If a sweeping social, climate spending and tax bill stalled in the Senate is revived, it could raise the possibility of retroactive tax changes that tend to pose challenges for financial advisers. In December, the $1.75 trillion Build Back Better ...

For millionaires trying to decipher if they will pay more or less in taxes under President Joe Biden’s Build Back Better plan, the answer largely depends on just how much income they get, and how it’s earned. Millionaires collectively would ...

House Democrats from high-tax states celebrated the inclusion of a more generous state and local tax deduction in the House-passed version of President Joe Biden’s economic plan, but they face some intensive negotiations on its final form as the Senate ...

Democrats’ plan to undo President Donald Trump’s $10,000 cap on the state and local tax deduction is likely to end up enshrining looser restrictions on the popular and politically important write-off for the foreseeable future. The ongoing debate over whether ...

Democrats are looking at expanding the minimum income tax rates that some high earners will have to pay, a move that would help offset their benefits from a proposed expansion of the federal deduction of state and local taxes, according ...

House Democrats are considering a five-year suspension of the cap on the federal state and local tax deduction before it’s reinstated in 2026, according to people familiar with the negotiations, a plan that Sen. Bernie Sanders quickly declared “unacceptable.” That ...

As Congress advances sweeping budget legislation, investment advisers are hoping lawmakers include a provision that would restore a deduction for state and local taxes. The Democratic-majority Senate approved early Wednesday morning along narrow party lines a $3.5 trillion budget resolution ...