taxes

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He Paid the IRS $500M Last Year. This Year, It's $1B

John Paulson's bill for his big bet on subprime mortgages has come due

(Newser) - If you find yourself forced to write a check to the IRS come April 17, know that John Paulson feels your pain—and owes more than can fit on a single check. Paulson put down big stakes against subprime mortgages before the 2008 crash and earned billions in the process....

Republicans Get More Good News on Tax Changes

Starbucks, Disney plan raises and bonuses, and Jamie Dimon predicts economic growth

(Newser) - Republicans have a few more bragging points over their newly passed tax plan , which slashed the corporate tax rate from 35% to 21%.
  • Starbucks: The chain is giving its US workers pay raises and stock grants this year, citing the tax changes, per the AP . Employees also soon will be
...

Using Contractors to Collect $6.7M Cost IRS $20M

Watchdog says program is harming taxpayers

(Newser) - The Internal Revenue Service's outsourcing of tax debt collection is costing the IRS about $3 for every $1 it brings in, according to a report from a federal watchdog. National Taxpayer Advocate Nina Olson, head of the Taxpayer Advocate Service, said in her annual report to Congress Wednesday that...

Homeowners Line Up to 'Postpone the Pain'

They're prepaying 2018 property taxes to avoid getting socked by deduction cap in new tax bill

(Newser) - While many people this week are queued up at retailers to return holiday gifts, "unprecedented" lines are forming at municipal offices around the country as homeowners hurry to prepay 2018 property taxes before the new GOP tax bill goes into effect on Jan. 1, reports the Wall Street Journal ...

With Trump Poised to Sign Tax Bill, Pity Long Islanders

Nearly half of homeowners there would be hit by property tax cap

(Newser) - "Today we are giving the people of this country their money back," proclaimed Paul Ryan Tuesday as the House passed a sweeping rewrite of the tax code (it has to vote again Wednesday because of this glitch ). That's likely not the case for current and future...

McCain Likely to Miss Crucial Vote on Tax Bill

Senator has returned to Arizona for treatment

(Newser) - Sen. John McCain has gone home to Arizona to recover from the side effects of chemotherapy, meaning he's likely to miss a vote on the Republican tax reform plan expected this week. After days of speculation about the 81-year-old senator's health, daughter Meghan McCain tweeted Sunday that he'...

Rubio Deals Blow to Hopes of Passing Tax Overhaul

Senator demands change to child tax credit

(Newser) - President Trump's hopes of passing a tax overhaul before Christmas have taken a big hit from the man he used to call "Little Marco Rubio." In what Politico describes as a surprise move, the Republican senator announced Thursday that he won't support the legislation. Rubio said...

House Republicans Nearing Agreement to Pass Tax Package

But they're still working out how to pay for new tax breaks

(Newser) - Congressional Republicans on Tuesday were speeding toward an agreement on a massive tax package that would ease the hit on Americans living in high-tax states and appease corporations that could have lost precious tax breaks. Negotiators were working to expand a deduction for state and local taxes to allow individuals...

Private Investigator Busted for Using Trump's SSN

Jordan Hamlett is facing five years in prison after trying to get the president's tax info

(Newser) - A Louisiana private investigator pleaded guilty on Monday to misusing Donald Trump's Social Security number in repeated attempts to access the president's federal tax information before his election last year. Jordan Hamlett, 32, faces a maximum sentence of five years in prison and a $250,000 fine following...

On Trump's Desk by Christmas? Senate Passes Tax Bill

On a 51-49 vote

(Newser) - It passed in the wee hours, and by a wee margin: The Senate passed the biggest tax overhaul in more than 30 years Saturday morning 51-49. Tennessee's Sen. Bob Corker was the only Republican to side against the bill. With the House having passed its bill in November, Congress...

Vote on Tax Bill Delayed by Deficit Worries

Parts of it were rewritten Thursday night

(Newser) - A planned vote on Senate Republicans' overhaul of the tax code was called off Thursday night as they struggled to find 50 votes—and an extra $400 billion or so. Senators say deficit hawks led by Tennessee's Sen. Bob Corker have delayed the bill's progress by insisting it...

House Passes GOP Tax-Cut Bill
Trump Gets
Big Win on Taxes
Nov 16, 2017 4:19 PM CST

Trump Gets Big Win on Taxes

House passes Republican tax-cut bill

(Newser) - In a victory for President Trump, the House successfully passed its version of the Republican tax-cut plan Thursday, the Los Angeles Times reports. All Democrats and 13 Republicans voted against the bill, giving it a 227-205 win. "Passing this bill is the single biggest thing we can do to...

Why Grad Students Think GOP Tax Plan Is 'Absolutely Crazy'

Grad students could see their taxes quadruple under the House plan

(Newser) - Fourth-year MIT grad student Ryan Hill lives cheaply on a $30,000 stipend from the university, sewing clothes for his baby and going without dental insurance. "It's been already very hard to just emotionally get through this time of life because we have to be so frugal,"...

Dad of 2 Adopted Sons Defends Decision to Cut Tax Break

Rep. Kevin Brady says credit is 'not working,' explaining its removal in tax proposal

(Newser) - The tax overhaul in the works has drawn controversy over possible changes to 401(k) plans and deductions for homeowners, but another, lower-profile topic has emerged as a sore point. The House plan unveiled last week would eliminate a one-time tax break for families that adopt children. The break can be...

After Much Bickering, House Tax Panel Amends GOP Plan

Panel votes on party lines for amendments

(Newser) - After a day of partisan bickering over whether the Republicans' sweeping tax plan would truly help the middle class, a key House panel on Monday approved late changes. Lawmakers restored the tax exemption for employees receiving child care benefits from their companies, but also put new requirements on a tax...

Tax Plan Out Thursday May Have an Unusual Name

Trump reportedly pushing for 'Cut, Cut, Cut Act' as key details remain unresolved

(Newser) - Congressional Republicans say they will release their big tax plan Thursday, but they're still reportedly working on fundamental details regarding the numbers. ABC News , meanwhile, reports that another odd but important detail remains up in the air: what to call the thing. The report says Paul Ryan reached out...

Close House Vote May Not Bode Well for Tax Overhaul

Budget measure passes, but lawmakers from 'high-tax' states nearly derail it

(Newser) - The House has narrowly passed a $4 trillion budget that clears a key hurdle toward President Trump's goal of cutting taxes, per the AP . The 216-212 vote allows Republicans to begin work on a $1.5 trillion tax cut and move it through Congress without fear of blocking tactics...

Your 401(k) Contributions May Not Be Safe After All

House tax-writing chief Kevin Brady suggests limits are in play, despite Trump's opposition

(Newser) - President Trump declared emphatically this week that 401(k) contributions were off-limits to congressional negotiators working on changes to the tax code. But on Wednesday, one of those negotiators—in fact, one of the most influential ones—suggested otherwise, reports the Washington Post . Kevin Brady, who chairs the House tax-writing committee,...

Corker Makes Dour Prediction About Trump's Legacy

Senator says president will be remembered for 'debasing our country'

(Newser) - President Trump heads to Capitol Hill on Tuesday for a meeting with GOP senators, but his feud with one of them in particular heated up in advance. In appearances on morning talk shows, Bob Corker said the president should leave senators alone to work on a tax plan. “I...

Trump's Possible Savings With New Tax Plan: $1B

'NYT' runs some numbers, finds tax proposal might prove very good for Trump

(Newser) - It's hard to know for sure, but President Trump may save a pretty penny if his administration's "once in a generation" tax proposal goes into effect, despite Trump insisting earlier this week the plan is "not good for me." The New York Times put Trump'...

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