Trump tax plan

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Why Lawyers Predict a Wave of Divorce This Year

Blame the loss of alimony tax deduction in 2019

(Newser) - An alimony deduction to be erased in 2019 under the new tax plan has lawyers preparing for a wave of divorces this year—and eying complications for recipients beyond. Payers have long received a tax break on alimony, while recipients have paid income tax on payments. But after Dec. 31,... More »

Republicans Get More Good News on Tax Changes

Starbucks, Disney plan raises and bonuses, and Jamie Dimon predicts economic growth

(Newser) - Republicans have a few more bragging points over their newly passed tax plan , which slashed the corporate tax rate from 35% to 21%.
  • Starbucks: The chain is giving its US workers pay raises and stock grants this year, citing the tax changes, per the AP . Employees also soon will be
... More »

Homeowners Line Up to 'Postpone the Pain'

They're prepaying 2018 property taxes to avoid getting socked by deduction cap in new tax bill

(Newser) - While many people this week are queued up at retailers to return holiday gifts, "unprecedented" lines are forming at municipal offices around the country as homeowners hurry to prepay 2018 property taxes before the new GOP tax bill goes into effect on Jan. 1, reports the Wall Street Journal ... More »

Stocks Soar as Tax Reform Gets Closer

The markets respond as Republicans prepare to pass their tax plan

(Newser) - Stocks are settling at more record highs as the Republican tax plan works its way through Congress. Banks, retailers, and small-company stocks, which would all reap outsize benefits from corporate tax cuts, rose more than the rest of the market Monday. Wells Fargo rose 1.8% and Home Depot climbed... More »

McConnell on Tax Bill: We've Got 50 Votes

Senate majority leader says GOP leaders convinced enough holdouts

(Newser) - "We have the votes." So declared Mitch McConnell Friday on the GOP's bid to push a $1.4 trillion tax bill through the Senate. The final vote in the chamber is expected to come later Friday. The Senate majority leader's comment came soon after the No.... More »

McCain Could Have Another Thumbs-Down Moment

Senate vote on tax bill might be a close one

(Newser) - Perhaps not for the first time , President Trump may be regretting his digs at John McCain, given that the Arizona senator could decide the fate of the GOP tax bill. In order to pass the Senate, all GOP senators but two need to vote yes. Though vocal critics Bob Corker... More »

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 »

12 Stories