Joe Manchin

WASHINGTON—Treasury Secretary Janet Yellen said the Biden administration is considering ways to reconfigure tariffs on imports from China as a means of helping to ease decades-high inflation. Ms. Yellen, speaking at a House Ways and Means Committee hearing on Wednesday, said she expected the administration to have additional information on its plans in the coming weeks, although there is no firm timeline. “I think some reductions may be warranted,” Ms. Yellen said of the tariffs, adding it could help to bring down the…

Rep. Tom Suozzi, D-N.Y., speaks during a news conference announcing the State and Local Taxes (SALT) Caucus outside the U.S. Capitol on April 15, 2021.Sarah Silbiger | Bloomberg | Getty ImagesThree House Democrats are still pushing for relief on the $10,000 limit on the federal deduction for state and local taxes, known as SALT. Reps. Josh Gottheimer, D-N.J.; Tom Suozzi, D-N.Y.; and Mikie Sherrill, D-N.J., on Friday sent a joint letter to U.S. Department of the Treasury Secretary Janet Yellen and IRS Commissioner Charles…

Rep. Tom Suozzi, D-N.Y., speaks during a news conference announcing the State and Local Taxes (SALT) Caucus outside the U.S. Capitol on April 15, 2021.Sarah Silbiger | Bloomberg | Getty ImagesDespite roadblocks, five House Democrats are still fighting for relief on the $10,000 limit on the federal deduction for state and local taxes, known as SALT. Rep. Mikie Sherrill, D-N.J., sent a letter to leaders of the House Appropriations Subcommittee on Financial Services and General Government, urging colleagues to deny the IRS…

WASHINGTON—Federal revenue almost doubled in April compared with a year earlier, reaching a record and driving a monthly government surplus of $308 billion, which Treasury officials said also set a record for the largest monthly surplus. Government revenue from taxes and other receipts for the month rose by 97% from a year earlier to $864 billion, not adjusting for calendar differences, the Treasury Department reported Wednesday. Federal outlays in April fell by 16% to $555 billion, the…