Social Security cost-of-living adjustment largest in decades
The biggest cost-of-living adjustment in 39 years follows a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic.
Taxes
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Hoosiers getting state tax refund after surprising revenue surplus
Overall tax collections came in about 14% higher than a year ago, giving Indiana a surplus of almost $3.9 billion and triggering a tax refund.
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Eager to build infrastructure, Biden plans to tax businesses
President Joe Biden wants $2 trillion to reengineer America’s infrastructure and expects the nation’s corporations to pay for it.
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Indiana Senate passes bill to strip IndyGo funding, prevent rapid bus line expansion
Senate Bill 141 would withhold 10% of local income tax revenue from IndyGo until it meets a private fundraising threshold established in a 2014 law. It also would prevent IndyGo from moving forward with expansion projects, like the Blue and Purple lines, until it secures private funding.
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Senate committee narrowly approves bill that strips funding from IndyGo
Senate Bill 141, authored by Sen. Aaron Freeman, R-Indianapolis, would withhold 10% of local income tax revenue from IndyGo until it meets a private fundraising threshold established in a 2014 law.
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Articles
Pelosi prepares Dems to scale back $3.5T spending package to $2T
House Speaker Nancy Pelosi said there are “important decisions to make in the next few days” if they hope to forge a legislative compromise that the fuller party, including its spending-weary centrists, ultimately can support.
Global minimum tax on corporations likely to be in reconciliation bill, Yellen says
Each country that signed the deal must pass legislation to enact the measure, which is aimed at limiting corporations’ ability to lower their tax bills by shifting profits to the lowest-tax jurisdictions globally.
Dems edge toward pared-down spending plan to boost support
The $3.5 trillion price tag on the social services portion of President Biden’s agenda has long been the sticking point, with progressives demanding the funding for their priorities and moderates balking at the eye-popping number.
Q&A: House budget leader Tim Brown reflects on career, possible parting gift
The Crawfordsville Republican spent the past eight legislative sessions as chairman of the House Ways and Means Committee and suggests he will propose a tax cut for Hoosiers as he departs the legislature in 2022.
Vote delayed, Democrats struggle to save Biden $3.5T bill
Deeply at odds, President Joe Biden and his party are facing a potentially embarrassing setback—if not politically devastating collapse of the whole enterprise—if they cannot resolve the standoff over Biden’s ambitious vision.
Democrats see tax ‘framework’ to pay for huge $3.5T package
Staring down a self-imposed Monday deadline, lawmakers said they would work nonstop to find agreement on specifics. Democrats’ views on those vary widely, but they largely agree with Biden’s idea of raising taxes on corporations and the wealthy.
Democrats seek corporate, wealthy tax hikes for $3.5T plan
n all, the tax hikes are in line with Biden’s own proposals and would bring about the most substantive changes in the tax code since Republicans with then-President Donald Trump slashed taxes in 2017. Business and anti-tax groups are sure to object.
Key Democrat favors cutting Biden budget plan by more than half
A Democratic senator vital to the fate of President Joe Biden’s $3.5 trillion plan for social and environmental spending said Sunday he won’t support even half that amount or the ambitious timetable envisioned for passing it.
Senate Democrats eye taxes on stock buybacks, excess CEO pay
The expanded menu of tax options would give Democrats more flexibility as they undertake thorny negotiations among themselves over how to pay for a proposed $3.5 trillion of long-term investments in child care, education and other social programs.
House passes $3.5T Biden blueprint after deal with moderates
House Democratic leaders have muscled President Joe Biden’s multi-trillion-dollar budget blueprint over a key hurdle, ending a risky standoff and putting the party’s domestic infrastructure agenda back on track.
House moderates offered deal to ease Biden budget standoff
Tensions flared overnight as a band of moderate lawmakers threatened to withhold their votes for the $3.5 trillion plan. They were demanding the House first approve a nearly $1 trillion bipartisan package of road, power grid, broadband and other public works projects that’s already passed the Senate.
Pelosi faces new threat from Dem moderates in budget fight
House Speaker Nancy Pelosi faced a fresh hurdle Friday to passing President Joe Biden’s multi-trillion dollar domestic policy aspirations, as nine moderate Democrats threatened to derail a budget blueprint crucial to opening the door to much of that spending.
Top Dem sees tough pathway for $3.5T social, climate plans
The real test will be when Democrats write and vote on subsequent legislation actually enacting the party’s priorities into specific spending and tax policies.
Senate Dems unveil $3.5T budget for social, climate efforts
The measure lays the groundwork for separate legislation later this year that over a decade would pour mountains of federal resources into Democrats’ top priorities, with much of it paid for with tax increases on the rich and corporations.
Budget office: Infrastructure bill adds $256B to deficits
Nearing decision time, senators are wrapping up work on the bipartisan infrastructure plan, and talks were under way late Thursday to expedite consideration and voting on the nearly $1 trillion proposal.
Some big companies oppose potential tax hikes, but want to profit from infrastructure deal
At least a dozen profitable major U.S. companies paid little or no U.S. income tax in 2020 but are active in industry groups that object to helping fund with taxes the same public projects they want to profit from.
Senator: Bipartisan infrastructure bill loses IRS provision
The proposal to go after taxpayers who skip out on income taxes initially had potential bipartisan appeal, but outside groups came forward to lambaste it as a way to enable the IRS to snoop around Americans’ personal finances.
Child tax credit starts hitting U.S. families’ bank accounts
Democrats see this as a landmark program along the same lines as Social Security. But many Republicans warn that the payments will discourage parents from working and ultimately feed into long-term poverty.
Sanders, Biden meet as infrastructure bill swells past $3.5T
Sen. Bernie Sanders said Monday that he and President Joe Biden are on the same page as Democrats draft a “transformative” infrastructure package unleashing more than $3.5 trillion in domestic investments on par with the New Deal of the 1930s.