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In June 1982, President Ronald Reagan delivered a fire-eating speech before the British House of Commons that is best remembered for his prediction that democratic nations would triumph and communism would end up on “the ash heap of history.”

The speech also helped to popularize a relatively new English word: infrastructure.

Mr. Reagan didn’t predict victory by default. He said the United States would pursue the end of communism by investing in “the infrastructure of democracy.”

Almost four decades later, the word is on everyone’s lips, at least here in Washington, but no one seems quite sure what it means. President Biden has proposed a $2 trillion infrastructure plan that includes money for “community college infrastructure,” for care programs for older and disabled Americans and for electric-car charging stations.

Republicans insist that none of this counts as infrastructure. They propose to spend a smaller amount of money on “real” infrastructure...

In June 1982, President Ronald Reagan delivered a fire-eating speech before the British House of Commons that is best remembered for his prediction that democratic nations would triumph and communism would end up on “the ash heap of history.”

The speech also helped to popularize a relatively new English word: infrastructure.

Mr. Reagan didn’t predict victory by default. He said the United States would pursue the end of communism by investing in “the infrastructure of democracy.”

Almost four decades later, the word is on everyone’s lips, at least here in Washington, but no one seems quite sure what it means. President Biden has proposed a $2 trillion infrastructure plan that includes money for “community college infrastructure,” for care programs for older and disabled Americans and for electric-car charging stations.

Republicans insist that none of this counts as infrastructure. They propose to spend a smaller amount of money on “real” infrastructure...

Democrats struck a chord with voters in the 2020 elections by campaigning on the need for the wealthiest Americans to pay higher taxes. Now the party is flirting with a major change in tax policy that would allow the wealthiest Americans to pay lower taxes.

A bloc of House Democrats, mostly from the New York area, are loudly withholding support for a broad package of tax increases to fund President Biden’s infrastructure plan unless it also includes a tax cut: an unlimited deduction for state and local tax payments, or SALT.

In the narrowly divided House, it takes only a handful of Democrats to derail the president’s agenda by making common cause with do-nothing Republicans. In an open letter last week addressed to the House speaker, Nancy Pelosi, 17 of the 19 Democrats who represent New York threatened to do exactly that, writing that they “reserve the right” to vote against any tax increase that does not include a “full repeal” of the $10,000 limit on the SALT...

The only operetta ever written about Subpart F of the Internal Revenue Code made its debut on a rainy Sunday evening in May 1990, in a Fifth Avenue apartment overlooking Central Park. In bow ties and spring blazers, partners of the law firm of Davis Polk & Wardwell dined on lobster prepared by a Milanese chef. Then everyone gathered around a piano, and a pair of professional opera singers, joined by the few Davis Polk men who could carry a tune, performed what sounded like a collaboration of Gilbert & Sullivan and Ernst & Young.

You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more

You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more

You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more

You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more

You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more