Steven T. Dennis
ReporterSteven T. Dennis is a reporter with Bloomberg News.
Steven T. Dennis is a reporter with Bloomberg News.
President Trump and Senate Democrats reached a tentative deal to avert a disruptive government shutdown as the White House continues to negotiate with Democrats.
Frank Bisignano, who's now leading both the Social Security Administration and the Internal Revenue Service, dodged a $300 million loss by divesting his stake.
Business investors and wealthy Americans are among the biggest winners. Those hit the hardest include elite universities, who face new levies, and immigrants.
President Donald Trump secured a sweeping shift in U.S. domestic policy as the House passed a $3.4 trillion fiscal package that cuts taxes, curtails spending on safety-net programs and reverses much of Joe Biden's efforts to move the country toward a clean-energy economy.
The bill includes tax cuts Republicans campaigned on, a phase-out of Biden-era clean energy incentives and funding for the president's crackdown on illegal immigration.
The $3.3 trillion tax and spending cut bill passed the Senate after a furious push by Republican leaders to persuade holdouts to back the legislation.
In a 99-1 vote, the Senate killed a controversial effort to prevent U.S. states from regulating artificial intelligence.
The Senate worked through the night on the $3.3 trillion tax and spending package, with Republican leaders still negotiating with key GOP holdouts into the morning.
The $4.5 trillion tax cut bill prevailed in a crucial Senate test vote after hours of negotiations between Vice President JD Vance, GOP leaders and Republican holdouts.
Effort to eliminate regulations on short-barreled rifles, short-barreled shotguns and silencers hit a roadblock with the Senate parliamentarian.
Senate Republicans are coming around to the $40,000 cap on state and local tax deduction key House lawmakers demand in President Trump's massive tax package.
Republican leaders are pressing to begin voting on the tax bill in the Senate at the end of next week.
The Texas senator pitched Republican senators on ending the Federal Reserve's authority to pay interest to banks, claiming it would save $1.1 trillion over a decade.
Senate Majority Leader John Thune said Republicans in his chamber expect to deliver on President Donald Trump's campaign promises.
The deal that led the House to increase the maximum deduction for state and local taxes to $40,000 is not set in stone in the Senate.
Senate Republican Leader John Thune has been a vocal critic of the 40% estate tax paid by the wealthiest U.S. individuals when they die.
It would extend Trump's first-term tax cuts due to expire Dec. 31, along with new tax relief including raising the limit on deducting state and local taxes.
The vote in the House Budget Committee paves the way for passage of the legislation as soon as Thursday,
Wealthy Americans and business investors are among the big winners while targets of Trump's ire such as immigrants and elite universities were hammered.
Trump's remarks are likely to pour cold water on discussions about creating a new 40% tax bracket for people earning $1 million or more.