Taxation
Climate and Tax Bill Scales Crucial Senate Hurdle, Paving Path to Passage
WASHINGTON — A divided Senate took a crucial step on Saturday toward approving Democrats’ plan to tackle climate change, bring down health care costs and raise taxes on large corporations, with a test vote that paved the way to enact a significant piece of President Biden’s domestic agenda in the coming days. The measure advanced […]
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Democrats Eye a Major Shift in How Corporations Are Taxed
WASHINGTON — At the center of the new climate and tax package that Democrats appear to be on the verge of passing is one of the most significant changes to America’s tax code in decades: a new corporate minimum tax that could reshape how the federal government collects revenue and alter how the nation’s most […]
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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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Manchin, in Reversal, Agrees to Quick Action on Climate and Tax Plan
WASHINGTON — Senator Joe Manchin III of West Virginia, a key centrist Democrat, announced on Wednesday that he had agreed to include hundreds of billions of dollars for climate and energy programs and tax increases in a package to subsidize health care and lower the cost of prescription drugs, less than two weeks after abruptly […]
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Manchin Pulls Plug on Climate and Tax Talks, Shrinking Domestic Plan
WASHINGTON — Senator Joe Manchin III, Democrat of West Virginia, pulled the plug on Thursday on negotiations to salvage key pieces of President Biden’s agenda, informing his party’s leaders that he would not support funding for climate or energy programs or raising taxes on wealthy Americans and corporations. The decision by Mr. Manchin, a conservative-leaning […]
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States Turn to Tax Cuts as Inflation Stays Hot
A new report from the Tax Policy Center, a left-leaning think tank, said total state revenues rose by about 17.6 percent last year. State rainy day funds — money that is set aside to cover unexpected costs — have reached “new record levels,” according to the National Association of State Budget Officers. Yet those rosy […]
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Disney to Lose Special Florida Tax Status Amid ‘Don’t Say Gay’ Clash
The company’s clash with Florida is the latest example of how speaking out on social and political issues can put corporations in conflict with some lawmakers. Last year, Georgia politicians threatened to raise taxes on Delta Air Lines after the company spoke out against the state’s restrictive voting laws. More recently, Texas lawmakers have said […]
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How to Fight Inflation With Lessons From History
Up North Annual spending in the Union reached a staggering 16 times its prewar budget. Despite the need for funds, there was great fear in Congress of increasing taxes because of Americans’ well-known antipathy to taxation. But Salmon P. Chase, the fiscally conservative Treasury secretary, was mortally afraid of inflation. He recognized that without revenue […]
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As Biden Pivots, Democrats Seek to Salvage His Domestic Agenda
WASHINGTON — President Biden’s State of the Union address on Tuesday was the start of an election-year push to reframe his domestic agenda away from the sweeping aspirations of his first year in office and toward more practical and politically appealing goals: driving down rising prices, controlling the pandemic, addressing crime. Gone were the expansive […]
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