Trump tax plan

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House GOP Won't Cut Taxes for Wealthiest Earners

But corporate tax rate will be slashed from 39% to 20%

(Newser) - Furiously working to finish a tax bill, House Republicans have decided to keep the income tax rate for the wealthiest earners in the face of Democratic criticism that the overhaul pushed by President Trump would benefit the rich. The GOP blew past its self-imposed deadline for public release, with the... More »

Close House Vote May Not Bode Well for Tax Overhaul

Budget measure passes, but lawmakers from 'high-tax' states nearly derail it

(Newser) - The House has narrowly passed a $4 trillion budget that clears a key hurdle toward President Trump's goal of cutting taxes, per the AP . The 216-212 vote allows Republicans to begin work on a $1.5 trillion tax cut and move it through Congress without fear of blocking tactics... More »

Your 401(k) Contributions May Not Be Safe After All

House tax-writing chief Kevin Brady suggests limits are in play, despite Trump's opposition

(Newser) - President Trump declared emphatically this week that 401(k) contributions were off-limits to congressional negotiators working on changes to the tax code. But on Wednesday, one of those negotiators—in fact, one of the most influential ones—suggested otherwise, reports the Washington Post . Kevin Brady, who chairs the House tax-writing committee,... More »

You Can Ignore All but One Thing in Senate Budget Vote

In addition to usual political theatrics, it includes language to speed up Trump's tax plan

(Newser) - The Senate passed its version of a budget blueprint Thursday night, but even lawmakers acknowledge that it's safe to ignore almost all of it. The blueprint that passed on a 51-49 vote contains many items great for political posturing but unlikely to actually become law. However, its passage accomplishes... More »

Dow Makes History

It reaches 23K for the first time

(Newser) - Expect some presidential tweets after this: The Dow reached 23,000 for the first time in its history Tuesday morning. President Trump has been boasting of late about the stock market's rise during his presidency, and MarketWatch reports that the most recent surge seems to be tied to Wall... 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 »

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