Tax

For more than 30 years, colleges and universities have leaned on an obscure tax rule that allows sports boosters to make tax-deductible contributions to their teams. Athletic fundraisers around the country say that’s an advantage that generates millions in annual revenue—and one that’s threatened by Republican tax legislation.

Vice President Mike Pence said Republicans would repeal the estate tax—a step that the Senate GOP tax plan doesn’t currently plan to take.

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.

The Republican tax plan isn’t designed to help rich New Yorkers, but Wall Street can certainly look forward to some advantages, said Treasury Secretary Steven Mnuchin.

Hours after House Republicans jubilantly passed their tax bill, their colleagues on the Senate Finance Committee approved a far different version—one that postpones difficult questions as lawmakers rush to refashion much of the U.S. economy on a tight timeline.

So busted; many clients, not one business; plenty for wife and girlfriend; and other highlights of recent tax cases.

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

Differences with the as-yet-unpassed Senate bill need to be reconciled.

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.

House Republicans passed their version of legislation to overhaul the U.S. tax code by slashing the corporate tax rate, lowering tax burdens for most individuals and adding an estimated $1.4 trillion to the federal deficit over the next decade.