Biden Administration

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.

A proposal is expected as early as next week as part of the administration's tax increases to fund social spending in the forthcoming “American Families Plan.”

The Treasury secretary has previously said she would work with Congress on ways to ease the “disparate treatment” across taxpayers from the deduction limit.

As Congress considers Biden’s $2.25 trillion spending and tax proposal, party members are being explicit with their constituents about how much it’ll cost them.

The former CFTC chair is expected to face intense pressure from progressive Democrats in his new role, many of whom want him to promptly toughen oversight.

The majority of the latest payments went to Social Security recipients and beneficiaries.

Advisors are urging clients to make tax-planning moves this year to preserve the preferential capital gains rate and turbocharge business deductions.

“We need to study just what impact it’s had,” the Treasury secretary said during a House Financial Services Committee hearing Tuesday.

The bank joined dozens of other companies in announcing that they would suspend and review their political donations following the Capitol riot.

More than a third of Americans plan to save a significant amount if they receive the payment, a survey found.

For those with less than $150,000 in adjusted gross income who collected unemployment benefits this past year, the COVID relief bill allows them to receive up to $10,200 of those benefits tax-free.