(Bloomberg) — Wealthy Americans, who were girding for the biggest set of tax increases in three decades just a year ago, now look mostly safe from higher levies for years to come. But there’s one big, glaring exception: investment fund managers. If Democrats succeed in passing Wednesday’s surprise fiscal deal between Senate Majority Leader Chuck […]
Read More(Bloomberg) — Senators Sheldon Whitehouse and Elizabeth Warren say they’re working on a proposed new tax targeting profits being reaped by oil companies as crude prices spike amid geopolitical tensions. “Big Oil’s first priority is to maximize profits,” Warren, a Massachusetts Democrat, tweeted on Wednesday. “We can’t let them use Putin’s invasion as an excuse […]
Read More(Bloomberg) — Democratic lawmakers are risking the ire of voters inflamed by this year’s tax-filing season, as the stalling of President Joe Biden’s priority economic package leaves them bereft of promised benefits. Embedded in the Build Back Better package were two provisions that Democrats designed so that the effects would be felt immediately by key […]
Read More(Bloomberg) — An exceptional year for wealthy Americans, at least in terms of their financial health, just got better. If West Virginia Senator Joe Manchin votes against President Joe Biden’s signature economic package, as he said he would on Sunday, rich Americans will escape any tax hikes, saving the top 0.1% hundreds of billions of […]
Read MoreThe latest version of the Build Back Better Act, which the House could vote on a soon as this week, includes a controversial tax break that would overwhelmingly benefit high-income households, though whether it will survive revisions in the Senate is still an open question. Pushed by lawmakers from high-tax states, House Democrats are proposing […]
Read MorePresident Joe Biden gives a speech on Oct. 25 in Kearny, N.J. Michael M. Santiago/Getty Images “Don’t tax you, don’t tax me, tax that fellow behind the tree.” That quote is attributed to the late Russell Long, the influential Louisiana Democrat who headed the Senate Finance Committee from 1966 to 1981. Now, however, the intended targets […]
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