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House to vote on major climate, tax and health bill, teeing up huge win for Biden

US Speaker of the House Nancy Pelosi, Democrat of California, speaks during her weekly press conference on Capitol Hill in Washington, DC, on August 12, 2022. Olivier Douliery | AFP | Getty Images The House is expected to pass a sweeping tax, health and climate bill Friday, delivering a major win for Democrats and President […]

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Inflation Reduction Act extends ‘pass-through’ tax break limits for 2 more years. Here’s what that means for entrepreneurs

Senate Majority Leader Chuck Schumer, D-N.Y., discusses the Inflation Reduction Act on Aug. 7, 2022 in Washington, D.C. Kent Nishimura | Los Angeles Times | Getty Images Senate Democrats curtailed a tax break for certain pass-through businesses as part of the Inflation Reduction Act passed Sunday. A pass-through or flow-through business is one that reports […]

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Trump tax returns must be given to Congress, federal appeals court says in new ruling

Former U.S. President Donald Trump speaks at the Conservative Political Action Conference (CPAC) held at the Hilton Anatole on August 06, 2022 in Dallas, Texas. CPAC began in 1974, and is a conference that brings together and hosts conservative organizations, activists, and world leaders in discussing current events and future political agendas.  Brandon Bell | […]

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Schumer says Sinema left ‘no choice’ but to cut carried interest provision from tax and climate bill

U.S. Senate Majority Leader Chuck Schumer (D-NY) holds his weekly news conference after the Democratic caucus party luncheon at the U.S. Capitol in Washington, August 2, 2022. Jonathan Ernst | Reuters Senate Majority Leader Chuck Schumer said Friday that Democrats had “no choice” but to drop a key tax provision from their major spending bill […]

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Watch live: Schumer takes questions on massive climate, tax bill after securing Democratic support

[The stream is slated to start at noon ET. Please refresh the page if you do not see a player above at that time.] Senate Majority Leader Chuck Schumer, D-N.Y., is set to hold a press conference Friday on Democrats’ marquee legislation to tackle tax reform, health care and climate change. Schumer will speak after […]

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Does the Inflation Reduction Act violate Biden’s $400,000 tax pledge? Expect ‘a different answer depending on who you ask,’ says analyst

Jim Watson | Afp | Getty Images Senate Democrats’ package of climate change, health-care, drug pricing and tax measures unveiled last week has proponents and opponents debating whether the legislation violates a pledge President Joe Biden has made since his presidential campaign, to not raise taxes on households with incomes below $400,000 a year. The answer isn’t […]

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Two Trump children questioned in New York Attorney General probe, ex-president set to talk in coming weeks, report says

Senior advisor to the President Ivanka Trump (R) and brother Donald Trump Jr. listens during a rally in support of Republican incumbent senators Kelly Loeffler and David Perdue ahead of Senate runoff in Dalton, Georgia on January 4, 2021. Mandel Ngan | AFP | Getty Images Donald Trump Jr. and his sister Ivanka Trump have […]

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Embryos can count as dependents on Georgia state tax returns: For many families ‘there is no benefit at all,’ says analyst

Anti-abortion activists demonstrate outside the Supreme Court of the United States in Washington, June 13, 2022. Evelyn Hockstein | Reuters Residents of Georgia may now claim embryos as dependents on their state income tax returns. Any “unborn child with a detectable human heartbeat” may qualify for a $3,000 state income tax deduction for 2022, effective […]

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Employee stock purchase plans can carry ‘a big risk,’ says advisor. What to know before buying in

How employee stock purchase plans works Typically offered to all employees, ESPPs may allow you to purchase company stock at a discount of up to 15%, capped at $25,000 per year for tax-qualified plans. The plan collects after-tax contributions from each paycheck during an “offering period,” and uses the funds to buy company stock on […]

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House Democrats push for Biden’s billionaire minimum income tax

Erik McGregor | LightRocket | Getty Images As Democrats plow forward with a slimmed-down reconciliation package, House lawmakers are separately pushing another piece of President Joe Biden’s agenda: taxing the ultra-wealthy.  Reps. Don Beyer, D-Va., and Steve Cohen, D-Tenn., have introduced the Billionaire Minimum Income Tax Act, calling for a 20% levy on households worth […]