Infrastructure Bill Talks Collide With Democrats’ Goal to Tax the Rich

Many Democrats see the push for an infrastructure package as an opportunity to raise taxes on rich individuals and corporations. But resistance is coming from multiple directions.

#american-families-plan-2021, #american-jobs-plan-2021, #capital-gains-tax, #democratic-party, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #infrastructure-public-works, #sanders-bernard, #senate, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #united-states-politics-and-government, #warren-elizabeth, #wyden-ron

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How Private Equity Firms Avoid Taxes

The I.R.S. almost never audits private equity firms, even as whistle-blowers have filed claims alleging illegal tax avoidance.

#apollo-global-management, #bain-capital, #biden-joseph-r-jr, #blackstone-group-the, #capital-gains-tax, #carlyle-group-lp, #federal-taxes-us, #government-accountability-office, #high-net-worth-individuals, #income-inequality, #income-tax, #internal-revenue-service, #kirklandellis, #kkrco-lp, #mnuchin-steven-t, #private-equity, #rettig-charles-p, #schwarzman-stephen-a, #tax-cuts-and-jobs-act-2017, #tax-evasion, #tax-shelters, #tpg-capital, #treasury-department, #trump-donald-j, #united-states-politics-and-government, #whistle-blowers

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ProPublica Report Has Congress Rethinking How to Tax Superrich

A report showing that the richest Americans, including Jeff Bezos, Elon Musk and Warren Buffett, pay almost no taxes has refocused attention on the tax code.

#alternative-minimum-tax, #biden-joseph-r-jr, #capital-gains-tax, #corporate-taxes, #democratic-party, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #internal-revenue-service, #pro-publica, #propublica, #republican-party, #senate-committee-on-finance, #stocks-and-bonds, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #tax-shelters, #taxation, #toomey-patrick-j, #united-states-economy, #united-states-politics-and-government, #warren-elizabeth, #wyden-ron

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Rich Americans Like Bezos, Musk, Buffett Avoided Income Tax

An analysis by ProPublica based on Internal Revenue Service documents showed billionaires like Jeff Bezos and Elon Musk benefited from vagaries in the tax code.

#corporate-taxes, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #taxation

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Can the Rich Pay for a Better America?

Biden has it mostly right. But will Congress water down his plans?

#biden-joseph-r-jr, #corporate-taxes, #federal-budget-us, #federal-taxes-us, #high-net-worth-individuals, #tax-cuts-and-jobs-act-2017, #tax-shelters, #taxation, #united-states-politics-and-government

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Biden Narrows Infrastructure Proposal to Win Republican Support

The president offered new concessions this week, including dropping his plan to reverse some of the 2017 tax cuts, as he tries to win support from Senate Republicans.

#american-jobs-plan-2021, #biden-joseph-r-jr, #capito-shelley-moore, #corporate-taxes, #democratic-party, #federal-taxes-us, #house-of-representatives, #infrastructure-public-works, #republican-party, #senate, #tax-cuts-and-jobs-act-2017, #united-states-politics-and-government

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Biden Narrows Infrastructure Request, but Hurdles Remain for Bipartisan Deal

The president offered new concessions this week, including dropping his plan to reverse some of the 2017 tax cuts, as he tries to win support from Senate Republicans.

#american-jobs-plan-2021, #biden-joseph-r-jr, #capito-shelley-moore, #corporate-taxes, #democratic-party, #federal-taxes-us, #house-of-representatives, #infrastructure-public-works, #republican-party, #senate, #tax-cuts-and-jobs-act-2017, #united-states-politics-and-government

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Biden Leans Into Plans to Tax the Rich

“We’re not going to deprive any of these executives of their second or third home, travel privately by jet,” the president said at the White House.

#biden-joseph-r-jr, #corporate-taxes, #federal-taxes-us, #income-tax, #tax-cuts-and-jobs-act-2017, #united-states-economy, #united-states-politics-and-government

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Why a $10,000 Tax Deduction Could Hold Up Trillions in Stimulus Funds

The fight over SALT is a case study in the age-old conflict between constituent politics and national policy.

#american-jobs-plan-2021, #biden-joseph-r-jr, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #infrastructure-public-works, #institute-on-taxation-and-economic-policy, #ocasio-cortez-alexandria, #property-taxes, #stimulus-economic, #suozzi-thomas-r, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #united-states-politics-and-government

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In G.O.P. Rebuttal, Tim Scott Accuses Biden of Pulling Nation ‘Further Apart’

The South Carolina senator did not offer a comprehensive alternative to President Biden’s education and child-care plans. Instead, he called them “big-government waste.”

#american-families-plan-2021, #american-jobs-plan-2021, #biden-joseph-r-jr, #infrastructure-public-works, #mcconnell-mitch, #republican-party, #scott-timothy-eugene, #tax-cuts-and-jobs-act-2017, #united-states-economy, #united-states-politics-and-government

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Why Are Democrats Pushing a Tax Cut for the Wealthy?

Restoring an unlimited federal tax deduction for state and local tax payments is bad politics and bad policy.

#federal-taxes-us, #income-inequality, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #taxation, #united-states-politics-and-government

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Biden Administration Debating How to Overhaul a Trump-Era Tax Break

The president promised on the campaign trail to overhaul opportunity zones, which a new study suggests mostly fueled real estate investment in gentrifying areas in 2019.

#area-planning-and-renewal, #biden-joseph-r-jr, #enterprise-zones, #gentrification, #real-estate-commercial, #real-estate-and-housing-residential, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #trump-donald-j, #united-states-economy, #united-states-politics-and-government

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Trump’s Corporate Tax Cut Was a Flop

The abject failure surprised even the critics.

#corporate-taxes, #federal-taxes-us, #international-monetary-fund, #tax-cuts-and-jobs-act-2017, #tax-shelters

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Biden, Yellen and the War on Leprechauns

Bribing corporations with low taxes isn’t the way to create jobs.

#biden-joseph-r-jr, #corporate-taxes, #federal-taxes-us, #foreign-investments, #tax-cuts-and-jobs-act-2017, #tax-shelters

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What’s in Biden’s Tax Plan?

The proposal includes provisions to raise the corporate tax rate to 28 percent, make it harder for companies to move profits overseas and beef up the Internal Revenue Service.

#oil-petroleum-and-gasoline, #tax-cuts-and-jobs-act-2017, #tax-shelters, #united-states-economy

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Biden’s Tax Plan Aims to Raise $2.5 Trillion and End Profit-Shifting

The plan detailed by the Treasury Department would make it harder for companies to avoid paying taxes on both U.S. income and profits stashed abroad.

#american-jobs-plan-2021, #biden-joseph-r-jr, #democratic-party, #federal-taxes-us, #infrastructure-public-works, #republican-party, #tax-cuts-and-jobs-act-2017, #tax-shelters, #treasury-department, #trump-donald-j, #united-states, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

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No Federal Taxes for Dozens of Big, Profitable Companies

FedEx and Nike are among those found to have avoided U.S. tax liability for three straight years.

#corporate-taxes, #federal-taxes-us, #income-tax, #institute-on-taxation-and-economic-policy, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #taxation, #united-states-economy, #united-states-politics-and-government

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Bidenomics Is as American as Apple Pie

Big spending on infrastructure goes back to the Erie Canal.

#american-jobs-plan, #american-rescue-plan-2021, #biden-joseph-r-jr, #corporate-taxes, #income-tax, #infrastructure-public-works, #made-in-america-tax-plan, #tax-cuts-and-jobs-act-2017, #united-states-economy, #united-states-politics-and-government

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Democrats Look to Smooth the Way for Biden’s Infrastructure Plan

House Democrats face hurdles to pushing through the president’s big spending plans, including Republican opposition and resistance from their own ranks.

#american-rescue-plan-2021, #biden-joseph-r-jr, #democratic-party, #federal-budget-us, #house-of-representatives, #infrastructure-public-works, #senate, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #taxation, #united-states-economy, #united-states-politics-and-government

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Biden Poised to Raise Taxes on Business and the Rich

The president’s infrastructure proposals are likely to require trillions of dollars in new tax revenue. They also give liberals a chance to address what they call the failures of Republican tax cuts.

#biden-joseph-r-jr, #corporate-taxes, #democratic-party, #federal-taxes-us, #income-tax, #infrastructure-public-works, #republican-party, #senate, #tax-cuts-and-jobs-act-2017, #taxation, #united-states-economy, #united-states-politics-and-government

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To Juice the Economy, Biden Bets on the Poor

Mr. Biden’s bottom-up $1.9 trillion aid package is a sharp reversal from the tax cut bill that was President Donald J. Trump’s first big legislative victory.

#biden-joseph-r-jr, #coronavirus-2019-ncov, #democratic-party, #house-of-representatives, #income-inequality, #labor-and-jobs, #republican-party, #senate, #stimulus-economic, #tax-cuts-and-jobs-act-2017, #united-states-economy, #united-states-politics-and-government

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Joe Biden’s Approach: Speak Softly, and Carry a Big Agenda

If you dial down the conflict, you can dial up the policy.

#bedingfield-kate, #biden-joseph-r-jr, #coronavirus-2019-ncov, #obama-barack, #patient-protection-and-affordable-care-act-2010, #polls-and-public-opinion, #tax-cuts-and-jobs-act-2017, #trump-donald-j, #united-states-economy, #united-states-politics-and-government

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Mitch McConnell Should Leave the History Lessons to Others

The framers did not want a Senate supermajority to be required to pass ordinary legislation.

#constitution-us, #debates-political, #elections-senate, #filibusters-and-debate-curbs, #hamilton-alexander, #law-and-legislation, #madison-james-1751-1836, #mcconnell-mitch, #republican-party, #tax-cuts-and-jobs-act-2017, #united-states-politics-and-government

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Biden Wants to Raise Taxes, Yet Many Trump Tax Cuts Are Here to Stay

While Democrats have vowed to repeal the former president’s signature 2017 law, his successor is more likely to tinker with it, given constraints.

#corporate-taxes, #federal-budget-us, #federal-taxes-us, #infrastructure-public-works, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #tax-shelters, #taxation, #trump-tax-returns, #united-states-politics-and-government

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Who’s Radical Now? The Case of Minimum Wages

Evidence has a well-known liberal bias.

#biden-joseph-r-jr, #minimum-wage, #republican-party, #tax-cuts-and-jobs-act-2017, #united-states-economy, #wages-and-salaries

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After Riot, Business Leaders Reckon With Their Support for Trump

Many in corporate America endorsed the president’s economic policies, which were good for them and gave him mainstream business credibility. It was “fool’s gold,” one said on Thursday.

#corporate-taxes, #corporations, #national-assn-of-manufacturers, #tax-cuts-and-jobs-act-2017, #trump-donald-j, #united-states-politics-and-government, #walker-darren-1959

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Why Populists Really Need Technocrats

Populism casts itself in opposition to technocratic expertise — but it ultimately relies upon it.

#biden-joseph-r-jr, #executive-orders-and-memorandums, #house-of-representatives, #presidential-election-of-2020, #tax-cuts-and-jobs-act-2017, #united-states

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Biden’s Policy Agenda Rests Heavily on Senate Outcome

Which party controls the Senate will largely dictate how ambitious President-elect Joe Biden can get on taxes, health care, climate change and other policy priorities.

#coronavirus-aid-relief-and-economic-security-act-2020, #elections-house-of-representatives, #elections-senate, #federal-taxes-us, #government-contracts-and-procurement, #high-net-worth-individuals, #presidential-election-of-2020, #stimulus-economic, #tax-cuts-and-jobs-act-2017, #unemployment-insurance, #united-states-economy, #united-states-politics-and-government

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The War on Truth Reaches Its Climax

Trump is telling two big lies, and a third will come soon.

#biden-joseph-r-jr, #black-lives-matter-movement, #bush-george-w, #coronavirus-2019-ncov, #demonstrations-protests-and-riots, #ethics-and-official-misconduct, #federal-taxes-us, #george-floyd-protests-2020, #presidential-election-of-2020, #republican-party, #rumors-and-misinformation, #tax-cuts-and-jobs-act-2017, #trump-donald-j, #united-states-politics-and-government

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Did President Trump Keep His First-Term Promises? Let’s Look at 5 of Them

Mr. Trump won the presidency in 2016 after making more than 100 promises. Here’s where some stand four years later and what some of his supporters think of them.

#appointments-and-executive-changes, #courts-and-the-judiciary, #federal-courts-us, #illegal-immigration, #international-trade-and-world-market, #north-american-free-trade-agreement, #patient-protection-and-affordable-care-act-2010, #presidential-election-of-2016, #presidential-election-of-2020, #republican-party, #tax-cuts-and-jobs-act-2017, #trump-donald-j, #united-states-politics-and-government

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Republicans, Not Biden, Are About to Raise Your Taxes

People making from $10,000 and $30,000 — nearly one-quarter of Americans — are among millions slated to pay more in 2021.

#congressional-budget-office, #joint-committee-on-taxation, #tax-cuts-and-jobs-act-2017, #zandi-mark

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Trump’s Manufacturing Promises Disappoint as Economy Sours

Foxconn’s failure to deliver on a Wisconsin project underscores the limits of the president’s power to make companies bend to his will.

#coronavirus-2019-ncov, #corporate-taxes, #customs-tariff, #factories-and-manufacturing, #labor-and-jobs, #layoffs-and-job-reductions, #presidential-election-of-2020, #relocation-of-business, #steel-and-iron, #tax-cuts-and-jobs-act-2017, #united-states-economy

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Hedge Fund Magnate Is Moving His $41 Billion Firm From N.Y. to Florida

The firm, Elliott Management, led by Paul Singer, will transfer its headquarters to West Palm Beach, Fla., because of the pandemic.

#elliott-management-corp, #federal-taxes-us, #florida, #high-net-worth-individuals, #icahn-carl-c, #income-tax, #new-york-city, #pollock-jonathan-d, #relocation-of-business, #singer-paul-e, #tax-cuts-and-jobs-act-2017, #taxation, #trump-donald-j

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Why Trump’s Taxes Are a Call to Action

For a more equitable system, we need a simpler and fairer tax code.

#democratic-party, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #taxation, #trump-tax-returns, #trump-donald-j, #united-states

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Global Talks on Taxing Tech Firms Will Slip Into 2021

The talks at the Organization for Economic Cooperation and Development have progressed on several fronts, but a dispute remains between the Trump administration and key allies.

#computers-and-the-internet, #coronavirus-aid-relief-and-economic-security-act-2020, #corporate-taxes, #customs-tariff, #federal-taxes-us, #international-trade-and-world-market, #tax-cuts-and-jobs-act-2017

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Kamala Harris and Mike Pence’s Debate: ‘Most Bizarre Moment Was the Fly’

How the vice-presidential showdown looked to Times Opinion writers.

#barrett-amy-coney, #biden-joseph-r-jr, #coronavirus-2019-ncov, #democratic-party, #harris-kamala-d, #obama-barack, #patient-protection-and-affordable-care-act-2010, #presidential-election-of-2020, #republican-party, #tax-cuts-and-jobs-act-2017, #trump-donald-j, #united-states, #united-states-politics-and-government, #vice-presidents-and-vice-presidency-us

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Trump’s Payroll Tax ‘Cut’ Fizzles

Big companies say the president’s directive to delay collection of the tax that funds Social Security is more trouble than it is worth. Federal employees are upset they are stuck with it.

#corporate-taxes, #executive-orders-and-memorandums, #federal-taxes-us, #layoffs-and-job-reductions, #payroll-tax, #social-security-us, #stimulus-economic, #tax-cuts-and-jobs-act-2017, #united-states-economy

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The Tax Cut for the Rich That Democrats Love

Why are party leaders fighting to get rid of one surprisingly progressive element of the 2017 tax bill?

#biden-joseph-r-jr, #democratic-party, #federal-taxes-us, #income-inequality, #income-tax, #pelosi-nancy, #presidential-election-of-2020, #schumer-charles-e, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #taxation, #trump-donald-j, #united-states-economy, #united-states-politics-and-government

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Here’s How Moving to Work Remotely Could Affect Your Taxes

The rules are complicated and vary by state, so accountants are advising taxpayers to keep track of how many days they spend working in each state.

#accounting-and-accountants, #coronavirus-2019-ncov, #federal-taxes-us, #federal-state-relations-us, #income, #income-tax, #new-york-state, #states-us, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #taxation, #united-states

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The Coronavirus Generation

The virus doesn’t sicken kids as much as adults. But it can still destroy their futures. A child allowance would help.

#anxiety-and-stress, #bennet-michael-farrand, #biden-joseph-r-jr, #coronavirus-2019-ncov, #education-k-12, #food-stamps, #poverty, #presidential-election-of-2020, #tax-cuts-and-jobs-act-2017, #united-states-economy, #united-states-politics-and-government, #welfare-us

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Trump Ads Attack Biden Through Deceptive Editing and Hyperbole

We reviewed all of the Trump campaign’s television ads since June. Two-thirds contained clearly misleading claims or videos.

#black-lives-matter-movement, #charter-schools, #federal-taxes-us, #police, #police-reform, #political-advertising, #presidential-election-of-2020, #tax-cuts-and-jobs-act-2017, #taxation, #united-states-politics-and-government

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Stock Investors Worried About Biden Presidency

While the pandemic remains the key mover of stocks, investors are beginning to worry about the implications of a Biden win in November.

#arms-trade, #banking-and-financial-institutions, #biden-joseph-r-jr, #federal-taxes-us, #polls-and-public-opinion, #presidential-election-of-2020, #tax-cuts-and-jobs-act-2017, #trump-donald-j, #united-states-economy, #united-states-politics-and-government

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A Trump Tax Break Is Not Spurring Job Creation, Study Finds

A report on opportunity zones finds that a tax incentive President Trump credits with revitalizing black communities has mostly helped real estate developers.

#federal-taxes-us, #labor-and-jobs, #real-estate-and-housing-residential, #tax-cuts-and-jobs-act-2017, #urban-institute

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Why Aren’t Republicans Trying to Please Voters?

The leaders of the governing party can’t seem to stop doing and proposing unpopular things.

#coronavirus-2019-ncov, #mcconnell-mitch, #republican-party, #tax-cuts-and-jobs-act-2017, #trump-donald-j, #united-states-politics-and-government

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The Tax-Break Bonanza Inside the Economic Rescue Package

As small businesses and individuals struggle to obtain federal aid, the wealthiest are poised to reap tens of billions of dollars in tax savings.

#coronavirus-aid-relief-and-economic-security-act-2020, #corporate-taxes, #federal-taxes-us, #high-net-worth-individuals, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017

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Mitch McConnell Is Not as Clever as He Thinks He Is

Leaving states to fend for themselves is a shocking abdication of responsibility that may haunt his party in November.

#coronavirus-aid-relief-and-economic-security-act-2020, #labor-and-jobs, #mcconnell-mitch, #recession-and-depression, #republican-party, #tax-cuts-and-jobs-act-2017, #unemployment-insurance, #united-states-economy, #united-states-politics-and-government

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No Fight Over Red Ink Now, but Virus Spending Will Force Tough Choices

The surge of deficit spending to “never-before-seen levels” is viewed as necessary, but dangerous for the future.

#committee-for-a-responsible-federal-budget, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-budget-us, #federal-taxes-us, #house-of-representatives, #national-debt-us, #senate, #tax-cuts-and-jobs-act-2017, #taxation, #trump-donald-j, #united-states-economy, #united-states-politics-and-government

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Talks Begin on Stimulus Plan as Trump Plays Down Virus Threat

A proposal to eliminate payroll taxes through the end of the year, estimated to cost $700 billion, faces bipartisan opposition, but some version of it could be the basis for a broad agreement to provide aid.

#coronavirus-2019-ncov, #fauci-anthony-s, #federal-emergency-management-agency, #federal-taxes-us, #kudlow-lawrence-a, #mnuchin-steven-t, #paid-time-off, #payroll-tax, #pelosi-nancy, #tax-cuts-and-jobs-act-2017, #trump-donald-j, #unemployment-insurance, #united-states-economy, #united-states-politics-and-government

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Your 8 Most Vexing Tax Questions, Answered

Changing rules have led to taxpayer confusion. We asked accountants and other specialists to help sort it all out.

#accounting-and-accountants, #federal-taxes-us, #income, #income-tax, #mortgages, #pensions-and-retirement-plans, #personal-finances, #real-estate-and-housing-residential, #rebates-and-refunds, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #tax-evasion, #tax-preparers-and-preparation

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