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Even some Republicans who voted for the House tax bill are concerned about the provision to tax graduate student tuition waivers. After students across the country staged walkouts to protest the proposal last week, 31 Republican House members -- who all voted for the bill to pass -- have asked party ...
Eliminating the deductibility of state and local income taxes is a major revenue-raiser in both the House and Senate bills. Other pay-fors that were included in both the House and Senate bills might not last in the joint negotiations as well. There is a flat-out error in the Senate bill regarding the corporate ...

Using the 2017 tax brackets and a rule that would not allow medical deductions unless they exceed 10 percent of adjusted gross income, a couple that could access the deduction would end up with $15,547 more at the end of tax season than one that could not deduct and thus paid more in taxes, ...

ALTOONA, Iowa -- Several key legislative leaders Friday said they expect a wide-ranging discussion of state tax policy to take place during the 2018 session that includes ensuring Iowans who buy products online are paying sales and use taxes that are collected similarly by businesses physically residing ...
The debate over eliminating the federal tax deduction for state and local taxes -- a linchpin of the Republican tax cut plans now working their way through ... He observed that the notion that this applied to taxation had been understood dating back to the origins of the federal income tax, enacted under ...
Bill Haslam says the way the bill is designed could make the state more attractive to those seeking relief from their increased tax burden. State and local taxes have long been deducted from federal taxes, but the new tax reform proposal eliminates that deduction, "a good thing" for low-tax states like ...
On Thursday, the governor once again tried to call attention to what he called the evils of the tax plan, suggesting that Mr. Collins and his fellow Republicans were being shortsighted and insincere, noting that high earners in Republican districts provided an outsize amount of state revenue via taxes.
Some in the group, including Mr. Schwarzman, a founder of the private equity Blackstone Group, have been among those pushing the Trump administration to change the Republican tax package that is making its way through Congress -- in particular to save the ability to deduct state and local taxes from ...
wealthy Americans may get a new conduit for political money in the tax overhaul bill now being reconciled on Capitol Hill. A small provision in the House version of the bill would let big donors secretly donate unlimited amounts to independent political groups -- and write off the contributions as charitable ...
Many seniors are caught off guard when they learn that they are, in fact, responsible for paying taxes in retirement. But while you may have heard that you'll be taxed on your traditional IRA or 401(k) withdrawals, as well as any income you receive from a part-time job, you may be surprised to learn that ...
Republicans in Congress are on the verge of fulfilling their longtime dream of eliminating the federal estate tax, and they could do it in a way that is even more generous to heirs than previous repeal efforts. Bills passed by the Senate and the House recently would reduce or scrap the taxes heirs now pay on ...
The two tax bills have differences for sure -- the most obvious being the Senate's seven tax brackets to the House's four. They also have more nuanced discrepancies, like how they treat mortgage interest deductions and small businesses whose owners pay their company's taxes on their own returns.

Excluding payroll taxes -- which pay for Social Security and Medicare -- federal tax revenues declined to 11.2 percent of gross domestic product in 2016 from ... Slashing revenues by about $1 trillion over 10 years, according to the latest estimates by Congress's Joint Committee on taxation, the bills create ...
Mr. Regis, who says he "leans to the right," said he believed in the economic logic of cutting corporate taxes to 20 percent from 35 percent. Yet he's worried about how the Republicans in Congress are pushing through their tax bills, quickly and without the support of Democrats. Can a business count on the ...
Congress faces another frantic week as GOP leaders and President Donald Trump wrestle with a possible government shutdown; immigration, tax and gun .... including amending the popular mortgage-interest deduction, taxing small businesses and keeping the alternative minimum tax, which Republicans ...
Each and every month, more than 61 million people receives a payout from the Social Security Administration, and more than two out of three recipients are retired workers. A majority of these elderly retirees leans quite heavily on Social Security to make ends meet, with 62% counting on the program for at ...
SYDNEY (Reuters) - The U.S. dollar bounced to a two-week top on Monday and S&P futures rallied as traders marked the passage of a Senate tax bill ... The U.S. Senate approved a tax overhaul on Saturday, moving Republicans and President Donald Trump a big step closer to their goal of slashing taxes ...
We're going to talk more about that big Republican tax bill, which could bring about some of the most sweeping changes to the federal tax code in more than three decades. As you probably heard, the Senate passed its version in the early-morning hours Saturday, bringing Republicans a big step closer to ...
The Joint Committee on taxation, the nonpartisan Congressional body responsible for evaluating tax proposals, hurried its study (PDF) out on a Thursday afternoon as the Senate was preparing to approve a tax cut. That cut, using the dynamic scoring method Republicans had championed since the age of ...
WASHINGTON -- By midafternoon on Friday, Republicans had the votes to pass their tax bill in the Senate. What they did not have was a bill. The legislation, covering nearly 500 pages, finally surfaced well after the sun had set. It appeared first in the lobbying shops of K Street, which sent back copies to ...
An independent tax center said that the bill would add $1.2 trillion to federal deficits over 10 years, and we modeled taxes for 25,000 middle-class families to see how it would affect them. You can check this graphic to see how many people in your income group would get a tax cut. Republicans say the bill ...
Under the Senate tax bill, alcohol producers would save $4.2 billion from 2018 to 2019, according to Congress' Joint Committee on taxation. The measure would help ... For small brewers, lower taxes would be a welcome change because competition is intense. A decade ago, about 1,500 small breweries ...
The protest at Berkeley on Wednesday was one of dozens of walkouts and rallies planned nationwide to fight the tax bill that the House of Representatives passed two weeks ago. Many PhD students receive waivers that cover their tuition -- and the House's bill would raise grad student taxes by ...
Financial advisor David Edwards, president of wealth management firm Heron wealth in New York City, said all of his high-income clients are looking at a tax increase after they lose the standard deduction, deductions on state and local taxes and breaks on real estate taxes and health care expenses.
These bills are not perfect, especially on the individual side. But the business tax cuts will generate an investment boom in the years ahead. And those cuts will bring economic growth back to its historical norm of 3 to 4 percent. Incredibly, the Joint Committee on taxation (JCT) scored growth for the Senate ...
The bill also includes a change to inflation adjustments that would raise taxes slightly compared to what they would have been under current law. By 2027, every income group under $75,0000 is expected to see tax increases according to the Joint Committee on taxation. The corporate rate cut, from 35 ...
Senate Republicans, after a flurry of last-minute deals, salvaged their tax plan early Saturday and put Congress on track to deliver President Trump's ... secured changes to tilt benefits back toward middle-income households, particularly the reinstatement of a deduction for property taxes -- important to ...
The Senate is expected to vote on the Republican tax reform bill this week. Until they do, Slate political writer Jim Newell and economics writer Jordan Weissmann will assess the bill's chances of passage in daily Slack chats. This is the fourth of those chats. Read Wednesday's chat here.
The House tax bill would eliminate that waiver and require them to pay taxes on the full value of the tuition they don't have to pay, which would result in many students with fairly low incomes seeing very large tax bills. At the same time, the House tax bill would eliminate the deduction for interest paid on ...
Senate Republicans are running back to the drawing board on their tax overhaul after the Senate parliamentarian ruled that a deficit trigger wouldn't pass muster. That followed a day of meaty, substantive debate on the matter, during which Republicans seemed to fuse together over a bill that would affect ...
... Hill scorekeeper on tax proposals, the Joint Committee on taxation, has invested a lot of time and money developing an explicitly dynamic scoring model that does take into account the feedback between taxation and economic growth. In the Joint Committee's "Dynamic Stochastic General Equilibrium" model, lower taxes ...
The repeal of the Affordable Care Act's individual mandate--a provision rolled into the Republican tax bill--means millions more people will be uninsured by 2027, ... Over the coming decade, Americans making between $40,000 and $50,000 will pay $5.3 billion more in taxes than they currently would.
The three times the top marginal tax rate was cut below 38% were all followed by below average growth. An income tax schedule needs two features to encourage prosperous growth. A low top marginal rate fulfills one at the expense of the other. The best 30-year period growing at 5.2% had much higher ...
Mike Rounds said Thursday he's willing to vote for a 22 percent corporate tax rate if that's necessary to win passage of the tax reform bill this week, despite the White House's insistence on 20 percent. The Wall Street Journal reported late Wednesday that Senate Republicans are considering whether they ...
But the taxation issue could become more manageable as a slew of cryptocurrency-focused tax software products, including a new app rolled out by Libra, are beginning to hit the market. Such products, which look to bring automated tools to traders instead of them having to manually input data into Excel ...
Advocates for seniors and the middle class have been warning for weeks that the Republican drive to cut taxes for the wealthy is the prelude to a larger attack on Social Security and Medicare. In a videotaped interview with two Politico reporters Wednesday, Sen. Marco Rubio (R-Fla.) said the quiet parts out ...
McCain declared that he had made his decision after "careful consideration." Careful consideration of what? He didn't even wait for an analysis of the bill's economic impact by the Joint Committee on taxation, Congress's own scorekeeper -- the only official assessment, since the Trump administration was, ...
President Trump is playing a major role in shaping the Republican tax plan. So what is a businessman who ran as a populist fighting for? Also, the president shared videos on twitter from a fringe ultranationalist group, and the move was condemned by the office of the British Prime Minister. On today's ...
A key U.S. senator indicated Thursday that the Republican tax bill was all but certain to keep a limited deduction for property taxes -- a partial victory, but at the same time, a major loss for Californians. Like residents of other high-tax states, Californians would benefit from being able to continue to deduct ...
corporations and their investors are subject to two layers of taxation. ... Then, when the business pays returns to its investors, they pay tax on the money they've earned when they file in April. ... In the Republican rewrite of the tax code, both Corporations and pass-throughs would see a huge cut in taxes.
Akron challenges state in fight for tax collection oversight ... Department of taxation to take over collection of certain municipal income taxes.
The government will take steps to increase the tax it collects from firms doing business online, Mr Hammond has announced. From April 2019 ...
A new survey suggests business executives are eager for a tax reform plan backed by President Donald Trump, but there's some doubt that ...
State and local officials in other high-tax, largely blue states like New York, ... "Most states are not in a position to lower taxes in response to the ...
A bicyclist rides along Chicago's Lakefront Trail in August 2017. The Chicago Park District is proposing a property tax increase to pay for an ...


 

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