Republican Agenda Hits Familiar Obstacle: State and Local Taxes
A small group of Republicans are threatening to torpedo President Trump’s agenda over the state and local tax deduction, long a headache for both parties.
Taxation
Trump Softens on Raising Taxes on the Rich, Saying G.O.P. Probably Shouldn’t
Days after he privately encouraged Speaker Mike Johnson to increase tax for the wealthy in a bill to fulfill his agenda, he publicly said it could be a bad idea, one that was ‘OK’ with him.
Trump Revives Push for Higher Taxes on the Rich
The president is said to want to create a new top income bracket for people making more than $2.5 million per year and to tax income above that level at a rate of 39.6 percent.
G.O.P. Targets a Medicaid Loophole Used by 49 States to Grab Federal Money
States have long used taxes on hospitals and nursing homes to increase federal matching funds. If Republicans end the tactic, red states could feel the most pain.
Scott Bessent Urges Investors to Bet on Trump’s Economic Plan
The Treasury secretary urged executives and entrepreneurs to look beyond the Trump administration’s trade agenda.
Republicans Wrestle With Trump’s Demands for Tax Cuts
House Republicans are planning to include several of President Trump’s campaign promises in the first draft of the bill, which they hope to release soon.
Trump Says He’s ‘Taking Away’ Harvard’s Tax Exempt Status
President Trump first threatened Harvard’s tax status last month. It was not immediately clear if the I.R.S. was in fact moving forward with a change.
Trump Budget to Take Ax to ‘Radical’ Safety Net Programs
A draft document outlines steep cuts or the elimination of funding for programs that provide child care, housing assistance, foreign aid and health research.
More Than 20,000 IRS Employees Accept Trump Administration’s Resignation Offer
The I.R.S. had about 100,000 employees before President Trump took office. Between resignations and layoffs, the I.R.S. is on track to lose about a third of its staff this year.
The House Republicans Holding Out Against Trump’s Budget and Tax Cut Plan
Hard-line conservatives concerned about the deficit are among President Trump’s most stalwart supporters in Congress. But they say they cannot in good conscience back the budget plan he has endorsed.