Income Tax
I.R.S. Routinely Audited Obama and Biden, Raising Questions Over Delays for Trump
WASHINGTON — The I.R.S. subjected both President Donald J. Trump’s predecessor and his successor to annual audits of their tax returns once they took office, spokespeople for Barack Obama and President Biden said on Wednesday, intensifying questions about how Mr. Trump escaped such scrutiny until Democrats in the House started inquiring. Late Tuesday, a House […]
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Biden’s Student Loan Forgiveness Plan: Your Questions, Answered
President Biden announced on Wednesday that the federal government would cancel up to $20,000 worth of federal student loans for millions of people. But not everyone with debt will qualify. The action includes rules that will maintain the balances of debtors who currently have high incomes. Those who do qualify will need to navigate the […]
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The Carried Interest Loophole Survives Another Political Battle
WASHINGTON — Once again, carried interest carried the day. The last-minute removal by Senate Democrats of a provision in the climate and tax legislation that would narrow what is often referred to as the “carried interest loophole” represents the latest win for the private equity and hedge fund industries. For years, those businesses have successfully […]
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Sinema Agrees to Climate and Tax Deal, Clearing the Way for Votes
WASHINGTON — Senator Kyrsten Sinema, Democrat of Arizona, announced on Thursday evening that she would support moving forward with her party’s climate, tax and health care package, clearing the way for a major piece of President Biden’s domestic agenda to move through the Senate in the coming days. To win Ms. Sinema’s support, Democratic leaders […]
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Analysis Deems Biden’s Climate and Tax Bill Fiscally Responsible
After more than a year of trying — and failing — to pack much of President Biden’s domestic agenda into a single tax-and-spend bill, Democrats appear to have finally found a winning combination. They’ve scrapped most of the president’s plans, dialed down the cost and focused on climate change, health care and a lower budget […]
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Democrats Propose Raising Taxes on Some High Earners to Bolster Medicare
WASHINGTON — Senate Democrats will push to raise taxes on some high-earning Americans and steer the money to improving the solvency of Medicare, according to officials briefed on the plan, as they cobble together a modest version of President Biden’s stalled tax and spending package. The proposal is projected to raise $203 billion over a […]
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The Pandemic Flight of Wealthy New Yorkers Was a Once-in-a-Century Shock
The outlook for this year has become much less certain as the stock market has plummeted in recent months and certain forms of federal aid, like stimulus checks and expanded unemployment benefits, have ended. The city’s Independent Budget Office said it was not possible to calculate the tax revenue lost from the people who had […]
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Biden’s Tax Forms Show He and the First Lady Earned $610,702 in 2021
WASHINGTON — President Biden and his wife on Friday reported earning $610,702 in 2021, almost the same amount the couple said they earned the year before, according to copies of their tax return made public by the White House. The release of their return — which comes just days before Monday’s deadline for Americans to […]
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A Popular British Politician Falls From Grace Over a Tax Scandal
LONDON — Just two months ago, Rishi Sunak, a popular, fast-rising British politician who serves as chancellor of the Exchequer, looked like a good bet to replace the country’s scandal-scarred prime minister, Boris Johnson. Now, Mr. Sunak’s future is suddenly clouded by a swirl of revelations about his wealthy wife’s tax status, as well as […]
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