Trump tax plan

A big cut in the payroll tax is high on President Donald Trump’s wish list for the next coronavirus response bill, but the idea is getting the brushoff from newly cost-conscious Republicans and Democrats who would rather send aid to people who aren’t getting a paycheck.

Rich Americans are taking advantage of an unprecedented opportunity, made possible by the coronavirus pandemic, to transfer money to their children and grandchildren tax-free.

Just before the coronavirus roiled the economy, wealthy investors piled into funds that take advantage of a popular, two-year-old tax break meant to help poor communities.

Two Senate Democrats are criticizing a little-known provision of the CARES Act stimulus package that would provide a tax break mostly to wealthy taxpayers, suspending excess business losses for prior tax years.

Taxpayers who meet the requirements for investing in an opportunity zone can potentially take advantage of increased depreciation deductions through cost segregation, further decreasing their tax liability.

Some of the most contested pieces of the 2017 tax overhaul are being revisited as the White House and Congress begin to discuss another round of economic stimulus, including restoring the break for entertaining business clients and lifting the cap on state and local deductions.

President Donald Trump said he wants to restore corporate tax deductions for business meals as restaurants reel from the impact of the coronavirus outbreak.

The president will seek a payroll tax cut and “very substantial relief” for industries that have been hit by the virus, reversing course on the need for economic stimulus hours after markets posted their worst losses in more than a decade.

The number of tax refunds issued so far this tax season is down almost 5 percent compared to last year, an indication that many Americans didn’t withhold enough from their paychecks and could face bills from the IRS.

The university is dealing with a new levy on college endowments included in the 2017 tax overhaul, the first time private colleges will pay such a fee.