Tax

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.

The Senate Republican tax proposal unveiled Thursday would cost $516 billion over a decade after assuming macroeconomic benefits as a result of the tax cuts, according to a new analysis Friday by the Tax Foundation, a right-of-center Washington think tank.

The Senate tax proposal released Thursday would restrict employees earning at least $500,000 from making so-called “catch-up” contributions to 401(k) workplace retirement plans.

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Tax breaks cherished by both the fossil fuel and renewable energy industries emerged unscathed in a tax plan unveiled in the U.S. Senate, according to details of the bill released Thursday evening by the chamber’s main tax writing committee.

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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.

Bad call; anti-social behavior; wearing Frownies; and other highlights of recent tax cases.