throughs often use to lower their tax bills, says Bloomberg's Alexis Leondis.

Some former IRS officials say it will take several years to produce significant results.

Having had higher income in previous years may prevent a taxpayer from receiving a stimulus payment now, writes Jeffrey Levine.

The administration's proposal for the capital-gains tax rate is in part a throwback to the Reagan years, an expert says.

A version of the administration's plan to close the step-up in basis loophole was floated by President Obama in 2015, but it died in a Republican-controlled Congress.

The new rate, up from the current 37%, would encompass less than 1% of taxpayers, a White House official said.

The administration’s American Families Plan includes a bump in the top tax rate to 39.6%, but doesn’t specify thresholds for different types of filers.

The administration's plan would eliminate a break that allows heirs to use the market value of assets at the time of a transfer, rather than the actual purchase price.

Residential property owners are the most likely to be impacted by proposed changes in the administration’s American Families Plan.

If passed, the package would end the step-up in basis provision, which will mean significantly larger tax bills for wealthy estates.

If Biden’s proposal is enacted, Nir Kaissar writes many investors will dump their funds to avoid paying a higher tax down the road.