Trump tax plan

President Donald Trump said that New Yorkers could have thwarted a provision in his tax law that limits state and local tax deductions, one of the most controversial changes in the 2017 overhaul that contributed to Republican losses in the 2018 midterms.

In the first tax season under the Tax Cuts and Jobs Act, the average size of tax refunds was down 2 percent.

The proposed regulations could unlock greater development in low-income communities and give investors a chance to reap tremendous profits.

There’s plenty of enthusiasm for new U.S. tax breaks for investing in low-income communities designated as opportunity zones. But many people have delayed spending because of uncertainty about how the incentives will work.

Some of the largest U.S. technology companies pushed for a corporate tax overhaul in 2017 by suggesting they would go on hiring sprees and boost the economy. Just over a year after getting what they wanted, data show these firms gave most of their huge tax savings to investors.

The president promoted the tax overhaul on Tax Day, even as the law has swelled the deficit and failed to gain traction with voters in last year’s midterm elections.

Surveys show just one-fifth of taxpayers believe their taxes have gone down.

A new limit on state and local tax deductions isn’t forcing taxpayers to leave some states, according to Moody’s Investor Service.

As Tax Day approaches, accountants are finally getting to the end of a season made particularly grueling by the Tax Cuts and Jobs Act.

House Democrats are looking to find a compromise solution to the Republican tax law’s cap on the amount of state and local levies that can be written off a federal return, a limit they say has caused their constituents to lose out on billions of dollars of deductions.