Tax reform

The Senate version of the Republican tax bill would tax wealthy private college endowments at 1.4 percent of net investment income, the same levy as the House proposal introduced last week.

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.

The differing House and Senate plans leave the fate of the effort uncertain – and provide no clarity for practitioners.

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.

The House Ways and Means Committee approved revisions to the GOP tax legislation—changes that would trim the bill’s cost, putting it within the $1.5 trillion limit set by the congressional budget.

Republican lawmakers pushing to close dozens of tax loopholes have left open one that’s been good to President Donald Trump: the golf break.

Partnerships, limited liability companies and other businesses could keep using state and local tax deductions that would be repealed for individuals, the chairman of the House tax writing panel said in a letter Thursday.

The Senate tax bill that’s due to be released Thursday won’t include an excise tax on certain payments U.S. multinationals make to overseas affiliates, according to a person familiar with the legislation.

The right-leaning Tax Foundation lowered its estimate for the boost to economic growth that it says would result from the House Republican tax bill.

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:

Treasury Secretary Steven Mnuchin isn’t ruling out delaying the start of a corporate tax rate cut, but emphasized the administration’s “strong preference” is for the relief to start in 2018.

House Republicans’ chief tax writer has investment managers in his crosshairs.

As Republicans barrel toward producing broad tax-cut legislation, three Senate Democrats are trying to leverage their way into the negotiations.

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 tax reform bill introduced last week includes major provisions related to the taxation of companies’ foreign income and of foreign persons.

The Tax Cuts and Jobs Act makes major changes to individual income taxation.

The House tax-writing committee is entering its second day of work Tuesday to hammer out the details of the Republican tax cut plan. Here are the latest developments, updated throughout the day.

Multinational companies including Apple Inc., Pfizer Inc. and Ford Motor Co. would face a new tax on payments they make to offshore affiliates under the House Republicans’ tax bill—a surprise provision that has stunned tax experts.

President Donald Trump’s planned tax overhaul is likely to boost U.S. economic growth by about a quarter percentage point in 2018, yet it will also dent demand for housing and fail to lower the chances of a recession, according to a Bloomberg News survey.

The chairman’s mark-up of the act is only the start of the wrangling.