President Joe Biden and his economic team are planning to forgo an expansion of the estate tax in the administration’s coming individual tax-hike proposals, according to people briefed on the plan.
House Speaker Nancy Pelosi backed a move to put a repeal of the $10,000 cap on state and local tax deductions in the infrastructure and social-spending program that Democrats are hoping to pass as soon as this summer.
The corporate tax-cut party President Donald Trump kicked off will soon be over if his successor proves able to enact proposals to roll back half of the 2017 domestic income-tax reduction and to radically revamp levies on profits earned abroad.
Students who received emergency financial aid grants related to the coronavirus pandemic won’t owe taxes on that money, according to the Internal Revenue Service.
President Joe Biden is planning the first major federal tax hike since 1993 to help pay for the long-term economic program designed as a follow-up to his pandemic-relief bill, according to people familiar with the matter.
Two New Jersey Democrats are leading an effort to expand a valuable tax break for state and local levies in the next virus-relief package, a long-shot effort as lawmakers continue to squabble over the size and scope of the next round of stimulus.
President-elect Joe Biden’s $1.9 trillion Covid-19 relief plan is designed to both pump money into the economy and contain the coronavirus pandemic.
Data shows there would be little effect for those earning under $400,000.
Trump has deferred hundreds of billions in payroll tax levies and is contemplating another executive action that would reduce capital gains taxes for investors.
There’s a bipartisan push from Senators Jeanne Shaheen, a New Hampshire Democrat, and James Lankford, an Oklahoma Republican, to make charitable deductions permanently available to all taxpayers.
The decrease in enforcement comes as the IRS has faced budget cuts and a 19% decline in collections staff.
Scammers are posing as the IRS to try to get personal information from payment recipients that they can then use to steal the money.
The Trump administration is discussing a plan that could amount to as much as $1.2 trillion in spending -- including direct payments of $1,000 or more to Americans within two weeks -- to blunt some of the economic impact of the widening coronavirus outbreak.
The payment extension, which affects millions of taxpayers, is part of the Trump administration’s effort to curb the economic effects of the coronavirus pandemic.