Tax reform

The deduction for state and local taxes could be a major stumbling block for reform.

The U.S. tax code is uncompetitive and overly complex, and it’s time for politicians and special interests to set aside partisan interests and pass reform legislation, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said.

President Donald Trump will try to make the case that corporate tax breaks would benefit middle-class wage earners Wednesday evening—and an excerpt of his speech suggests he’ll use a measure of salesmanship.

The tax reform framework released last month by the Trump administration and Republican leaders in Congress could provide tax cuts or tax increases, depending on how the details are ultimately finalized.

Allies of President Donald Trump say they fear his feud with Republican Senator Bob Corker risks unraveling the White House tax overhaul effort and that another major legislative failure could hobble the administration for the rest of his term.

The House took a giant step on the path of tax reform by adopting a budget resolution for fiscal year 2018, while the Senate Budget Committee advanced its own version.

Tax cuts and deregulation can help the U.S. economy grow faster than the recent pace of about 2 percent, National Economic Council Director Gary Cohn said.

Congressional leaders expect heavy lifting ahead.

Taxpayers who have decided to convert a traditional IRA into a Roth IRA may be wondering if they should take the plunge now and pay tax on the conversion this year, or wait till next year when tax rates may be lower under the reform plan Congress will reportedly consider this fall.

A group of conservative House Democrats is embracing some elements of a GOP plan to cut taxes, potentially creating an opening for Republicans to win bipartisan support.

The White House is showing “softness” on ending a $1.3 trillion federal tax deduction filers get for their state and local taxes, Senator Bob Corker said Monday, warning that it raises questions about the GOP’s “intestinal fortitude” and could imperil a tax overhaul.

The treatment of pass-throughs and how their income is taxed is a major issue for legislators.

On the last page of a nine-page tax plan that calls for slashing business rates, President Donald Trump and congressional Republicans proposed a little-noticed, brand-new tax that may hit companies like Apple Inc. and Pfizer Inc.

Trump isn’t tied to eliminating the break, which is popular in states with high rates, like New York, New Jersey and California.

By 2027, almost 30 percent of individuals with incomes between $50,000 and $150,000 would see their taxes rise under the elements of a Republican framework for tax legislation released this week, according to an analysis released Friday by the Urban-Brookings Tax Policy Center.

The document provides more detail than a number of other tax reform documents that have emerged from the Administration over the past few months, but it still leaves many specifics to be worked out by Congress's tax-writing committees.

Senate Republicans unveiled a fiscal 2018 budget resolution Friday that they intend to use to push through as much as $1.5 trillion of tax cuts in the coming months, but it won’t allow the GOP to pursue a full repeal of Obamacare.

President Donald Trump and Republican leaders unveiled a nine-page framework to rewrite the nation’s tax code this week to rave reviews from within their party. But now the hard part starts—with the tax-writing committees in the House and Senate tasked with settling some of the most divisive issues.

Experts at Bloomberg BNA highlight the most important changes the Republican leaders’ nine-page proposal could lead to.

President Donald Trump’s plan to slash the corporate tax rate may not provide the sustained job growth that he and Republican leaders want, some economists say— that’s a point of longstanding and unsettled debate.