Tax Strategies

Middle-class households in New Jersey and other high-tax states would benefit from an expansion of the deduction, a key House Democrat said.

Cryptocurrency investors would have little time to plan against possible tax increases under legislation advancing in Congress.

There were last-minute changes on modifying the SALT deduction and a provision allowing Medicare to negotiate drug prices.

The $1.75 trillion package marks a dramatic shift toward boosting support for families with children.

Congressional Democrats floated fresh proposals on how to increase the federal deduction on state and local taxes, but House and Senate lawmakers were at odds over whether the very rich should be allowed to take the tax break.

Democrats have found new urgency to pass the roughly $1.75 trillion tax and spending plan as well as an infrastructure bill with $550 billion in new spending after being stung by a Republican sweep of statewide races in Virginia.

The move would help offset the benefits from a proposed expansion of the federal deduction of state and local taxes.

Moderates are echoing Senator Joe Manchin’s complaint about not knowing the full cost and economic impact of the Biden adminstration's plans.

That Rothko, Basquiat or Banksy hanging in the front hall may be a great way to get a tax break.

The American Institute of CPAs sent a letter to Congress’s tax-writing committees asking lawmakers to reconsider the rules around the corporate minimum tax rate that’s currently part of the reconciliation bill now under consideration.