U.S. Economy

The IRS already delayed the main April 15 tax-filing deadline by one month, but some accounting groups say that Americans still reeling from the coronavirus pandemic need more time to submit their returns.

About 30 million Social Security recipients who are still waiting to receive their third stimulus check could see the money arrive soon. 

The IRS said Friday the purchase of personal protective equipment used to combat the spread of COVID-19, including face masks and hand sanitizer, are tax-deductible medical expenses.  

Sen. Elizabeth Warren traded barbs with Amazon in a fiery Twitter exchange after she accused the e-commerce behemoth of exploiting loopholes and offshore havens to avoid paying its "fair share" in taxes.

Sen. Joe Manchin, a key centrist Democrat, said this week that he supports a multitrillion-dollar infrastructure package that would be paid for in part by raising taxes. 

President Biden said Thursday that he will travel to Pittsburgh next week to announce details of his multitrillion-dollar infrastructure bill, a sweeping measure that's expected to include funds for roads and bridges, as well as address issues like climate change and income inequality. 

President Biden called Chinese President Xi Jinping a "smart, smart guy" during his Thursday press conference, even as he vowed to hold Beijing accountable for a multitude of human rights abuses and unfair trade practices.

Sen. Bernie Sanders on Thursday renewed his push to hike taxes on wealthy Americans, unveiling a pair of proposals that would dramatically raise the rates paid by corporations and the top sliver of U.S. households.

The IRS sent out a second batch of stimulus checks this week, delivering payments to another 37 million Americans as part of President Biden's $1.9 trillion American Rescue Plan.  

Sen. Elizabeth Warren's plan to tax the net worth of the wealthiest Americans could reduce U.S. economic growth by 1.2% over the next 30 years, according to a new analysis published this week. 

The IRS has already delivered a third round of stimulus checks to 90 million Americans — but not everyone has gotten the full payment for which they're eligible. 

Treasury Secretary Janet Yellen said Wednesday the U.S. government has more room to borrow, but acknowledged that higher taxes will likely be needed to pay for those future expenditures.  

More Americans are eligible to take advantage of a tax break on unemployment benefits under new guidance issued this week by the IRS.

The richest 1% of Americans dodge significantly more in income taxes than the Internal Revenue Service previously estimated, according to a new study released this week.

Executives at some of Wall Street's biggest firms warned New York lawmakers that raising taxes could cause high-income earners who fled the state during the coronavirus pandemic to leave permanently.  

Treasury Secretary Janet Yellen said Tuesday that President Biden is exploring changes to the tax structure in order to offset the cost of Democrats' next big-ticket economic spending package. 

A group of House Democrats is pushing for answers on reported delays in the delivery of the third round of stimulus checks to Americans who are not required to file tax returns – including some veterans and Social Security beneficiaries. 

Administration officials are crafting a plan for a multipart infrastructure and economic package that could cost as much as $3 trillion and fulfill key elements of President Biden’s campaign agenda, according to people involved in the discussions.

President Biden is committed to fulfilling a key campaign promise and raising taxes on high-income earners amid growing evidence that many wealthy Americans benefited financially from the coronavirus pandemic. 

It's a busy time for the IRS: In addition to delivering a third round of stimulus checks to millions of Americans, the agency is also mired in the months-long process of issuing tax refunds.