Nearly a year after its enactment, the Biden administration is racing to implement a complicated law that Congress designed in haste.
up to 2021 — before lawmakers adopted the Inflation Reduction Act — and found 78 firms that year would have faced $31.8 billion in liabilities. That included Berkshire Hathaway, the conglomerate owned by Warren Buffett, which may have owed $8.3 billion in taxes under the law. Amazon would have faced a roughly $2.7 billion bill, Ford Motor Co. would have owed $1.8 billion and AT&T might have had to pay $1.5 billion, according to the analysis, released last September.
At least one firm, Berkshire Hathaway, later reported it “currently [does] not expect that compliance with the provisions of the 2022 act will have a material impact” on its finances, according to its most recent earnings report. The company did not respond to a request for comment.For the Treasury Department, the fiscal stakes are high, since Democrats fashioned the tax as a way to ensure the Inflation Reduction Act reduces the deficit.
In comments filed with the agency this spring, a wide array of corporate lobbyists — including ITI, the Business Roundtable and the Association for Competitive Taxation , which represents companies like Google, Home Depot and Walmart — pushed for permissive rules that mirror many of the features of the current tax system.
Representatives for major private-equity firms, including Blackstone and the Carlyle Group, similarly have blitzed lawmakers attempting to ensure they are not taxed based on the gains and losses of assets they have not sold, according to Democratic aides.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden asks Congress for $40 billion to help Ukraine, replenish US disaster aid and strengthen borderThe president and his senior national security team have said the United States will help Ukraine “as long as it takes' to oust Russia from its borders.
Read more »
Congress can put an end to the Biden administration's attacks on free speechPresident Joe Biden and his team stand accused of grossly violating the First Amendment and demonstrating a chilling willingness to seize control of discourse. This unmasking of Biden’s Orwellian activity was first revealed in the 'Twitter files' last year and was further bolstered by similar…
Read more »
DOJ using Hunter Biden special counsel to 'stonewall' Congress' investigation, GOP lawmaker saysRep. Jason Smith, R-Mo., unloads on Attorney General Merrick Garland's decision to appoint David Weiss as special counsel in the probe into Hunter Biden.
Read more »
Biden seeks $24 billion for Ukraine, testing bipartisan support in CongressWASHINGTON (Reuters) -U.S. President Joe Biden asked Congress to approve about $40 billion in additional spending on Thursday, including $24 billion for Ukraine and other international needs, $4 billion related to border security and $12 billion for disaster relief. A senior administration official said the needs were great, and the White House was hopeful an agreement could be reached with Congress on the request, which covers only the first quarter of the current 2024 fiscal year. But the request could face opposition in Congress, where some far-right Republicans - especially those with close ties to former President Donald Trump - want to pare back the billions in assistance Washington has sent to Kyiv since Russian troops invaded in February 2022.
Read more »
Comer vows to call Hunter Biden special counsel David Weiss before Congress for testimony“We’re not going to stop. This is just another day in the office for us leading this investigation of Biden corruption,” the Kentucky Republican said.
Read more »