Income taxes

Senate Budget Committee Chairman Bernie Sanders is proposing to partially revive the federal deduction for state and local taxes in an draft outline of a budget resolution designed to fast-track much of President Joe Biden’s economic agenda.

The president’s plan for trillions in proposed spending and tax increases is likely to take at least until September to clear.

Working remotely from abroad could bring some thorny tax problems.

Representative Tom Suozzi, one of the leaders in Congress behind the push for an expansion of the state and local tax deduction, is considering proposing a one-time wealth tax on the richest Americans.

Several of the world’s most prominent billionaires paid minimal or no federal income tax in some years, ProPublica reported.

Contrary to the dire predictions at the time, the massive overhaul of the nation’s Tax Code during Donald Trump’s presidency had a negligible initial impact on the nation’s domestic migration patterns, new data from the Internal Revenue Service show.

Billions of dollars in underreported taxes by employers and backup withholding for their employees are helping fuel the tax gap, according to a new report.

The Internal Revenue Service is having a hard time hiring enough staff to help it get through this year’s extended tax season and overcome its backlog of unprocessed tax returns.

Possibly more on stretch IRAs; addressing the gap; the SALT cap and progressive taxation; and other highlights from our favorite tax bloggers.

The proposal won’t affect couples with incomes below $400,000 — but could impact couples who together exceed that threshold.

The president’s decision threatens to complicate congressional negotiations over his sweeping new social-spending program.

The president is poised to unveil a plan that would raise taxes on the income, investments and estates of the wealthiest Americans to levels not seen in more than four decades.

His plan includes a proposal to almost double the capital gains tax rate for wealthy individuals to help pay for a raft of social spending, according to people familiar with it.

Democrats are making another push for the Biden administration to include a repeal of the cap on state and local tax deductions in its long-term economic program.

Lawmakers should closely study the impact of the deduction before making changes, the No. 3 House Democrat James Clyburn said.

Trump’s legislative triumph has put President Biden in a bind.

Increasing funding for the IRS enforcement efforts could yield enough to pay for reinstating the full deduction.

President Joe Biden is asking congressional Democrats to vote for a tax increase that will test a long-held liberal article of faith: that many wealthy Democrats won’t mind paying more in taxes if they can be convinced the money would lead to greater prosperity for everyone.

Democratic and Republican House members are forming a bipartisan group to push for a repeal of the $10,000 cap on state and local tax deductions, demonstrating a broadening campaign to restore a valuable tax break.

Seventeen Democrats told House Speaker Nancy Pelosi they would be ready to oppose any tax legislation that doesn't restore the break.