Tax reform

America’s wealthiest families held an astounding $8.5 trillion in untaxed profits in 2022. According to a report from the nonprofit Americans for Tax Fairness, which analyzed Federal Reserve data, “one in every six dollars (18 percent of the nation’s unrealized gains is held by these roughly 64,000 ultra-wealthy households, who make up less than 0.05 percent of the population.” The report comes as the Supreme Court gears up to decide a case that could preemptively block any efforts to tax the wealth of billionaires.…

(L-R) Richard A. Gonzalez, chairman and CEO of AbbVie Inc., Pascal Soriot, executive director and CEO of AstraZeneca, Giovanni Caforio, chairman of the board and CEO of Bristol-Myers Squibb Co., Jennifer Taubert, executive vice president and worldwide chairman of Janssen Pharmaceuticals, Johnson & Johnson, Kenneth C. Frazier, chairman and CEO of Merck & Co. Inc., Albert Bourla, CEO of Pfizer, and Olivier Brandicourt, CEO of Sanofi testify in front of the Senate Finance Committee on 'Drug Pricing in America: A…

New U.S. Speaker of the House Kevin McCarthy, R-Calif., speaks with reporters in Washington, Jan. 7, 2023.Jon Cherry | ReutersHouse Republicans on Monday night voted to slash funding for the IRS, following a pledge from newly-elected Speaker Kevin McCarthy to repeal the money approved by Congress last year.   Passing along party lines, the bill would rescind tens of billions allocated to the agency over the next decade through the Inflation Reduction Act passed in August.The measure doesn't have the support to pass in the…

Sunrise hits the U.S. Capitol dome on September 30, 2021 in Washington, DC.Chip Somodevilla | Getty Images News | Getty ImagesMain Street could find itself stuck in gridlock next year in terms of advancing pro-business tax objectives.For House Republicans, legislative priorities are likely to include extending business-friendly provisions of The Tax Cuts and Jobs Act, passed by the Trump Administration in 2017. Even so, a divided Congress means that major pro-business legislative changes will be difficult to enact. This…

As Americans head to the polls, several key personal finance issues are weighing on voters' minds and wallets.This week, the Federal Reserve enacted its fourth consecutive 0.75 percentage point interest rate increase to fight inflation, triggering further stock market losses.Meanwhile, recession fears are growing, with 84% of Americans worrying how a prolonged economic downturn may affect their finances, according to a MassMutual report released Thursday.  More from Personal Finance:What the Fed's 0.75 percentage point…

The legislation, which passed the Senate 51-50 on Sunday with a tiebreaking vote by Vice President Kamala Harris, offers tax incentives for reducing carbon emissions, seeks to allow Medicare to negotiate the price of some prescription drugs, allots roughly $80 billion to the Internal Revenue Service and extends subsidies for health insurance under the Affordable Care Act. Along with a new 15% corporate minimum tax, it creates a 1% excise tax on companies’ stock…

A mobile billboard calling for higher taxes on the ultra-wealthy depicts an image of billionaire businessman Jeff Bezos, near the U.S. Capitol on May 17, 2021 in Washington, DC.Drew Angerer | Getty ImagesA new billionaire was created on average about every 30 hours during the Covid-19 pandemic, according to a new report by Oxfam, a global charity focused on eliminating poverty.Now, 573 more people around the world can claim billionaire status compared to 2020 when the pandemic began, for a current total of 2,668…