Tax cuts

The House tax-writing committee entered its third day of work Wednesday to hammer out the details of the Republican tax cut plan. Here are the latest developments, updated throughout the day.

The House tax-writing committee begins debate Monday on the GOP’s proposed overhaul, kicking off four frantic days for lobbyists and lawmakers to revise a bill that represents President Donald Trump’s final hope for a signature legislative achievement this year.

President Donald Trump and congressional Republicans billed their tax overhaul for months as a benefit primarily for the middle class, but what they delivered Thursday was designed more to favor large corporations and some closely held businesses.

House Republican leaders began rolling out a tax bill Thursday that contains sweeping changes for business and individual taxes, including a measure to cut the corporate tax rate to 20 percent.

House Republican leaders began rolling out a tax bill Thursday that contains sweeping changes for business and individual tax rates, including a measure to cut the corporate tax rate to 20 percent.

House Republican leaders plan to unveil a tax bill Thursday that would cut the corporate tax rate to 20 percent and leave it there—abandoning an earlier plan to phase out the rate cut over time, said a person familiar with discussions on the bill.

President Donald Trump called Wednesday for repealing the Obamacare individual mandate in a tax overhaul, a day before House GOP leaders planned to unveil a bill without that provision.

Treasury Secretary Steven Mnuchin is resisting a gradual phase-in of the proposed 20 percent corporate rate out of concern the move wouldn’t boost economic growth as much as he’s anticipated, according to a Trump administration official and another person familiar with Mnuchin’s thinking.

Tax chief Kevin Brady has announced a plan to ‘work through the night’ on the bill.

President Donald Trump said Tuesday that “some people have mentioned” phasing in a proposed corporate tax-rate cut as part of broad tax-overhaul legislation that’ll be released Wednesday, but “we’re not looking at that.”

House tax writers have completed about 90 percent of the tax bill they plan to release this week, Ways and Means Chairman Kevin Brady said Monday—but the last part may be the hardest.

Bowing to concerns from Republican House members in high-tax states, the chamber’s chief tax writer said he’ll preserve a federal income-tax break for property taxes.

House tax writers are discussing a gradual phase-in for the corporate tax-rate cut that President Donald Trump and Republican leaders want—a schedule that would have the rate reach 20 percent in 2022, according to a member of the chamber’s tax-writing committee and a person familiar with the discussions.

Republicans are barreling into a lobbying frenzy next week, when House Ways and Means Chairman Kevin Brady plans to unveil a sweeping tax bill to remake the U.S. economy that’s being crafted with rigorous secrecy.

House passage of the Senate budget resolution opens the door to wrangling next week.

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.

Congress is trying to ram through a bill that would reshape the U.S. economy in just a few short weeks, but its leaders have kept the plan shrouded in secrecy and released not a word of legislative text.

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.