U.S. Treasury Secretary Janet L. Yellen predicted that the deal on new international tax rules, with a minimum global tax, will benefit American businesses and workers and “end the damaging race to the bottom on corporate taxation.”
Top Democratic leaders are signaling a deal is within reach even though momentum fizzled and tempers flared late Wednesday after a billionaires’ tax and a paid family leave program fell out of the Democrats’ sweeping bill.
House Speaker Nancy Pelosi’s upbeat comments came as President Biden and Democrats try to strike agreement soon on his big proposal, now about $1.75 trillion in social services and climate change programs
President Joe Biden said Monday he’s hopeful the talks with Congress can wrap up overall agreement on the package this week. It’s tallying at least $1.75 trillion, and could still be more.
Pivotal Democratic Sen. Joe Manchin appears to be on board with White House proposals for new taxes on billionaires and certain corporations to help pay for President Joe Biden’s scaled-back social services and climate change package.
President Joe Biden mentioned during a televised town hall Thursday the challenge he faces in wrangling the sharply divergent factions in the Democratic party to agree to the final contours of the bill.
The biggest cost-of-living adjustment in 39 years follows a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic.
House Speaker Nancy Pelosi said there are “important decisions to make in the next few days” if they hope to forge a legislative compromise that the fuller party, including its spending-weary centrists, ultimately can support.
Each country that signed the deal must pass legislation to enact the measure, which is aimed at limiting corporations’ ability to lower their tax bills by shifting profits to the lowest-tax jurisdictions globally.
The $3.5 trillion price tag on the social services portion of President Biden’s agenda has long been the sticking point, with progressives demanding the funding for their priorities and moderates balking at the eye-popping number.
The Crawfordsville Republican spent the past eight legislative sessions as chairman of the House Ways and Means Committee and suggests he will propose a tax cut for Hoosiers as he departs the legislature in 2022.
Deeply at odds, President Joe Biden and his party are facing a potentially embarrassing setback—if not politically devastating collapse of the whole enterprise—if they cannot resolve the standoff over Biden’s ambitious vision.
Staring down a self-imposed Monday deadline, lawmakers said they would work nonstop to find agreement on specifics. Democrats’ views on those vary widely, but they largely agree with Biden’s idea of raising taxes on corporations and the wealthy.
n all, the tax hikes are in line with Biden’s own proposals and would bring about the most substantive changes in the tax code since Republicans with then-President Donald Trump slashed taxes in 2017. Business and anti-tax groups are sure to object.
A Democratic senator vital to the fate of President Joe Biden’s $3.5 trillion plan for social and environmental spending said Sunday he won’t support even half that amount or the ambitious timetable envisioned for passing it.
The expanded menu of tax options would give Democrats more flexibility as they undertake thorny negotiations among themselves over how to pay for a proposed $3.5 trillion of long-term investments in child care, education and other social programs.
House Democratic leaders have muscled President Joe Biden’s multi-trillion-dollar budget blueprint over a key hurdle, ending a risky standoff and putting the party’s domestic infrastructure agenda back on track.
Tensions flared overnight as a band of moderate lawmakers threatened to withhold their votes for the $3.5 trillion plan. They were demanding the House first approve a nearly $1 trillion bipartisan package of road, power grid, broadband and other public works projects that’s already passed the Senate.
House Speaker Nancy Pelosi faced a fresh hurdle Friday to passing President Joe Biden’s multi-trillion dollar domestic policy aspirations, as nine moderate Democrats threatened to derail a budget blueprint crucial to opening the door to much of that spending.
The real test will be when Democrats write and vote on subsequent legislation actually enacting the party’s priorities into specific spending and tax policies.
