130 countries back deal on global minimum tax for companies
The agreement announced Thursday is an attempt to address challenges presented by a globalized and increasingly digital world economy in which profits can be relocated across borders.
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IRS faces 35M unprocessed tax returns as backlog swells, watchdog says
The support line for individual income tax returns received about 85 million calls, with only about 3% reaching a customer service representative, according to the taxpayer advocate report.
Bipartisan senators reach tentative plan on infrastructure
The group had been narrowing on a much smaller but still sizable $1 trillion proposal of road, highway and other traditional infrastructure projects.
Biden, GOP struggle over how to pay for infrastructure package
President Joe Biden wants to increase taxes for corporations and those households making more than $400,000 a year. Republicans have ruled that out, putting forward alternatives that Democrats find unacceptable.
Dems eye $6T plan on infrastructure, Medicare, immigration
Half of the total in the $6 trillion plan is expected to be paid for with Biden’s proposed taxes on corporations and those earning more than $400,000.
Impatient Democrats prepare to go-it-alone on infrastructure
The president and the Democratic leaders have been engaged in a two-track strategy—reaching for a bipartisan deal with Republicans but also setting the stage for a potential majority-rules strategy in case talks fail.
Senators eye $579B in new infrastructure spending as part of $1T plan
Lawmakers say the group’s tentative agreement represents important progress in fashioning a bill that can pass such an evenly divided Congress this year, but they are also aware that it could easily unravel.
House Dems unveil $547B infrastructure bill amid Biden talks
The bill would boost investment in roads and bridges by about 54% with an emphasis on fixing existing infrastructure. It would dedicate about $4 billion to electric vehicle charging stations and would provide record levels of investment for pedestrian and cyclist pathways.
Biden offers tax changes to Republicans in infrastructure talks
President Joe Biden is trying to break a logjam with Republicans on how to pay for infrastructure improvements, proposing a 15% minimum tax on corporations and the possibility of revenues from increased IRS enforcement as a possible compromise.
Biden, GOP senator talk as time drags on infrastructure deal
Privately, the president has sized up the GOP’s latest $928 billion offer as unworkable, in large part because it taps unused COVID-19 funds. Instead, Biden wants to hike the corporate tax rate—a nonstarter for Senate Republicans—to generate revenue for his $1.7 trillion package.
Noblesville OKs new vehicle taxes to chip away at Pleasant Street extension costs
The Noblesville City Council approved vehicle excise and wheel taxes Tuesday to generate $1.8 million in annual revenue starting next year. The money is slated to pay for a portion of the city’s estimated $113 million Pleasant Street extension project.
White House ‘eager’ for GOP counteroffer on infrastructure
The White House said Monday that President Joe Biden is awaiting an infrastructure counteroffer from Senate Republicans after a core group of GOP negotiators rejected his latest $1.7 trillion proposal, leaving the talks at a standstill before a Memorial Day deadline.
Indiana lottery sees big jump in ticket sales amid pandemic
Officials told the State Lottery Commission this past week that they projected that scratch-off ticket sales would be up almost 27% for the fiscal year ending June 30 compared with a year ago.
White House, GOP infrastructure talks hit crucial stage
Securing a vast infrastructure plan is Biden’s top priority, but Republicans are refusing Biden’s idea of a corporate tax hike to pay for the spending.
U.S. proposes 15% minimum tax on global corporate profits
Competition to cut corporate tax rates has been “undermining the United States’ and other countries’ ability to raise the revenue needed to make critical investments,’’ the Treasury said in a statement
Tax changes would boost IRS monitoring of cryptocurrency use
Among the proposed changes, businesses that receive “cryptoassets” with a fair market value of more than $10,000 would have to report it to the IRS.
IRS to the rescue? Tax audits eyed for infrastructure cash
President Joe Biden is proposing that Congress build up the depleted and often-maligned agency, saying that a more aggressive collection of unpaid taxes could help cover the cost of his multitrillion-dollar plan to boost infrastructure, families and education.
Biden to propose free preschool for 5 million children
Funding the initiative would be a tax increase on the rich, most notably a near doubling of the capital gains tax rate on incomes above $1 million, to 39.6%.
White House to offer new tax credit to help spur vaccinations
The tax change would provide a credit of up to $511 per day per employee for businesses with fewer than 500 workers to ensure that those workers or businesses don’t suffer a penalty by getting vaccinated.
Buttigieg casts transportation spending as down payment on infrastructure
Transportation Secretary Pete Buttigieg presented his department’s budget to lawmakers Thursday as a miniature version of the administration’s mammoth infrastructure plan, with new money for transit, rail and racial justice.