Republicans are working on developing a far smaller infrastructure package than the Biden administration’s American Jobs Plan, relying on user fees such as tolls instead of corporate tax increases. | Tax Fraud Blotter: No-accounts → | | By Jeff Stimpson 6 min read | | Founded on fraud; what’s in a name?; taken for granted; and other highlights of recent tax cases. | |
| SALT cap repeal gains momentum with House bipartisan caucus → | | By Laura Davison 3 min read | | Democratic and Republican House members are forming a bipartisan group to push for a repeal of the $10,000 cap on state and local tax deductions, demonstrating a broadening campaign to restore a valuable tax break. | |
| Luckin Coffee raises funds amid auditor swap → | | By Richard Clough and Anne Riley Moffat 2 min read | | The disgraced Chinese coffee chain replaced its auditor and said it secured $250 million in funds from a pair of private equity firms. | |
| Bernard Madoff dies at 82 → | | By Laurence Arnold 8 min read | | The Manhattan investment adviser defrauded his A-list clients of more than $19 billion in history’s largest Ponzi scheme. | |
| Biden SEC pick Gary Gensler confirmed → | | By Ben Bain 3 min read | | The new commissioner is poised to confront everything from the fallout of the GameStop trading frenzy to the deluge of SPACs. | |
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