Tax breaks

House Republicans narrowly adopted a budget resolution Thursday unlocking a fast-track process to achieve their long-sought goal of cutting Americans’ taxes by the end of the year. The next step will be releasing a draft tax measure as early as Nov. 1.

House Speaker Paul Ryan’s efforts to kill a deduction as part of a Republican tax overhaul would hit very close to home—among his constituents with homes on glistening Geneva Lake in his southeastern Wisconsin district.

House Ways and Means Chairman Kevin Brady said Wednesday he expects to announce a deal with concerned Republicans from high-tax states on the state and local tax deduction “before the bill will be laid out next week.”

President Donald Trump encouraged GOP senators to push ahead with their tax-cut plans Tuesday, hours after feuding publicly with fellow Republican Bob Corker.

Treasury Secretary Steven Mnuchin got a swift rebuttal after he went on national television to claim a hypothetical Indiana family would save $1,000 under President Donald Trump’s tax plan.

The feud between President Donald Trump and Bob Corker flared up again Tuesday when the Republican senator said the president should stay out of the tax-overhaul effort, expressing concern that the White House has been making it harder for Congress to craft legislation.

President Donald Trump said there will not be changes to tax-deferred retirement savings plans under his proposed tax plan, shooting down reports that House Republicans were considering tweaking or capping one of the most popular breaks.

The deduction for state and local taxes could be a major stumbling block for reform.

The tax reform framework released last month by the Trump administration and Republican leaders in Congress could provide tax cuts or tax increases, depending on how the details are ultimately finalized.

When the extent of their losses becomes clear, hurricane victims will want to know what tax help they're entitled to.