Tax reform

President Donald Trump's tax overhaul plan was short on specifics, but one proposal was clear enough to draw howls from residents of high-tax states. The plan would end deductions of state and local taxes from federal income taxes. Those are by far the biggest deductions for many taxpayers.

Taking a cue from the failed Repeal and Replace healthcare process, the Trump administration Wednesday released a broad outline of its tax reform plan, with many details to be spelled out in legislative form during negotiations with Congress.

The White House made its opening bid for what officials called the “biggest tax cut” in U.S. history—with cuts that would benefit businesses, the middle class and certain high-earning individuals—but left unanswered questions about whether the plan would be paid for, or how.

Treasury Secretary Steven Mnuchin confirmed the administration will propose a corporate tax rate reduction to 15 percent and said lawmakers broadly agree on the need for a tax overhaul, citing a “very successful meeting” on Tuesday evening in Washington.

President Donald Trump’s expected call to slash the corporate tax rate to 15 percent—a number that many economists say would boost the deficit so much that the cut would be short-lived—may be less about policy and more about deal-making.

Traders are about to get an idea of how far the president will go to stimulate the economy, after months speculating over the timing and size of his tax plan.

The president’s plan to slash the rate to 15 percent is setting up a showdown with the House Speaker, who has called for a tax plan to pay for itself.

Even without any specific tax-reform proposals, President Donald Trump’s pledge to revamp U.S. policies is already affecting the solar industry, and not in a good way.

Observers are starting to move their predictions for change back to 2018.

The president will call for cutting taxes for individuals and lowering the corporate rate to 15 percent after briefing GOP leaders.

The president is directing the Treasury to review regs to see if they’re too burdensome.

Administration officials are suggesting it might not be revenue-neutral.

Treasury Secretary predicts the Trump administration will produce an ambitious plan to overhaul the U.S. tax code “soon.”

Proposals to tax endowment income has many schools, and their lobbyists, concerned.

Whether it goes before health care or after, it’s likely to be much later in the year.

As taxpayers and tax professionals race to finish up their tax returns by April 18, or opt to file for an extension, there are still a few last-minute things they can do, along with plenty to think about for next year.

The nonpartisan Committee for a Responsible Budget, which opposes big budget deficits, believes the president's legislative strategy stems from a misconception.

Analysts suggest tax changes may not come before the end of the year.

The Trump administration is still committed to passing a tax code overhaul this year, though it may not be completed by August.

Eight weeks ago the president said he would be releasing a “phenomenal” tax plan within two or three weeks. But there’s no sign of a plan yet, and mixed signals from the White House are imperiling Republican promises of speedy action.