Trump tax plan

When U.S. Senate lawmakers changed just two letters used for a calculation in their proposed tax bill, they may have increased the number of junk-rated companies that would be hurt by tax overhaul.

The Senate tax bill is headed for a marathon debate this week after Republican leaders brought the measure to the floor Wednesday with the goal of holding a final vote by the end of the week. Here are the latest developments, updated throughout the day.

President Donald Trump is pitching the Republican tax-cut plan as aimed primarily at helping middle-class Americans, but the biggest beneficiaries of cuts in the individual tax rates are in the wealthiest income brackets.

Major companies including Cisco Systems Inc., Pfizer Inc. and Coca-Cola Co. say they’ll turn over most gains from proposed corporate tax cuts to their shareholders, undercutting President Donald Trump’s promise that his plan will create jobs and boost wages for the middle class.

Doing away with advance refundings would eliminate a crucial tool that’s saved governments tens of billions since interest rates tumbled after last decade’s recession.

Senate Republicans are discussing adding provisions to their tax bill that could trigger up to $350 billion in automatic tax increases over 10 years beginning in 2022, according to two people briefed by congressional staff members on the plan.

The mortgage industry is panicking over a provision in the Senate tax bill that some analysts and trade groups say may drive small lenders out of the business.

The Senate tax bill is headed for a marathon debate this week as Republican leaders plan to bring the measure to the floor Wednesday and hold a final vote as early as Thursday. Here are the latest developments, updated throughout the day.

The outlook for Republicans to deliver a U.S. tax overhaul by the end of the year brightened Tuesday after President Donald Trump addressed GOP Senate holdouts in a closed-door, lunchtime session.

U.S. President Donald Trump plans to meet Tuesday with Senate Republicans in a crucial week for his presidency and his tax plan that could decide whether he ends his first year with a major legislative achievement.