A group of 10 Republican senators pushed back Wednesday evening against President Biden’s comments that they refused to move an “inch” off their initial coronavirus relief offer from earlier this year.
Taxes & Budget
Coverage of the national budget and your taxes.
The Biden administration said Friday it is investing $1.7 billion in genomic sequencing of the coronavirus to detect fast-moving variants, as only half of the current cases are of the original strain.
Inflation jumped in March, as prices for consumer goods, from gasoline to food, posted their biggest increase in almost nine years, the Bureau of Labor Statistics said Tuesday.
President Biden said Wednesday he’s willing to scale back a proposed corporate tax increase in his massive infrastructure plan amid resistance from a key Senate Democrat and a new study that said the plan would sap wages and economic growth in the long run.
House Speaker Nancy Pelosi said on Wednesday she isn’t sure if the administration’s $2.25 trillion infrastructure package headed to Congress will win much Republican support in the House, but she asserted it has “bipartisan support among the American people.”
The White House said Monday it hopes to release President Biden’s top-line budget request for fiscal 2022 “soon” and partly blamed the outgoing Trump administration for the delay.
President Biden on Monday defended his push to raise corporate taxes to pay for trillions of dollars in infrastructure spending, while Treasury Secretary Janet L. Yellen said she is working with G20 countries to create a global minimum tax that would discourage U.S. companies from moving overseas to avoid higher taxes at home.
President Biden took an early victory lap Friday on a strong jobs report but said the surge in hiring in March won’t deter him from pushing through a multitrillion-dollar infrastructure plan with a massive tax increase.
House Speaker Nancy Pelosi said on Thursday she supports and is “sympathetic” to a push by some Democrats to remove a controversial $10,000 federal cap on deducting state and local taxes, an issue in high-tax blue states such as New York and New Jersey.
President Biden appeared to send mixed messages this week when he accused Amazon Inc. of an unethical avoidance of taxes that he simultaneously had zero desire to “punish.”
The number of Americans applying for unemployment benefits rose by 61,000 last week to 719,000, signaling that many employers are still cutting jobs even as more businesses reopen, vaccines are increasingly administered and federal aid spreads through the economy.
Another 13 states filed a lawsuit Wednesday against the Biden administration for prohibiting states that accept federal stimulus funding from reducing taxes “directly or indirectly” for three years.
President Biden on Wednesday laid out a sweeping $2.25 trillion infrastructure package and an array of corporate tax hikes to pay for the plan, touting his proposals as a “once-in-a-generation” investment in initiatives like roads, bridges, broadband and manufacturing.
President Biden on Wednesday is expected to call for tax increases on corporations and wealthy Americans to help cover the cost of his up-to-$4 trillion plan to revamp the nation’s infrastructure and social programs.
President Biden will propose tax increases to pay for more than $3 trillion in new spending on infrastructure and health care, but he’s open to more borrowing, too, the White House said on Monday.
Senate Majority Leader Charles E. Schumer is maneuvering to pass a third bill this year using budget reconciliation, an obscure procedure that sidesteps the filibuster and allows Democrats to ram through President Biden’s agenda without the support of a single Republican.
U.S. Department of Transportation Secretary Pete Buttigieg said Friday President Biden is weighing a “mileage tax” on drivers as a way to help pay for his forthcoming infrastructure plan that could cost upwards of $3 trillion.
The Biden administration is exploring tax cuts that mostly benefit wealthier Americans as congressional Democrats home in on restoring the breaks for their relatively well-heeled constituents.
President Biden gushed over the U.S. Women’s National Team and its court battle for equal pay on Wednesday at an event with soccer stars Margaret Purce and Megan Rapinoe to mark Equal Pay Day.
White House press secretary Jen Psaki said Wednesday that neither individuals nor families earning less than $400,000 per year will see their taxes increase under President Biden’s tax plans.
Congressional Democrats sounded the alarm Tuesday over key parts of the $1.9 trillion relief package they just voted for, saying they’re concerned the Biden administration isn’t doing enough to get checks out the door quickly to families and small businesses.
Treasury Secretary Janet Yellen said the U.S. could see a return to full employment in 2022, though much depends on the implementation of the recently enacted $1.9 trillion coronavirus relief package.
White House staffers are prepping new spending plans with a price tag of up to $3 trillion to present to President Biden as Mr. Biden prepares a next major legislative push, according to multiple reports on Monday.
President Biden says “the devil is in the details” of his $1.9 trillion coronavirus relief package. Turns out, there are a lot of details.