All articles tagged with #tax law
The IRS provides resources and guidance on the new tax law provisions from the One, Big, Beautiful Bill, including deductions for seniors, no tax on tips, overtime, and car loan interest, along with tools for taxpayers to manage their taxes and refunds efficiently.
The Trump administration appointed Frank Bisignano, head of the Social Security Administration, as the unofficial 'CEO' of the IRS, bypassing Senate confirmation amid ongoing leadership turmoil and major tax law changes, raising concerns about managing both agencies effectively.
Vice President JD Vance is actively promoting President Trump's agenda, especially the tax law, as part of his role to bolster Republican efforts ahead of the 2026 midterms and potentially position himself for a future presidential run, while navigating the challenges of public perception and international relations.
SpaceX has reportedly used a tax law signed by President Trump to potentially pay no federal income taxes ever, leveraging indefinite loss rollovers to minimize tax payments, aided by government contracts and its satellite internet service Starlink, raising concerns about tax law abuse.
Clean energy stocks have recently surged, but their rally may be tested next week due to potential new Treasury rules that could restrict tax credits for renewable projects, impacting major companies like NextEra Energy and Sunrun.
A recent analysis by the Congressional Budget Office indicates that President Trump's new tax law benefits the top 10% of earners by approximately $13,600 annually over a decade, with middle-class households also gaining modestly, while the poorest Americans face financial losses and increased health coverage gaps due to cuts in social programs.
Donald Trump criticized Charlamagne Tha God on social media, calling him a 'racist sleazebag' after Charlamagne discussed political issues including Trump's tax law and the Republican Party's future, while Charlamagne expressed concerns about social and political issues affecting Americans.
Six months into his term, Donald Trump has taken ownership of the US economy, promoting it as strong despite mixed public opinion and signs of economic slowdown, with ongoing tariff hikes and legislative efforts shaping his political narrative ahead of the 2024 midterms.
Treasury Secretary Scott Bessent criticizes the newborn savings accounts created under Trump's tax law, claiming they serve as a 'back door' to privatize Social Security by allowing tax-deferred investments for newborns, with contributions up to $5,000 annually until age 18.
Republican lawmakers held a hearing in Las Vegas to promote their new domestic policy bill, focusing on popular tax cuts like tips and overtime pay, while acknowledging some legislative flaws and facing criticism from Democrats about the bill's broader impacts and support.
A new tax provision in President Trump's recent legislation increases taxes on professional poker players and high-stakes gamblers, making losses only 90% deductible and potentially forcing many out of the industry, sparking widespread outrage among players and lawmakers.
The article reviews the strengths and weaknesses of President Trump's 2025 tax law, the One Big Beautiful Bill Act, highlighting some beneficial provisions while criticizing others, and notes the law's complex and massive nature with effects still uncertain.
The new tax law signed by President Trump offers some benefits to the upper-middle class, such as increased standard deductions and extended QBI deductions, but also maintains limitations like the SALT deduction cap and reduced mortgage interest deductions, which may result in higher taxes for some in this income bracket.
President Trump's new tax law allows for a tax deduction on interest paid for loans on new, U.S.-assembled vehicles purchased for personal use, potentially saving buyers hundreds of dollars annually, with eligibility based on income and vehicle origin.
A new tax-and-spending law by Republicans includes a clause that could eliminate the profession of professional gambling, affecting an entire industry.