Tax rates

The White House supports tweaking final tax legislation to appease lawmakers who want to let constituents deduct state income taxes, according to National Economic Council Director Gary Cohn.

House and Senate lawmakers are poised to begin working as soon as Monday on compromise tax-overhaul legislation—a key step in their drive to send a bill with tax cuts for corporations and individuals to President Donald Trump by the end of the year. Here are the latest developments, updated throughout the day.

President Donald Trump, fresh off a Senate vote that puts him a step closer to passing a tax-cut bill by year-end, declared himself “unbeatable” for re-election—and unexpectedly suggested a critical element of the Congressional tax plan is open to debate.

The Senate held a round of marathon votes Friday and ultimately passed the bill overnight. Here are the latest developments, updated throughout the day.

As if the Republican tax reform plan wasn’t bad enough already for taxpayers, the latest scheme to win over more votes of a precarious Senate majority involves adding a “trigger” to raise certain taxes if there isn’t enough economic growth to cover the $1.4 trillion cost of the bill, though the Senate's parliamentarian appears to have just shot down that proposal.

A push by some Republican senators to ward off future deficits by tucking a potential corporate tax increase into their tax-overhaul bill would set up a kind of economic booby trap—putting the GOP’s much-desired growth at risk, according to a half-dozen economists, lobbyists and tax experts.

The tax reform bills passed by the House, and soon to be passed by the Senate, have many similarities. And you can count on measures that are the same in both bills to end up in the final version to be signed by the President.

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.

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.

Three Senate Democrats who’ve tried to leverage their way into talks on the GOP tax-cut bill said Tuesday Republicans haven’t addressed their concerns in the legislation that’s emerged, a signal that the plan has little chance of getting any bipartisan support.

Even Bruce McGuire, founder of the Connecticut Hedge Fund Association, understands if wealthy Northeasterners flee the region due to changes in the tax code.

Senator Ron Johnson — the first GOP senator to voice opposition to the current tax plan — said he’s encouraged that Republican leaders have been discussing his concerns that pass-through businesses would be treated unfairly.

The White House wouldn’t oppose removing from the Senate tax plan a controversial provision to repeal the individual health-care mandate of the Affordable Care Act, budget director Mick Mulvaney said, a move that could help secure the vote of key Republicans.

The Senate tax plan encountered its first outright Republican opposition this week, from a senator whose concerns might foreshadow the biggest business challenge ahead for the proposal.

Experts from PwC parse the differences between the tax reform bills on the treatment of pass-through businesses.

The House passed tax reform legislation Thursday by a vote of 227-205, with 13 Republicans voting against the bill, as the Senate Finance Committee continued debating and marking up a significantly different version of the bill.

The Senate tax-writing committee plans to start hammering out the details of its tax cut proposal on Monday. The House may vote on its bill as soon as Thursday. Here are the latest developments, updated throughout the day.

Republican tax writers in the House and Senate scoured the U.S. tax code Thursday and shook the couch cushions for loose change, as one member put it, in an all-day struggle to find ways to pay for the deep tax cuts their leaders and President Donald Trump have promised.

Senate Republicans released their vision for a tax-cut plan Thursday that would cut the corporate tax rate to 20 percent, with a one-year delay to 2019, as Congress moves quickly to fulfill one of the GOP’s biggest and most long-awaited goals.

It’s crunch time for Republican tax-writers on Thursday. The House Ways and Means Committee enters its final day of hammering out its tax-cut legislation, while a Senate panel plans to reveal its own version. Here are the latest developments, updated throughout the day: