Finance

The chairman of the House Ways and Means Social Security Subcommittee, Rep. Sam Johnson, R-Texas, has introduced legislation to make changes in Social Security, including raising the retirement age.

President-elect Donald Trump, who won the hearts and minds of millions of working-class voters, may help deliver a multibillion-dollar bonanza to America’s wealthiest families.

The House passed legislation this week enabling veterans who were injured in combat to recover any income taxes improperly collected by the Department of Defense on their disability severance payments.

Koch Industries Inc., the influential private firm headed by billionaire Republican supporters Charles and David Koch, slammed a key element of the House Republicans’ plan to overhaul corporate taxes, saying it would raise prices for American consumers and “could be devastating” to the economy.

KPMG has released a report providing an overview of the tax reform process in Washington, D.C., as the incoming Trump administration prepares to push for the biggest tax overhaul in three decades with Republicans dominating both houses of Congress and the executive branch of government next year.

The Senate passed legislation Wednesday eliminating a tax penalty on employers who reimburse employees for the cost of health insurance premiums, following passage of the measure last week in the House.

The House blocked an effort Tuesday by conservatives to force an impeachment vote against Internal Revenue Service commissioner John Koskinen, effectively taking the question off the congressional agenda for this year.

Donald Trump’s planned U.S. corporate tax cuts could translate to a big one-time earnings hit for many of the biggest U.S. banks, thanks to tax benefits they generated during the 2008 financial crisis.

(Bloomberg) Donald Trump’s nominee for Treasury secretary said Wednesday that the president-elect’s tax plan won’t ultimately cut taxes for “the upper class.”