Tag: Federal Taxes (US)

Trump Orders Student Loan Forgiveness for Disabled Veterans

President Trump signed a measure on Wednesday that seeks to remove the bureaucratic barriers for permanently disabled veterans to qualify for student loan forgiveness, which he said would save 25,000 wounded warriors an average of $30,000. The rollout of the executive action came during the American Veterans national convention in Louisville, Ky., where Mr. Trump […]

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Deficit Will Reach $1 Trillion Next Year, Budget Office Predicts

WASHINGTON — The federal budget deficit is growing faster than expected, even as President Trump openly considers more tax cuts and other ideas that would add to government debt. The deficit will reach $960 billion for the 2019 fiscal year, which ends Sept. 30, and $1 trillion for the 2020 fiscal year, the Congressional Budget […]

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Trump Administration Considers Moves to Bolster Economy

White House officials have begun preparing options to help boost the American economy and prevent it from falling into a recession, including mulling a potential payroll tax cut and possibly reversing some of President Trump’s tariffs, according to people familiar with the discussions. Mr. Trump continues to insist the economy is “doing tremendously well” and […]

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Todd and Julie Chrisley Plead Not Guilty to Tax Evasion and Bank Fraud

Todd and Julie Chrisley, a wealthy Southern couple who project a public image as a God-loving, straight-talking husband and wife on the reality TV show “Chrisley Knows Best,” are now facing criminal charges. This week, a federal grand jury in Atlanta indicted the couple on charges of tax evasion, wire fraud and hiding income from […]

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Trump Campaign Sues Over California’s Requirement to Release Tax Returns

WASHINGTON — President Trump and the Republican National Committee filed a pair of lawsuits on Tuesday against officials in California, challenging a new law requiring presidential candidates to release five years of tax returns in order to be placed on the state primary ballot in 2020. The R.N.C. suit, which was filed in the Eastern […]

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As Mortgage-Interest Deduction Vanishes, Housing Market Offers a Shrug

PLAINFIELD, Ill. — The mortgage-interest deduction, a beloved tax break bound tightly to the American dream of homeownership, once seemed politically invincible. Then it nearly vanished in middle-class neighborhoods across the country, and it appears that hardly anyone noticed. In places like Plainfield, a southwestern outpost in the area known locally as Chicagoland, the housing […]

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Trump Says U.S. Will Hit China With More Tariffs

WASHINGTON — President Trump escalated his trade war with China on Thursday, saying that the United States would impose a 10 percent tariff on an additional $300 billion worth of Chinese imports after China failed to keep its promise to buy more American agricultural products. Mr. Trump, who had agreed in June not to impose […]

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Why Rate Cuts Don’t Help Much Anymore

Now that it has finally happened, don’t expect the Federal Reserve’s long-awaited rate cut to make all that much of a difference for the economy. In the weeks leading up to Wednesday’s decision to cut the benchmark Fed funds rate by 0.25 points to 2.25 percent, the stock market seemed to leap whenever Jerome H. […]

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Trump Administration Is Divided Over Tax Cut for Investors

WASHINGTON — Trump administration officials are divided over whether to give investors a big tax cut that would primarily benefit the rich before the 2020 election heats up in earnest. Republican senators and conservative anti-tax groups are increasingly pushing the administration to use executive authority to deliver a tax cut to investors on profits they […]

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Trump’s Secret Foreign Aid Program

Donald Trump often complains that the media don’t give him credit for his achievements. And I can think of at least one case where that’s true. As far I can tell, almost nobody is reporting that he has presided over a huge — but hidden — increase in foreign aid, the money America gives to […]

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Everyone Claims They’re Worried About Global Finance. But Only One Side Has a Plan.

Global finance has become a popular target from both the left and, more recently, the right, particularly the nationalist right. As Senator Josh Hawley, Republican of Missouri, said at the recent National Conservatism Conference, what he called the “the cosmopolitan economy” has encouraged multinational corporations to move jobs and profits overseas and then “rewarded these […]

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Wealth Tax and Free College Get Poll Support. Democrats Worry It Won’t Last.

There is a puzzle for the Democratic challengers hoping to unseat President Trump, and it is evident in public reaction to some of their breakout policy ideas. Polls show several of those ideas are quite popular with the electorate, including taxing the assets of very wealthy Americans and offering free college and government-paid health care […]

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Foreign-Owned Banks’ Results Could Sweeten Further Under Tax Law

WASHINGTON — President Trump’s tax cuts have been very good to big banks. For foreign-owned banks, they could get even better. The cuts allowed America’s largest banks to save an estimated $16 billion collectively in taxes last year, a windfall that helped those firms reward shareholders through stock buybacks and dividend payments. The savings flowed […]

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Senate Approves Tax Treaties for First Time in Decade

WASHINGTON — The Senate voted overwhelmingly on Wednesday to approve updates to international tax treaties, some of which were negotiated in the early years of the Obama administration, in a bipartisan victory for multinational companies. The so-called treaty protocols with Switzerland, Japan and Luxembourg were approved a day after senators passed a protocol with Spain. […]

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Absurd, Shocking, Embarrassingly Bad

This article is part of David Leonhardt’s newsletter. You can sign up here to receive it each weekday. Health insurance for millions of Americans is once again at risk, thanks to President Trump and a small number of Republican-appointed judges. Trump is supporting the latest and strangest legal challenge to the Affordable Care Act, and […]

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As Nations Look to Tax Tech Firms, U.S. Scrambles to Broker a Deal

WASHINGTON — For most of the 21st century, wealthy nations have engaged in a race to the bottom on corporate taxes, cutting rates in an effort to poach business activity across borders. Very quickly, that script has flipped. Developed countries are now moving to impose new taxes on technology companies, like Facebook and Google, that […]

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U.S. Begins Inquiry Into French Digital Services Tax That May End in Tariffs

WASHINGTON — The Trump administration said on Wednesday that it would investigate whether a French plan to impose a tax on big American technology companies amounts to an unfair trade practice that could be punished with retaliatory tariffs, escalating its global trade fight. The investigation, which will be carried out by the United States trade […]

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Cuomo Signs a Bill to Allow Release of Trump’s State Tax Returns

As the battle over President Trump’s federal taxes intensifies in Washington, Gov. Andrew M. Cuomo of New York signed a bill on Monday to allow congressional committees to access the president’s state tax returns. The bill requires state tax officials to release the president’s state returns for any “specified and legitimate legislative purpose” on the […]

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At Column No. 500, a Look Back at Lessons Learned

When my first Wealth Matters column ran in December 2008, I wrote that I wanted to examine the strategies the wealthy used to manage their money and their lives in a way that people with far less money could learn from. Having spent the last week going through 499 columns in preparation for No. 500, […]

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House Files Lawsuit Seeking Disclosure of Trump Tax Returns

WASHINGTON — The House’s tax-writing committee sued the Treasury Department and Internal Revenue Service on Tuesday demanding access to President Trump’s tax returns, escalating a fight with an administration that has repeatedly dismissed as illegitimate the Democrats’ attempt to obtain Mr. Trump’s financial records. The lawsuit moves the dispute into federal courts after months of […]

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