taxes

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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 »

Dad of 2 Adopted Sons Defends Decision to Cut Tax Break

Rep. Kevin Brady says credit is 'not working,' explaining its removal in tax proposal

(Newser) - The tax overhaul in the works has drawn controversy over possible changes to 401(k) plans and deductions for homeowners, but another, lower-profile topic has emerged as a sore point. The House plan unveiled last week would eliminate a one-time tax break for families that adopt children. The break can be... More »

After Much Bickering, House Tax Panel Amends GOP Plan

Panel votes on party lines for amendments

(Newser) - After a day of partisan bickering over whether the Republicans' sweeping tax plan would truly help the middle class, a key House panel on Monday approved late changes. Lawmakers restored the tax exemption for employees receiving child care benefits from their companies, but also put new requirements on a tax... More »

Tax Plan Out Thursday May Have an Unusual Name

Trump reportedly pushing for 'Cut, Cut, Cut Act' as key details remain unresolved

(Newser) - Congressional Republicans say they will release their big tax plan Thursday, but they're still reportedly working on fundamental details regarding the numbers. ABC News , meanwhile, reports that another odd but important detail remains up in the air: what to call the thing. The report says Paul Ryan reached out... 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 »

Corker Makes Dour Prediction About Trump's Legacy

Senator says president will be remembered for 'debasing our country'

(Newser) - President Trump heads to Capitol Hill on Tuesday for a meeting with GOP senators, but his feud with one of them in particular heated up in advance. In appearances on morning talk shows, Bob Corker said the president should leave senators alone to work on a tax plan. “I... 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 »

What Editorials Are Saying About Trump's Tax Plan

'Wall Street Journal' is happy, while the 'New York Times' sees giveaway to rich

(Newser) - Here's a look at early reaction to the proposed tax changes proposed by Republicans and President Trump:
  • Wall Street Journal : The editors are pretty happy, but they fear changes. "Americans who want a faster-growing economy should be pleased," they write, particularly with the proposal to cut the
... 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 »

NYC Mayor Proposes 'Millionaires Tax' to Fix Subway

Bill de Blasio also wants the higher tax on city's wealthy to subsidize low-income riders

(Newser) - A little over a month after New York Gov. Andrew Cuomo declared a state of emergency for the New York City subway, his longtime nemesis in the city, Mayor Bill de Blasio, is proposing a new tax on wealthy New Yorkers to help fix the ailing system. On Monday, de... More »

Revised Senate Plan May Keep Tax on Wealthy

And more money would go to the opioid problem

(Newser) - Mitch McConnell still hopes to get a revised health care plan to the CBO on Friday so it can be assessed over the holiday break, and one compromise in the works would keep in place a tax on the wealthiest Americans. Details on that and other key points, as McConnell... More »

PI in Hot Water for Trying to Dig Up Tax Dirt on Trump

He reportedly used a hack in a federal financial aid tool

(Newser) - Louisiana private investigator Jordan Hamlett allegedly illegally attempted to obtain Donald Trump’s taxes using an unorthodox method: FAFSA forms. According to Politico , Hamlett, 31, allegedly tried digging up the then-presidential candidate’s taxes in September 2016 by exploiting a flaw in the online tool students use to fill out... More »

Trump Tax Plan Cuts Top Tax Rate to 35%

It would also reduce number of brackets from 7 to 3

(Newser) - The White House on Wednesday began laying out President Trump's tax plan, which calls for sharp cuts for businesses and individuals. The administration says the cuts will spur economic growth and bring jobs and prosperity to America's middle class, though lawmakers were worried about ballooning federal deficits. Much... More »

Trump Plans Big Increase in Standard Tax Deduction

'Border adjustment tax' is history, sources say

(Newser) - Another detail of President Trump's tax overhaul plan has surfaced ahead of the expected Wednesday announcement, and it will be probably be a popular one: Sources tell the Washington Post that Trump plans a hefty increase in the standard deduction people can claim on their tax returns. White House... More »

Trump Pushes Huge Tax Cut, but There's One Big Problem

GOP lawmakers worried about the deficit may not play along

(Newser) - President Trump promises to outline his tax proposals on Wednesday, and the big headline in advance is that he wants to cut the corporate tax rate dramatically from 35% to 15% even if that raises the national debt. Here's a look at the ramifications, along with other aspects of... More »

Steve Ballmer's Secret $10M Site on Gov't Spending Debuts

Ex-Microsoft CEO has been compiling monster database for 3 years

(Newser) - Ask Steve Ballmer about the project he's been quietly working on since he retired as CEO of Microsoft , and he starts gushing with the "excitement of a child showing off a new toy," per the New York Times . That three-year project is USAFacts.org , a "first... More »

Americans Don't Seem to Know Much About Taxes They Pay

This year's deadline is Tuesday, April 18

(Newser) - The deadline to file federal taxes this year is Tuesday, April 18, and procrastinators have Abraham Lincoln to thank for the extra time, explains MarketWatch . Tax Day is normally April 15, but not so this year because it fell on a weekend. Typically, that would mean it gets pushed to... More »

House GOP Blocks New Effort to Obtain Trump's Taxes

Democrats' 3rd, 4th attempts were voted down

(Newser) - House Republicans on Tuesday blocked more attempts by Democrats to obtain President Trump's tax returns from the IRS. House Democrats tried for a third and a fourth time to use procedural votes to pry loose Trump's returns. Republicans blocked both efforts, one on the House floor and the... More »

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