The Internal Revenue Service released updated tax withholding tables for 2018 Thursday to reflect changes for the Tax Cuts and Jobs Act, amid warnings that the tables may not be accurate and will need further refinements.
The tax reform bill heading toward passage in Congress is likely to help the bottom lines of many companies with lower taxes, but a new academic study suggests the impact on CEOs could have mixed results.
Lawmakers scrambling to lock up Republican support for the tax reform bill added a complicated provision late in the process—one that would provide a multimillion-dollar windfall to real estate investors such as President Donald Trump.
Senator Bob Corker wrote to Senate Finance Committee Chairman Orrin Hatch asking for an “explanation” of how a provision on pass-through businesses that would benefit real estate investors came to be included in the final version of the Republican tax bill.
Last-minute changes to the Republican tax bill contain an unpleasant surprise for married couples who make between $600,000 and $1 million: They won’t be getting as big a tax cut as lawmakers planned earlier.