Tax

Who are the big winners in Trump’s tax plan? – CBS News

CBS News Who are the big winners in Trump’s tax plan?CBS NewsSeptember 30, 2017, 7:55 AM | President Trump unveiled his proposal to overhaul and simplify the nation’s tax code this week and has touted it as a boon for the middle class. If put into place, the plan would slash taxes on corporations and many … and more »

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A government paycheck makes up most of California treasurer John Chiang’s income, taxes show

Gubernatorial candidate John Chiang orders lunch at Al & Bea’s Mexican Food in Boyle Heights in June. Christina House / For The Times California treasurer and candidate for governor John Chiang has pretty much lived off his government paycheck during the last six years. According to Chiang’s tax returns, his average income from 2011 through 2016 was just over $184,000 ...

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How does the US tax plan compare to other countries?

Image copyright Getty Images Image caption US President Donald Trump says the US tax plan is a “relic” Taxes – the perennial bugbear of the Republican party – are back in the spotlight in Washington. Republicans this week outlined a plan to dramatically lower taxes on businesses and overhaul the code for individuals and families. Changing the way Americans are ...

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A quarter of Americans could see a hike under Trump’s tax plan, early analysis says

More like con-man-der-in-chief, amirite? Pool/Getty Images Approximately a quarter of all taxpayers would eventually owe more to the IRS under the plan Congressional Republicans and President Donald Trump outlined this week, according to a preliminary analysis by the nonpartisan Tax Policy Center. The new tax framework, which the White House rolled out Wednesday, is heavy on cuts for corporations, which ...

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Republican Tax Cut Would Benefit Wealthy and Corporations Most, Report Finds

The plan would provide enormous benefits to corporate America, with a $2.6 billion cut in business taxes. Individual income tax revenue would actually increase by $470 billion, largely as a result of changes in personal deductions and exemptions as well as an increase in the bottom tax rate to 12 percent from 10 percent. “Tax collections would shift dramatically from ...

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Cohn Says Ending State, Local Tax Deduction Up for Negotiation

President Donald Trump is open to negotiating on the deduction individuals take for state and local taxes, his top economic adviser Gary Cohn said Friday. While the tax framework released Wednesday would eliminate that deduction, the provision isn’t a red line, according to Cohn, the director of the National Economic Council. The deduction is used extensively in high-tax states like ...

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Mitch McConnell had a tough week. More struggles — tax cuts, midterms — are coming.

Mitch McConnell is trying to move on. Quickly. After perhaps the most damaging few days of his political career, the Kentucky Republican and Senate majority leader is fully immersing himself in the GOP effort to cut taxes, brushing off jabs from President Trump and trying to make the case that he can shape the government through executive branch and judicial ...

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First GOP tax reform feud erupts over state, local tax break

Asked if he was a “no” on the tax framework, New Jersey Rep. MacArthur responded: “I’m certainly a loud objector.” | Getty Republicans from New Jersey, New York, California and Illinois are among those worried that voters in their districts will face higher taxes than they currently do. By AARON LORENZO and RACHAEL BADE 09/28/2017 09:00 PM EDT Vulnerable Republicans ...

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