tax code

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Trump Signs Tax Bill: 'The Numbers Will Speak'

Changes mind about signing legislation after first of the year

(Newser) - President Trump has signed into law a $1.5 trillion tax overhaul package . Trump touted the size of the tax cut, declaring to reporters in the Oval Office before he signed it Friday that "the numbers will speak." The president said he was going to wait to sign... More »

Tax Changes Have Some Homeowners Scrambling

Those in high-tax states might want to prepay their 2018 taxes this year

(Newser) - Congress is done with its tax overhaul and President Trump is thrilled to be able to sign it into law. Now comes the real-world consequences for payroll companies, accountants, citizens, and even the IRS, as the scramble begins to put the wide-ranging new rules into effect in a mere 12... More »

Massive Overhaul of Tax Code Clears Congress

Trump will sign it into law

(Newser) - Congressional Republicans delivered an epic overhaul of US tax laws to President Trump on Wednesday, bringing generous tax cuts for corporations and the wealthiest Americans while providing smaller cuts for middle- and low-income families. In a re-vote due to a last-minute hiccup, the House passed the massive $1.5 trillion... More »

Senate Passes Sweeping Tax Overhaul

Every Republican present voted in favor

(Newser) - President Trump is now one step closer to getting the tax reform bill he wanted for Christmas. The Senate passed the biggest tax overhaul in more than 30 years in a 51-48 vote just after 1am Wednesday, the Washington Post reports. Every Republican present voted in favor, though Sen. John... More »

A Dozen Republicans Voted Against Tax Plan

Lawmakers from high-tax states join Democrats in opposition

(Newser) - When House Republicans vote on their tax plan for a second time Wednesday, it's likely that 12 of their own lawmakers will be joining Democrats in voting no. The House passed the measure 227-203 on Tuesday, but some parliamentary logistics mean they'll have to do it again on... More »

House Passes Tax Bill, but There's a Late Glitch

Chamber must vote again Wednesday because some provisions violate Senate rules

(Newser) - Republicans on Tuesday muscled the most sweeping rewrite of the nation's tax laws in more than three decades through the House. But they'll have to do it again on Wednesday because of a legislative hiccup. Tuesday's vote, largely along party lines, was 227-203 and capped a GOP... More »

Key Differences Between House, Senate Tax Bills

2 chambers will have to craft a compromise

(Newser) - The Senate passed a nearly $1.5 trillion tax overhaul early Saturday after some late changes were made to the bill. The House passed a nearly $1.5 trillion tax bill two weeks ago that differs in key respects, and the two chambers will have to craft a compromise to... More »

Vote on Tax Bill Delayed by Deficit Worries

Parts of it were rewritten Thursday night

(Newser) - A planned vote on Senate Republicans' overhaul of the tax code was called off Thursday night as they struggled to find 50 votes—and an extra $400 billion or so. Senators say deficit hawks led by Tennessee's Sen. Bob Corker have delayed the bill's progress by insisting it... More »

Rand Paul: Time for Flat Tax of 14.5%

'Blow up the tax code,' he writes

(Newser) - Rand Paul doesn't want to reform what he thinks is a ridiculously complicated and corrupt tax code, he wants to destroy it. In the Wall Street Journal today, the presidential candidate lays out a plan to "blow up the tax code" and replace it with a 14.5%... More »

Finally, Washington Sees a Way Out

Obama, House GOP leaders to meet today

(Newser) - Signs of hope in DC: Both parties are increasingly pushing for an end to the government shutdown and a debt-ceiling increase, with President Obama set to meet with 18 top House Republicans today, the Hill reports. Those Republicans include Paul Ryan, who's at the forefront of a short-term plan... More »

IRS Gives Its Blessing to Married Gay Couples

Same-sex spouses get same treatment as hetero couples

(Newser) - It's another milestone for gay marriage, this one involving joint tax returns. The IRS says it will recognize all legally married gay couples, even if they no longer live in states that allow same-sex marriage, reports LGBTQ Nation . They can move wherever they want, and their federal tax status... More »

What Writeoffs Might Die in Senate's Tax Code Overhaul

Max Baucus and Orrin Hatch trying 'blank slate' approach

(Newser) - Don't look now, but the Senate is sort of rewriting the entire tax code. Max Baucus and Orrin Hatch are trying an ambitious "blank slate" approach to the code, throwing out every tax provision and putting the onus on their supporters to justify their continued existence—and they... More »

Wealthiest 20% Get Lion's Share of Tax Breaks

Democrats and Republicans both hail new CBO report

(Newser) - The top 20% of households in terms of income get a bit more than half of the 10 most significant tax breaks in the code, according to a new Congressional Budget Office analysis, with an outsized 17% of all savings going to the richest 1%. The report is being both... More »

Apple Case Clinches It: We Need Tax Reform Now

Don't blame the company, blame the tax code, say critics

(Newser) - So what can we take away from Apple chief Tim Cook's testimony on Capitol Hill yesterday about the company's byzantine tax strategy ? Not that Apple did anything illegal, only that it's savvy enough to employ "smart accountants and tax lawyers," says the editorial board... More »

US Companies Stashing $1.9 Trillion Overseas

'Broken' tax code causes offshore hoarding to soar $183B last year

(Newser) - The top 83 US-based companies now hold a massive $1.45 trillion offshore, parked in low-tax countries, after increasing those holdings by 14.4%—or $183 billion—just in the last year, reports Bloomberg . The leader in offshore profit parking is GE, with $108 billion, up $6 billion from last... More »

How a Tax Break for Farmers Saves Big Firms Big Bucks

'NYT' sees it as example of how messy tax-code reform will be

(Newser) - Reforming the tax code will be a pitfall-studded affair, asserts the New York Times , which today offers up the tax break for "like-kind exchanges" as proof. This particular break was established nine decades ago as a way to help family farmers. It permitted them to sell land, equipment, or... More »

How the Charitable Deduction Benefits the Rich

'Average Americans paying for billionaires' generosity,' writes Fred Hiatt

(Newser) - A call to limit the charitable deduction may sound heartless—what about all those churches and museums and schools and nonprofits?—but the deduction actually benefits the rich, while "the rest of the country has to make up the gap," writes Fred Hiatt in the Washington Post . A... More »

Sorry, Olympic Medalists Don't Deserve Tax Break

Last thing our tax code needs is yet another loophole: Conor Friedersdorf

(Newser) - Marco Rubio claims he wants to simplify the tax code—so why in the world is he calling for Olympians not to be taxed on their winnings? Such a plan "is a perfect example of why the tax code is a complicated and burdensome mess," writes Conor Friedersdorf... More »

Obama to Congress: Here's Your 'To-Do List'

Items include bringing jobs back to US, tax credits for small business

(Newser) - Because Congress loves being bossed around like nothing else, President Obama will today unveil a "to-do list" of priorities, which have historically had bipartisan support, and which he says will "help restore middle class security." "At this make-or-break moment for the middle class, we need to... More »

GOP Rolls Out Budget With Huge Tax Cuts

There would be just two brackets, with the top at 25%

(Newser) - House Republicans rolled out a new Paul Ryan-penned budget proposal today that calls for a drastic tax-code overhaul, major changes to Medicare and Medicaid, and deep cuts in domestic spending, all while softening a set of automatic defense spending cuts set to hit in January. The budget would scrap our... More »

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