Taxes

President Biden has pledged to raise taxes on high-earning Americans in order to pay for his forthcoming infrastructure bill, but the design of the levy may inadvertently hurt married couples.

'Kudlow' host Larry Kudlow touted the economic accomplishments of the Trump administration, imploring the Biden White House to leave the Trump policies in place, saying 'If it ain't broke, don't fix it.'

White House Press Secretary Jen Psaki on Monday indicated that removing the cap on state and local tax deductions is part of the conversation as President Biden looks to nail down the terms of his $2 trillion spending bill.

Murphy emphasized that, in addition to offering tax credits of up to to 30% of eligible production costs, New Jersey also offers a subsidy of up to 40% for brick and mortar studio development

The IRS is holding onto more than $1.3 billion in unclaimed tax refunds for individuals who did not file a return in 2017 — money that will expire if those people don't collect it soon, the agency said Monday.  

Sen. Joe Manchin said Monday that he does not support President Biden's proposed tax increases on corporations as part of a nearly $2.3 trillion spending proposal, potentially dealing a fatal blow to a key revenue raiser included in the infrastructure initiative. 

President Biden last week rolled out a $2.25 trillion spending proposal that his administration is pitching as a once-in-a-generation investment that will create the “strongest, most resilient, innovative economy in the world."  

Economist Stephen Moore weighs in on New York lawmakers raising taxes by over $4B and the impact it will have on the state.

Treasury Secretary Janet Yellen on Monday will make the case for a global minimum tax rate as she pushes President Biden's plan to increase levies on U.S. corporations in order to fund his $2.25 trillion spending proposal, according to Axios.