Trump’s tax bill has a long way to go in Senate
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U.S. President Donald Trump's signature tax break on tips promises relatively few upsides for low-income Americans, who face a net loss of income under his massive tax and spending bill in Congress, analysts say.
This is slashing support for 1 in 10 Coloradans who rely on SNAP. And then it’s shifting billions in costs to the states.”
Sen. Ron Johnson of Wisconsin says he supports the president but wants to see the price of his sweeping tax bill come down before he supports it.
White House officials maintain bankers’ concerns are overstated and discount expected revenues from the president’s tariffs.
The cuts would repeal or quickly phase out tax credits and loans for things such as home improvements for consumers, electric vehicles, wind and solar.
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These provisions may not have top billing in the sweeping GOP tax bill, but they could have a big impact on Americans' everyday lives.
The massive budget bill passed by the House includes new tax breaks for tipped workers and those who get overtime.
President Trump's new bill could make your auto loan interest tax deductible, leading to cheaper overall payments. Find out if you qualify for these new savings.