Politics

For businesses, the return of Republicans to control of the House takes the possibility of corporate tax increases favored by Democrats off the table.

Businesses are lobbying hard for Congress to pass a package of tax breaks worth about $100 billion before the end of the year.

Democrats' hopes for tax increases on the wealthy and corporations would be dashed should Republicans take at least one chamber, and prospects diminish for a windfall profits tax on oil companies.

By keeping an eye on the future and potential new tax developments, tax advisors can offer their clients a sense of stability and proactive tax planning.

Grand tax cuts have long been a centerpiece of Republican economic orthodoxy, appealing to the well-to-do who want to keep more of their income and stock-market gains. There's one problem, economists say.

The three lawmakers vying to chair the powerful Ways and Means Committee — Vern Buchanan of Florida, Jason Smith of Missouri and Adrian Smith of Nebraska — embody the ideological tension within the Republican Party.

Biden's program will wipe out federal debt for millions of borrowers, freeing up cash to compound in long-term nest eggs over decades.

Concerns have mounted over the last few days about the tax ramifications of President Biden's forgiveness of student loan debt.

The requirement, buried in the $1 trillion infrastructure law passed last year, mirrors one for brokerages and has flown under the radar.

Gov. Kathy Hochul and legislative leaders struck a budget deal that promises a little less pain at the pump, help for working parents, and new tax breaks.