Trump tax plan

President Trump intervened in the ongoing budget conflict between House and Senate Republicans just before a key congressional vote.

The proposal aims to smooth the passage of Trump's top legislative priorities.

The Committee for a Responsible Federal Budget estimated much of the cost would come from extending the 2017 tax cuts for individuals and small business owners.

Combined tariffs against Canada, Mexico and China would raise less than a third of the estimated $4.6 trillion cost of extending Trump's tax cuts over the next 10 years.

President Donald Trump outlined his tax priorities in a meeting with Republican lawmakers, including expanding the state and local tax deduction.

Trump told GOP lawmakers he wants to end the carried interest exemption used by private equity fund managers and venture capitalists around the country.

The ambitious agenda includes extending Trump's signature tax cuts and enabling more oil and gas production.

The incoming Treasury chief will have to reconcile his deficit-reduction plans with the Trump administration's much-anticipated tax cuts.

President Trump reiterated his pledge to eliminate taxes on income from tips during a rally in Las Vegas, where the hospitality and service industry is dominant.

Following the Republican victory in the 2024 election, tax reform and political changes are at the forefront of every accountant's agenda.

House Republicans are in talks over raising the cap for state and local tax deductions after winning pledges to include it in a must-pass tax bill this year.

Senate Republicans would like to do a large bill on immigration and energy first and then tackle tax reform in a second bill. House Republicans prefer one large bill.

Trump said in his inaugural address that "instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens."

President Trump signed a series of executive orders after his inauguration, including a hiring freeze for federal government workers, particularly at the IRS.

As we enter the beginning of 2025, bonus depreciation continues to leverage down as more portions of the Tax Cuts and Jobs Act expire.

The mood in markets and the financial situation are starkly different from 2017, when Trump and congressional Republicans passed a deficit-expanding tax cut.

Treasury Secretary nominee Scott Bessent warned of an economic crisis that will hammer middle- and working-class people if the 2017 tax cuts aren't extended.

The outgoing Treasury Secretary warned that plans by the incoming administration could worsen an already challenging fiscal outlook.

The post on Truth Social is the latest indication that the president-elect aims to carry out his promises for sweeping trade levies when he retakes office.

Trump has expressed interest in reviewing options for adjusting the cap on the state and local tax deduction but is not currently advocating for a specific fix.