Tax reform Feed

Rep. Josh Gottheimer (D-New Jersey), center, makes a point as he and fellow Problem Solvers Caucus member Rep. Tom Reed (R-New York), right, talk with MSNBC's Stephanie Ruhle about their efforts in late April to prevent a federal government shutdown. Click image to watch the full interview. The email topic line said something about the Congressional Problem Solvers Caucus, so naturally I almost hit delete thinking that such an oxymoron had to be spam. But curiosity got the better of me. I opened the message. Lo and behold, the Problem Solvers Caucus is a real deal. How effective it can... Read more →


Americans have again dived into the deep end of the personal debt pool "Americans have now borrowed more money than they had at the height of the credit bubble in 2008, just as the global financial system began to collapse," write Michael Corkery and Stacy Cowley in today's New York Times' DealB%k column. The $12.73 trillion in debt reported in the first quarter of 2017 is comprised mainly of housing-related borrowing. But there is a bit of good news here. Here's hoping that the new residents find being homeowners as sweet as these house warming cupcakes. (Photo by Danl Lurle... Read more →


Federal tax reform is still a ways off, but the prospect of an Internal Revenue Code rewrite already has prompted Oklahoma to change one of its tax laws. Republican Gov. Mary Fallin on May 12 signed legislation that will decouple the Sooner State's standard deduction from the current federal standard deduction. The reason for the change? If the Trump Administration's proposal to double the federal standard deduction eventually becomes part of the tax law of the land, Oklahoma stands to lose a lot of tax revenue. Federal, state tax ties: Oklahoma's tax system, like that of many states with income... Read more →


If you're like me, you're probably spending your Sunday perusing the possibilities for tax code change under the Trump Administration's recently announced plan. National Economic Council Director Gary Cohn, left, and Treasury Secretary Steve Mnuchin announce the new administration's tax plan on April 26. Click image for full CNN video report. The document — officially titled "2017 Tax Reform for Economic Growth and American Jobs" and officially subtitled "The Biggest Individual And Business Tax Cut in American History" — really is more of an outline. Deleting deductions: Under the proposal's simplification bullet point, the first item is eliminate targeted tax... Read more →


With last week's House passage of an Obamacare replacement measure, Republicans are jazzed again about redoing the U.S. tax code, too. The GOP, however, might have some work to do beyond Capitol Hill. It seems that many Americans are not that impressed with Donald J. Trump's tax plan. Not a warm reception: A Florida Atlantic University (FAU) nationwide online survey conducted just days after the White House's April 26 release of its tax plan found that 41 percent of respondents opposed it. Only 34 percent supported it, while 25 percent were unsure. Those who do support the Trump Administration's tax... Read more →


Donald Trump met with truckers outside the White House and got an up-close-and-personal look at their vehicles before the drivers and industry executives went inside to share their transportation policy thoughts with the president on March 23, 2017. Click screen shot to view the full meeting on YouTube. The long Memorial Day weekend is the unofficial start of summer vacations in the United States and most of those are family road trips. For the last few years, gasoline prices haven't been that bad. But Donald J. Trump says he's amenable to adding a few more pennies to our gasoline gallons... Read more →


The federal deduction for local property tax payments could be eliminated as part of the Trump Administration's tax reform proposal. I'm trying not to get too worked up about the Trump Administration's recently released tax cut plan. In a past career I worked on Capitol Hill and watched first-hand how tax proposals morphed from concept to actual law. But I still get a little knot in my stomach when I think about losing my state and local tax write-offs when I fill out my federal Form 1040. Wait, you say. You're in Texas. There's no state or local income tax... Read more →


More Americans believe the Trump Administration will hike their taxes rather than cut them, according to a new poll. The CBS News survey found 38 percent believe the president will raise their taxes, 25 percent believe he will lower them and 33 percent think their tax bills won't change. The tax increase belief was strongest among poll participants who made less than $100,000. The telephone poll, conducted between April 21-24 by SSRS of Media, Pennsylvania, was released by CBS News on Wednesday, April 26, the same day that the White House revealed its latest tax reform plan. That tax plan,... Read more →


Around 25,000 people gathered on the U.S. Capitol grounds Saturday, April 15, as part of a nationwide Tax March demanding the president release his tax returns. (Photo courtesy Trump Tax March via Twitter) Donald J. Trump fell back on his "I'm president and you're not" argument in rebuttal to the tens of thousands who marched Saturday, April 15, to demand the president release his federal returns. The morning after the gatherings in almost every state, @realDonaldTrump Tweeted, "Someone should look into who paid for the small organized rallies yesterday. The election is over!" Trump had said during the campaign that... Read more →


Tax filing must keep evolving. That's the word from Internal Revenue Service Commissioner John Koskinen, who today made his fourth and final appearance as head of the U.S. tax agency before the National Press Club. IRS Commissioner John Koskinen holds a paper Form 1040 during his speech to the National Press Club in Washington, D.C. Each event attendee got a souvenir form, complete with a personal "thanks for filing" note penned by the commish. That means, Koskinen told the assembled group of media in Washington, D.C., more digital solutions to taxes. And if tax reform can help achieve that, then... Read more →


Everybody saw this coming. The Republican-controlled Ways and Means Committee killed the latest effort by Democrats to get a glimpse of Donald J. Trump's tax returns. The tax-writing panel held a hearing Tuesday, March 28, afternoon on H. Res. 186, a measure sponsored by committee member Rep. Bill Pascrell Jr. (D-New Jersey), that would have ordered the Treasury Secretary to provide 10 years of Trump's tax returns to the House. New Jersey Rep. Bill Pascrell makes a point during the markup of his resolution seeking to see a decade's worth of Donald Trump's tax returns. In addition to the president's... Read more →


House Ways and Means Chairman Kevin Brady (R-Texas) is confident that tax reform will happen this year. And here's a note for your tax planning purposes. Brady sees any changes made in coming months to the Internal Revenue Code as being retroactively effective from Jan. 1, 2017. House Ways and Means Chairman Kevin Brady (R-Texas) talked tax reform tactics and timetable with Fox News' Maria Bartiromo on Sunday, March 26. Click image to watch the full interview via YouTube. That will make tax moves this year, uh, exciting. Effective dates are always a pain any time Congress changes laws. Retroactive... Read more →


This post updated 10 p.m. CT, Monday, Feb. 13, 2017. Donald Trump has promised to deliver in a few weeks a tax plan that would "lower the overall tax burden on American businesses big league." The effusive description notwithstanding, some corporate tax reform would be welcome. It's long been accepted that the U.S. tax code needs work when it comes to business. The new Republican president and GOP-controlled House and Senate are promising business and individual tax reform. Analyses of the proposals so far, however, show that rich folks, personified in the character Jay Gatsby portrayed by Leonardo DiCaprio in... Read more →


The 115th Congress has been in session less than a week, but the Representatives and Senators are wasting no time in introducing legislation. The 115th Congress convened on Jan. 3. During their first short week of work, Representatives and Senators have introduced eight tax measures. (Photo by Ottojula via Wikimedia Commons) Since the Jan. 3 swearing in (and my Congess.gov search this afternoon), 490 bills have been introduced, 428 in the House and 62 in the Senate. And even though there's greater hope that we'll finally get some sort of comprehensive tax reform, that's not stopping individual lawmakers from putting... Read more →


There weren't any major tax bills in 2016. That's going to change in some form in 2017 now that the Republicans control Congress and the White House. via GIPHY But there still were plenty of tax-related matters that got attention last year. Below is my list of top 10 tax stories of 2016, starting with the one I saw as most important. And as a bonus, I also pulled out my slightly cracked crystal ball -- really, who saw the presidential election turning out like it did? -- to forecast five tax issues that we're likely to see in 2017.... Read more →


With Republicans soon to be in control of Congress and the White House, the tax focus has shifted to a major rewrite of the Internal Revenue Code. But this legislative approach means that more than 30 temporary tax provisions will disappear from the tax code on Jan. 1, 2017. Whether they are resurrected in any new tax overhaul depends on how persuasive the various laws' lobbyists are, how committed Senators and Representatives are to streamlining the tax code and how much tax revenue is gained or lost by their continued absence or revival. Extenders usually long lives: These tax laws,... Read more →


Come January, Republicans on Capitol Hill will officially start looking at ways to cut taxes. It's been the Grand Old Party's goal since President Obama was successful via the fiscal cliff deal of 2012-2013 in getting Congress to let the top level George W. Bush tax cuts lapse, pushing up the top individual tax rate to 39.6 percent. First focus on corporate taxes: While individual taxes will be part of the coming tax reform debate, it's likely that corporate taxes will get the most attention in the beginning. After all, ways to use the tax code to lure U.S. companies... Read more →


Donald J. Trump has rewritten a lot of rules so far this presidential election season. Today, however, he learned one of the old ones when it comes to taxes. Sometimes you have to compromise. Donald J. Trump, the 2016 Republican presidential nominee, presents his economic policies and revised tax plan to the Detroit Economic Club on Monday, Aug. 8, 2016. Click image to watch the C-SPAN video of the full speech. Zero tax rate zeroed out: In a speech today at a packed Detroit Economic Club, the Republican presidential nominee presented a glimpse of his economic plan, including some changes... Read more →


Hillary Clinton says the U.S. tax code is "'riddled with scams and loopholes" that benefit the wealthy and corporations. The presumptive Democratic presidential nominee says she'll address those inequities if elected. Donald Trump, her likely Republican opponent, is at the center of questions about tax code loopholes. Since he's yet to release his personal tax returns, there's much speculation that he's used some of them to zero out his recent tax bills, much like he apparently did back in the late 1970s. Don't email me! I'm not saying anything that The Donald might have done with his taxes was/is illegal.... Read more →


William Cobb, president and CEO of H&R Block, agrees -- to a point -- with folks who are calling for tax reform. H&R Block top executive Bill Cobb talks tax reform on CNBC's Squawk CEO Call. Click image to view the video. Cobb was in New York City on Tuesday (Feb. 16) to tout Block Advisors, his company's new tax and financial planning option for small businesses, and ring the NY Stock Exchange's opening bell. Since he was in town, he made the media rounds, dropping by CNBC studios to talk about tax reform. Some "silly" tax laws: The panel... Read more →