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.
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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.
Indiana budget outlook shows bigger-than-expected tax revenue jump
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.
Lawmakers adopt penalties for failing to protect monuments
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.
Biden says he’s open to compromise on infrastructure, but not inaction
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.
Bezos endorses higher corporate taxes for infrastructure
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.
Yellen calls for minimum global corporate income tax
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.
Eager to build infrastructure, Biden plans to tax businesses
President Joe Biden wants $2 trillion to reengineer America’s infrastructure and expects the nation’s corporations to pay for it.
Biden to reveal major spending plan that calls for revamp of tax code
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.
White House eyes tax increases on companies and ‘wealthy’ to fund infrastructure
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.
Biden formulating $3T plan for infrastructure, schools, family leave
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.
Holcomb extends state income tax filing deadline
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.
GOP attorneys general question stimulus barring tax cuts
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.
Yellen pushes global minimum tax as White House eyes higher corporate taxes
Although he has not proposed entirely reversing President Trump’s cut in the corporate tax rate, President Biden has said he would aim to raise potentially hundreds of billions more in revenue from big businesses.
U.S. budget deficit hits record $1.05 trillion after 5 months
The Treasury Department reported Wednesday that the October through February deficit was 68% larger than the $624.5 billion deficit recorded during the same period last year.