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President Donald Trump's prediction of "a very big day" for the stock market didn't exactly hold true Monday, and tax experts say it's probably because Senate Republicans unwittingly passed a bill that would mean higher-than-intended taxes for technology firms and other corporations. In a shift now under scrutiny by corporate tax officials and lawmakers alike, Senate tax-writers made an unexpected decision to keep the existing 20 percent alternative minimum tax for corporations -- a move that imperils GOP promises of business growth and more hiring, tax lawyers and lobbyists said.
While national groups worry the Senate tax bill passed Saturday may hurt charitable giving, some local charities have confidence locals' generosity will prevail. "The people who give big are still going to give big, and the people who make are making that donation from the heart," said Steve Mallinckrodt, director of SERVE, Inc. "I don't think a new tax law will change that."
The tax overhaul Republicans are pushing toward final votes in Congress could undermine the Affordable Care Act's health insurance markets and add to the financial squeeze on Medicare over time. Lawmakers will meet this week to resolve differences between the House- and Senate-passed bills in hopes of getting a finished product to President Donald Trump's desk around Christmas.
The $11.5 million question at the core of Mayo Clinic's lawsuit against the United States is whether the nonprofit operation is primarily a school or a medical center. Mayo Clinic's position is that it is an "educational organization," which "makes patient care available as a necessary and integral part of its educational activities."
Significant differences separate the massive tax packages passed by the House and Senate on estate taxes, health care and a prized deduction for home mortgage interest, though Republican leaders are confident none is insurmountable. "We're looking forward to getting a final bill to the president's desk, soon," Senate Majority Leader Mitch McConnell, R-Ky., said Monday.
Democrats are refuting a crude, straw man argument that says if corporate rates are cut, businesses will have more money, and out of the goodness of their corporate hearts, they'll give it to workers. One only has to state the argument to know it's rubbish.
Speaker of the House Paul Ryan listens while Senate Majority Leader Senator Mitch McConnell speaks to the press after meetings with President Donald Trump at the White House on February 27, 2017. Expiring tax cuts, business perks and health care politics loom over House and Senate Republicans as they face the daunting task of hammering out the differences between their competing bills to rewrite the U.S. tax code.
Congressional Republicans, buoyed by the Senate's approval of a landmark tax overhaul, expressed confidence Saturday that final legislation would be agreed upon quickly and sent to President Trump by the end of this month. While the tax bills approved by the House and the Senate diverge in significant ways, the same forces that rocketed the measures to passage appear likely to bond Republicans in the two chambers as they work to hash out the differences.
The US Senate has approved a major tax overhaul, bringing the Trump administration one step closer to its aim of slashing taxes for businesses and the wealthy, while delivering mixed changes for the rest of the country. In what would be the largest US tax overhaul since the 1980s, Republicans want to add $1.4 trillion over 10 years to the $20 trillion national debt to finance changes that they say would further boost an already growing economy.
Republicans crossed another major hurdle in their effort to get a tax bill to President Trump's desk by Christmas. In the early hours of Saturday morning, the Senate passed a sweeping tax overhaul bill in largely party-line vote.
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Telling reporters we have the votes, Senate Majority Leader Mitch McConnell, R-Ky., walks to the chamber after a closed-door meeting with Republican lawmakers to advance the stalled GOP overhaul of the tax code, on Capitol Hill in Washington, Friday, Dec. 1, 2017. Telling reporters we have the votes, Senate Majority Leader Mitch McConnell, R-Ky., walks to the chamber after a closed-door meeting with Republican lawmakers to advance the stalled GOP overhaul of the tax code, on Capitol Hill in Washington, Friday, Dec. 1, 2017.
Republican senators say tax reform would benefit small businesses but their true goal is to help the biggest firms, a fact dramatically illustrated by a Republican-on-Republican policy fight this week. The legislation would reduce the top corporate tax rate, the one paid by the largest publicly-traded companies, from 35 to 20 percent.
By MARCY GORDON and STEPHEN OHLEMACHER Associated Press WASHINGTON - Senate Republicans weighed scaling back the tax cuts in their massive package to secure crucial support as congressional analysts said Thursday the legislation would add $1 trillion to the nation's debt over the next decade.
Earlier this week, the Senate Budget Committee voted to approve tax reform legislation, advancing Americans one step closer to benefiting from meaningful, growth-oriented tax cuts. And while the plan is far more complicated than it should be, it is critical for the Senate as a whole to pass the bill in order to help turbocharge our economy and allow American families to keep more of their own hard-earned money.
The Senate is currently debating the Tax Cuts and Jobs Act, and could pass the bill as soon as this week. In selling their tax bill, Republicans have focused on the bill's effects before the individual tax cuts expire at the end of 2025.
In light of the tax legislation coming out of Washington, Democratic Gov.-elect Phil Murphy is having tough going pushing his proposal for a so-called "millionaires' tax." Let me offer this advice: Just call it a "billionaires' tax."
U.S. Sen. Maggie Hassan called the Republican-authored federal tax overhaul a "travesty," but her own proposal to lower taxes for middle-class families has gotten little traction. No Democrats or Republicans have signed onto legislation she filed in September to give a $500 tax credit to individuals making less than $100,000 a year.
The House easily approved a bipartisan measure Wednesday requiring lawmakers and aides to take annual anti-harassment training as lawmakers faced heavy pressure to address burgeoning sexual misconduct allegations against members of Congress. Passage, by voice vote, came as Congress battled over Republican tax cuts and a potential government shutdown, even as lawmakers were forced to address accusations against some of their own.
The amendment would make the child tax credit more generous, but it would also cut the corporate tax rate to only 22% instead of the 20% proposed in the current tax bill. Republican Sens. Marco Rubio and Mike Lee on Wednesday announced an amendment to the GOP tax plan that would increase the tax breaks for families with children at the expense of corporations.