Chuck Schumer

Senate Minority Leader Charles Schumer, D-N.Y., is urging the Internal Revenue Service to back down on threats to challenge New York State’s efforts to allow taxpayers to circumvent the limits on state and local tax deductions in the federal tax overhaul.

Lawmakers are on the cusp of settling on a $1.3 trillion bill to avoid a government shutdown this weekend after reaching compromises on a fix to the tax law and other issues.

Talks continued on issues like a fix to the new tax law with just days remaining for House and Senate votes to avert a third shutdown this year.

Major corporations have authorized $200 billion in stock purchases in the two months since the passage of the new tax law while more than 55,000 American workers have been laid off, according to Senate Democrats.

The Treasury Department updated its strategy for the Internal Revenue Service in advance of the failure of negotiations to keep the government open.

Shortly before passing a far-reaching but unpopular bill on a party line vote, the Speaker of the House assured critics that people would like it once they felt its benefits.

President Donald Trump promised everyday Americans a “giant tax cut for Christmas” in a speech that the White House billed as his closing argument for a tax overhaul that congressional Republicans finished negotiating on Wednesday.

The U.S. Treasury Department produced a one-page document Monday that it described as an “analysis of growth and revenue estimates” based on the Senate tax bill, but economists quickly called the document a political statement, not a rigorous economic study.

Senate Republicans narrowly approved the most sweeping rewrite of the U.S. tax code in three decades, slashing the corporate tax rate and providing temporary tax-rate cuts for most Americans.

The top two Democratic leaders in Congress pulled out of a meeting with President Donald Trump on Tuesday after he tweeted that a budget deal with them was unlikely, raising the odds that the U.S. government will partially shut down next week.