Trump tax plan

President Donald Trump told a group of farmers on Monday that recent tax cuts and deregulation will revitalize the U.S. rural economy.

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Ranking Dems are worried the Internal Revenue Service might succumb to political pressure to make it appear that tax cuts are larger than they really are.

New Jersey’s governor-elect joined a chorus of leaders in Democratic states who are proposing workarounds for their residents to avoid new caps on state and local tax deductions—even as a top Trump administration official suggested the federal government might act to limit such strategies.

For Big Oil, the U.S. tax overhaul is turning out to be a mixed bag, especially for companies that drill overseas.

Morgan Stanley said it will take a roughly $1.25 billion hit to earnings in the fourth quarter, becoming the latest bank to detail how profit will be hurt in the near term by the U.S. tax overhaul driven by President Donald Trump.

The Trump administration may try to block potential plans by high-tax states including New York and California to shield residents from state and local tax break changes, according to White House economic adviser Gary Cohn.

Private sector employers added 250,000 jobs last month, according to payroll giant ADP, as businesses took advantage of the roaring economy and the prospect of tax cuts in the New Year.

Washington, D.C.’s city government collected more than $50 million in prepayments of 2018 property taxes from about 7,500 taxpayers, said David Umansky, a spokesman for the city’s Chief Financial Officer Jeffrey S. DeWitt.

Before the ink was dry on the Republican tax bill signed into law late last month, experts predicted that state governments would try to shield their residents from tax hikes they’ll suffer from a sharp reduction in state and local deductions.

State governments are worried about the potential loss of tax revenue after passage of the Tax Cuts and Jobs Act and may be forced to restructure their tax laws.

New York Governor Andrew Cuomo said his administration plans to sue the federal government over the new Republican tax law, on the grounds that it’s unconstitutional because it discriminates against New York and other states that voted against President Donald Trump.

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Alphabet Inc.’s Google moved 15.9 billion euros ($19.2 billion) to a Bermuda shell company in 2016, saving at least $3.7 billion in taxes that year, regulatory filings in the Netherlands show.

The name that Republican tax writers gave to a new, multibillion-dollar business levy implies that it targets foreign earnings from “intangible” intellectual property—hitting tech firms and drugmakers like Apple Inc. and Pfizer Inc.

The Internal Revenue Service and Treasury Department will generally allow existing loans and other related-party transactions involving the overseas affiliates of multinational corporations to be taxed at the lower of two preferential rates, according to an official notice.

The Internal Revenue Service said it is working on developing withholding guidance to implement the tax reform bill signed into law on December 22.

President Trump boasted about his tax knowledge during an impromptu interview with The New York Times in which he claimed to know taxes “better than the greatest CPA.”

Goldman Sachs Group Inc. said the U.S. tax reform will cut profit this year by about $5 billion, mainly because of a tax targeting earnings held abroad.