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.
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.
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.
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
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.
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.
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%.
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.
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.
A new state tax revenue forecast given Thursday to state legislators projects state tax collections going up by more than 4% in in each of the next two years.
The Indiana Legislature passed a bill Thursday that allows the state to withhold funding to cities that fail to protect public monuments and memorials from vandalism.
The president has taken heat from Republican lawmakers and business groups for proposing that corporate tax increases should finance a $2.3 trillion infrastructure package that goes far beyond the traditional focus on roads and bridges.
Amazon has been criticized for years for paying virtually no federal taxes in the United States even as it built an e-commerce empire that currently has a market value of $1.6 trillion.
U.S. Treasury Secretary Janet Yellen on Monday urged the adoption of a minimum global corporate income tax, an effort to offset any disadvantages that might arise from the Biden administration’s proposed increase in the U.S. corporate tax rate.
President Joe Biden wants $2 trillion to reengineer America’s infrastructure and expects the nation’s corporations to pay for it.
President Joe Biden has made clear his plans will include tax-policy changes to help fund what aides have laid out as a roughly $3 trillion long-term program.
The centerpiece of the tax increases would probably be a higher corporate tax rate—reversing part of President Donald Trump’s steep corporate tax cut in 2017—as well as higher levies on investment income and a higher top marginal tax rate.
The infrastructure portion of the package would include roughly $1 trillion for roads, bridges, rail lines, electrical vehicle charging stations and the cellular network, among other items.
In addition to giving taxpayers more time to file their state taxes, Indiana Gov. Eric Holcomb’s executive order also extends the temporary licensing of health care workers.
The attorneys general list over a dozen instances of states currently considering new tax credits or cuts that they believe could be jeopardized simply because of the relief funds.
