tax reform

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Pence Delays Trip to Preside Over Tax Vote

He'll visit Middle East in January instead

(Newser) - Mike Pence is "committed to seeing the tax cut through to the finish line"—so committed, in fact, that he'll delay a trip to the Middle East, his press secretary announced Monday. The vice president was to travel Tuesday to Egypt and Israel but will now depart... More »

Here's What's in the Final GOP Tax Bill

Tax cuts for corporations and wealthy Americans lead the way

(Newser) - Congressional Republicans on Friday evening revealed the final version of their massive tax bill, which appears likely to pass next week, the Washington Post reports. Here's some of what's included in the "Tax Cut and Jobs Act":
  • The corporate tax rate is reduced from 35% to 21%,
... More »

Republicans Gain 2 Key Votes for Final Tax Bill

Rubio, Corker make passage of tax bill increasingly likely

(Newser) - It now appears Republicans will have the votes to pass their major tax overhaul next week. USA Today reports Sen. Marco Rubio flipped to a "yes" on Friday a day after saying he wouldn't support the tax bill without an increase in the child tax credit. A senior... More »

GOP Leaders Say They Have a Deal on Tax Bill

And Trump says Republicans are 'very, very close' to passing it

(Newser) - President Trump on Wednesday said Republicans are "very, very close to a historic legislative victory" on taxes, adding that a deal between Senate and House Republicans is "very, very close," the AP reports. According to USA Today , Republican Sen. Orrin Hatch confirmed the House and Senate have... More »

Trump Raises Possibility of Shutdown This Weekend

Deadline for a deal is Friday

(Newser) - It's an unusually busy time on Capitol Hill. GOP lawmakers are trying to get a tax bill to President Trump before the end of the year, but first they must contend with a Friday deadline to avert a government shutdown. On Wednesday, President Trump raised the possibility that the... More »

'Why Would You Take This Failed Experiment Nationwide?'

Kansas has already witnessed the failure of the GOP's tax bill

(Newser) - “Why would you take this failed experiment nationwide?" That was the question constituent Robynn Andracsek posed to Kansas Sen. Jerry Moran last week, and it's one that's on the mind of the Kansas City Star editorial board given that Moran could be the "deciding vote" on... More »

With Congress Back, GOP Has 6 Potential Problems

Half-a-dozen Republican senators are wavering on tax reform, enough to kill it

(Newser) - Congress returned to work on Monday after the holiday break, and the stretch between now and Christmas promises to be a chaotic one. The main issue is that Republicans want to have their tax-overhaul plan on President Trump's desk before the year is out. That would be dicey enough... More »

Trump Gets Big Win on Taxes

House passes Republican tax-cut bill

(Newser) - In a victory for President Trump, the House successfully passed its version of the Republican tax-cut plan Thursday, the Los Angeles Times reports. All Democrats and 13 Republicans voted against the bill, giving it a 227-205 win. "Passing this bill is the single biggest thing we can do to... More »

Why Grad Students Think GOP Tax Plan Is 'Absolutely Crazy'

Grad students could see their taxes quadruple under the House plan

(Newser) - Fourth-year MIT grad student Ryan Hill lives cheaply on a $30,000 stipend from the university, sewing clothes for his baby and going without dental insurance. "It's been already very hard to just emotionally get through this time of life because we have to be so frugal,"... More »

GOP Targets ObamaCare in New Tax Plan

Leaders say tax package will include repeal of Affordable Care Act mandate

(Newser) - After failing to do away with the Affordable Care Act earlier this year, Republicans will now try to kill two birds with one stone by adding a partial ObamaCare repeal to their tax package, the Wall Street Journal reports. Sen. Mitch McConnell says getting rid of the ACA's mandate... More »

GOP May Use Retirement Accounts to Pay for Tax Cuts

Sources say Republicans may cap contributions to 401(k) accounts at $2,400 a year

(Newser) - Multiple sources say Republican lawmakers may be setting their sights on Americans' retirement accounts to pay for tax cuts, specifically to the business tax rate. The New York Times reports Republicans are expected to release a tax reform plan sometime in the next few weeks, and that plan could include... More »

Trump's Possible Savings With New Tax Plan: $1B

'NYT' runs some numbers, finds tax proposal might prove very good for Trump

(Newser) - It's hard to know for sure, but President Trump may save a pretty penny if his administration's "once in a generation" tax proposal goes into effect, despite Trump insisting earlier this week the plan is "not good for me." The New York Times put Trump'... More »

Trump Pitches 'Once-in-a-Generation' Tax Reform Plan

But so far it lacks details to back up claim that middle class will win big

(Newser) - President Trump launched his push for tax reform Wednesday in Indianapolis, promising a "once-in-a-generation opportunity" and "revolutionary change." "Under our framework, we will dramatically cut the business tax rate so that American companies and American workers can beat our foreign competitors and start winning again,"... More »

Trump Tax Plan Doubles Standard Deduction, Sort Of

President pitching cuts for middle class as well as corporations; many details up in air

(Newser) - With the push to repeal ObamaCare all but dead for now, President Trump and Republicans are moving on to their next big initiative: reform of the tax code. Trump and the GOP are releasing the broad strokes of their plan Wednesday, and the president will try to rally support for... More »

Trump Starts Tax Reform Push With Threats, Few Details

'I don't want to be disappointed by Congress. Do you understand me?'

(Newser) - "We're here today to launch our plans to bring back Main Street by reducing the crumbling burden on our companies and on our workers," CNN quotes President Trump as saying Wednesday. Trump officially started his push for tax reform with a speech in Missouri that mostly stuck... More »

Expect to Hear One Theme as Trump Begins Tax Reform Push

He and aides will talk about 'unrigging' the economy to help middle class

(Newser) - President Trump begins his push for another major goal of his White House in a speech Wednesday afternoon in Missouri: the need for tax reform. But White House officials previewing the speech on Tuesday made one thing clear: Don't expect policy details, reports the Kansas City Star . Instead, expect... More »

Trump's Tax Reform Plan Is Return of 'Voodoo Economics'

And just because we've seen his tax plan doesn't mean we'll see his taxes

(Newser) - President Trump's tax reform plan unveiled Wednesday heralds the return of the Laffer curve, or as it's more commonly known—thanks to the first President Bush—"voodoo economics." The New York Times reports the Laffer curve was first sketched on a napkin by Arthur Laffer in... More »

Trump: 'Doesn't Matter' if Vote on Health Care Next Week

But he does promise details on a 'massive tax cut' next week

(Newser) - President Trump says he plans to introduce a tax reform package next week that includes a "massive tax cut" for both businesses and individuals, the AP reports. According to CNBC , Trump is promising a "big announcement" on Wednesday that will "formally" start the tax reform process. While... More »

Mnuchin: Tax Reform Derailed by Health Care Failure

Mnuchin now says 'not realistic' tax reform gets done by August

(Newser) - It looks like the US won't have a reformed tax system by Labor Day after all. Steven Mnuchin tells the Financial Times that having a tax reform bill ready for President Trump's signature by August is "not realistic at this point." Two months ago, the Treasury... More »

Get Ready to Hear a Lot About 'BAT'

Proposed border tax is one of the thorniest issues with tax reform

(Newser) - With an ObamaCare alternative off the table for now , the White House is turning its attention to a new initiative, the first fundamental overhaul of the tax code in 30 years. Intense lobbying already is underway, with one of the most contentious issues the idea of a "border adjustment... More »

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