Taxes
TRUMP Act would put Trump’s New York tax returns online
Some Democratic state senators in New York are trying an end run to get Donald Trump's taxes into the public view by introducing legislation that would reveal his state tax returns for the last five years. The legislation -- dubbed the Tax Returns Uniformly Made...
Big Oil wants to tax itself and give cash to Americans
Here are two shockers: Big Oil wants to tax itself to fight climate change. And it wants the proceeds to go to American families. Major oil companies including ExxonMobil (XOM), BP (BP), Royal Dutch Shell (RDSA) and Total (TOT) backed a carbon tax proposal on Tuesday...
How tax reform could affect your 401(k) tax break
Republicans in Congress are gearing up to fight for lower tax rates. But how do you pay for those cuts? One possible solution on the table: Taxing you on your retirement savings up front. Several people in the retirement savings industry fear that lawmakers will...
3 smart ways for investors to cut their taxes
High returns aren't the only factor to consider when choosing your investments. A tax-efficient portfolio can save you enough on your tax bill to nicely compliment your investment returns. Take a look at your own portfolio to see if you've implemented the following...
Trump’s tax plan isn’t as big of a threat to H&R Block as he says
President Donald Trump may talk a lot about creating jobs, but there's one kind he wants to eliminate: Tax preparers. "I want to put H&R Block out of business," Trump said on the campaign trail. "H&R Block probably won't be too happy," he said again in...
Trump promises tax reform won’t impact 401(k) plans
President Trump vowed Monday that the tax break for 401(k) plans will be kept in place under the administration's tax reform proposal, despite reports to the contrary. "There will be NO change to your 401(k). This has always been a great and popular middle class tax...
House tax bill would scrap deduction for medical expenses
The tax bill unveiled by Republicans in the House on Thursday would not, as had been rumored, eliminate the tax penalty for failure to have health insurance. But it would eliminate a decades-old deduction for people with very high medical costs. The controversial bill...
Britain’s corporate tax rate is 19%. Many businesses don’t want a cut
Britain plans to cut its corporate tax rate to 17% over the next three years. But many businesses say they're happy with the current 19%, thank you very much. Make no mistake: Business leaders want to reduce their total tax burden. But they're asking U.K. Treasury...
Whatever happened to Trump’s crackdown on ‘the hedge fund guys?’
Donald Trump vowed during the campaign to get rid of a tax loophole used by some millionaire and billionaire investors to slash their bills. "The hedge fund guys won't like me as much as they like me right now. I know them all, but they'll pay more," he said during a...
Here’s what’s in the Senate tax bill
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. Just one Republican, Tennessee Senator...
Senate and House differ on key points
The tax overhaul bills passed by the Senate and House would likely to change your tax return in ways large and small -- which credits you can take, what you can deduct, how much you pay. But they differ on key points. You'll be hearing a lot about those differences in...
How the GOP tax bills hurt undocumented immigrants
The tax bills passed by the House and the now the Senate include slightly more generous benefits for parents. Unless their children are undocumented immigrants. Currently, non-citizens filing taxes using an Individual Taxpayer Identification Number, or ITIN, are...
This is how tax reform could hinder corporate innovation in the U.S.
In its frenzied rush to write a tax bill that could win enough votes, the Senate inadvertently weakened a powerful tool for promoting innovation. The research and development tax credit allows companies to write off a portion of their spending on experimentation for...
Deduction for teachers who buy classroom supplies survives
It's better than nothing. Lawmakers have decided not to touch a tax deduction for teachers who spend their own money on school supplies -- effectively splitting the difference between competing proposals. Currently, teachers can deduct up to $250 for classroom...
Tax bill and your tuition: Here’s what to expect
Republican leaders backed away from several controversial proposals to change education-related tax breaks. They have agreed to save the student loan interest deduction and keep tuition waivers for graduate students tax-free. The final version of the tax bill would...
Here’s what people are saying
How do people feel about GOP tax bill? It depends on who you ask. Some business, advocacy and trade groups have major concerns with it. Others say the tax plan will be boost the economy. The plan isn't law yet. Another round of votes is due in the coming days....
New tax code will still be complicated despite GOP promise to simplify
President Trump said H&R Block would go out of business because his tax overhaul would be so simple. But the plan Republicans and Trump came up with almost certainly won't put tax preparers out of business. The final tax bill, released on Friday, does indeed...
How your taxes will change under the GOP tax plan depends on many factors
President Trump has hailed the GOP tax plan as a "giant tax cut" for the middle class. While many people will pay less tax in the next few years, just how much less will vary greatly. Plus, some individuals will end up paying even more. How do you know where you'll...
Enjoy your tax cuts while they last
First, the good news. A lot of households under the GOP tax plan, which President Trump is set to sign into law this week, will see a lower tax bill in the next several years. The nonpartisan Joint Committee on Taxation estimates that in 2019, more than half of filers...
