Tax Strategies

Senate Majority Leader Mitch McConnell is about to face a legacy-defining test of whether he can keep his unruly caucus in line to deliver President Donald Trump’s coveted goal of “massive tax cuts” in 2017.

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 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 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.

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.

Hurricanes Harvey, Irma and Maria, and the recent wildfires in California have affected millions of people and led to an outpouring of charitable gifts and donations, including contributions from businesses with employees in the path of the disasters.

A sweeping amendment from the chairman of the House tax writing committee transformed key provisions of the GOP tax overhaul bill to boost the rate applied to companies’ offshore cash, tweak rules for pass-through businesses and restore the adoption credit, ahead of a full House vote that’s expected next week.

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limited liability companies and other businesses could keep using state and local tax deductions that would be repealed for individuals, the chairman of the House tax writing panel said in a letter Thursday.