Tax reform Feed

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 →


A recent report on how the rich are able to take advantage of the U.S. tax code to keep their bills lower has (re)generated a lot of talk about replacing our current system. That's easier said than done, but lots is still being said about the options. One of the more popular replacement proposals is a flat tax. As I noted last week at my other tax blog, several Republicans who want to be their party's 2016 presidential candidate support some sort of flat tax. Essentially, they want to scrap our current system employing seven progressive tax rates and enact... Read more →


Maybe this last Sunday you were watching continuing coverage of the horrific terrorist attacks on Paris. Or perhaps, needing a break from the evil that humans too often inflict upon each other, you switched over to the Sunday night NFL game. Regardless of why, you missed House Speaker Paul D. Ryan's appearance on 60 Minutes. Click image to watch the CBS video. That meant you also missed the former Republican presidential nominee and GOP budget guru sharing a few thoughts on tax reform. You're really kicking yourself now, aren't you? No worries. Thanks to, or maybe curses on, the Internet,... Read more →


Donald Trump was among the millions of taxpayers who sent their 1040s to the Internal Revenue Service on Oct. 15. He even shared some photos of him signing his tax return on Twitter. Trump's implication, of course, is that the ginormous stack of apparent tax paperwork in his photos will be negated under his 'amazing' tax reform plan. Ran Paul's retort: One of the Republicans chasing Trump in the GOP presidential nomination race, however, didn't imply anything. Sen. Rand Paul of Kentucky used The Donald's tweet to tout his own flat tax simplification proposal. The direct approach is nothing new... Read more →


The Donald sure knows how to sell, that's for sure. As part of Trump's just-released tax plan, in April some taxpayers won't owe the Internal Revenue Service a red cent. But they still will get to send in a form, one that simply says, "I win!" What person wouldn't welcome no taxes and an in-your-face message to the hated IRS? Well, some sane people who question whether, despite Trump's promises, that his repackaging of a trickle-down tax system will work might have their doubts. But The Donald hasn't ever let the haters-gonna-hate crowd stop him. Zero tax bracket: The no-tax... Read more →