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The Latest Breaking News from Tax Cuts

New Income Tax Proposal Is Progressive and Unworkable

Commerce Secretary Howard Lutnick says the Trump administration wants to eliminate income taxes for those making $150,000 or less—an unprecedented shift with major consequences.

Reason

Trump’s Latest Pitch: No Taxes If You Earn Less Than $150K?

The Trump administration reportedly wants to eliminate taxes for certain earners.

Kiplinger

Trump’s tariffs will be paid by the poor – while his tax cuts help the rich

The math doesn’t work in the president’s economic promises, which will create a giant upward transfer of wealth

The Guardian - US

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It’s ‘Maganomics’: Trump’s brash economic strategy is likely to end in crash or crisis

Large tax cuts for the rich, import tariffs, and the competing interests of Republican nationalists and the techno-right is a dangerous combination, says economist Jonathan Portes

The Guardian - UK

Georgia Tax Refunds Are Coming: What to Expect in 2026

Georgia surplus tax rebates are rolling out in May. Here's the breakdown of who's eligible and the plan to lower your income tax rate to 4.99%.

Kiplinger

Mnuchin: No tax on overtime, Social Security 'very expensive'

The Goldman Sachs alum did not endorse all the new administration’s policies.

Fortune

Conservative Nonprofit Group Airs Ad Supporting Trump's Tax Cut Plan

Conservative nonprofit airs ad supporting Trump's tax cut plan before his address to Congress, emphasizing his commitment to protecting tax cuts.

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Calls grow to banish 'anti-democratic' bracket creep

Economists have backed a teal proposal to index income tax thresholds to end bracket creep, which is placing an increased burden on working Australians.

AAP

How Republicans plan to use 'weird accounting' to pass $5 trillion tax cuts

Not every Republican politician is on board.

Fortune

Texas House and Senate lawmakers have laid out their property tax cut proposals. How do they compare?

House and Senate lawmakers plan to spend at least $6 billion on property tax cuts, but haven't yet agreed on how much relief should go to homeowners over businesses.

The Texas Tribune

AOC calls Elon Musk a ‘leech’ on the public as their tit-for-tat feud continues

‘No matter how many billions he gets in tax cuts and government contracts, it will never be enough for him,’ Alexandria Ocasio-Cortez said

The Independent UK

Medicaid recipients fear ‘buzzsaw cuts’ for Trump’s agenda: ‘We’re not going to be alive forever’

To pay for $4.5tn in tax cuts and mass deportations, the GOP plans to roll back the federal healthcare insurance program

The Guardian - US

US inflation has increased since Trump took office – why prices are unlikely to come down soon

The cost of living crisis, which saw inflation in the US peak at a four-decade high of 9.1% in 2022, played a significant role in determining the outcome of last November’s presidential election.

The Conversation

Trump’s promised laundry list of tax goodies gets a reality check

ANALYSIS: ANALYSIS: Trump promised no taxes on tips, Social Security or overtime. Eric Garcia writes that the math does not add up

The Independent UK

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Fortune

Why AT&T's CFO is hoping Congress will extend Trump's corporate tax cuts

Good morning. The corporate tax provisions of the Tax Cuts and Jobs Act (TCJA) are set to expire this year. And Pascal Desroches, AT&T’s CFO and senior executive vice president, says that’s a cause for concern. President Trump will need to extend the provisions in of the TCJA, the signature…

Top News

Senate To Address Tax Cuts In Revised Budget Framework

Senate and House Republicans are working to align on tax cuts within a revised budget framework.

Top News

House Republicans Pass Budget Blueprint For Tax Cuts

House Republicans pass budget blueprint for Trump's agenda, focusing on tax cuts and spending reductions. Challenges lie in deciding where to make cuts and...

Roll Call

Medicaid work rules have increased coverage loss, not employment - Roll Call

Work requirements have been part of the discussion as House Republicans scour for ways to pay for President Trump’s $4.5 trillion tax cuts.

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Top News

Senate Majority Leader Thune Evaluating Deep Spending Cuts Proposal

Senate Majority Leader John Thune discusses Senate Republicans' evaluation of House budget cuts and focus on permanent tax cuts.

Barchart

Stocks Post Modest Gains Ahead of Nvidia's Earnings

The S&P 500 Index ($SPX ) (SPY ) Wednesday closed up +0.01%, the Dow Jones Industrials Index ($DOWI ) (DIA ) closed down -0.43%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed up +0.22%. March E-mini S&P futures (ESH25 ) are up +0.09%, and March E-mini Nasdaq futures...

Barchart

Stocks Climb Ahead of Nvidia's Earnings Results

The S&P 500 Index ($SPX ) (SPY ) today is up +0.37%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.03%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.51%. March E-mini S&P futures (ESH25 ) are up +0.29%, and March E-mini Nasdaq futures...

The Independent UK

Trump’s agenda passed its first hurdle. Now comes the hard part

ANALYSIS: House Speaker Mike Johnson twists enough arms. But, Eric Garcia warns, the internal disputes between House and Senate Republicans remain

Latin Times

Democrat Confronts Republican Promoting Budget Resolution as 'Defense of Blue Collar Workers': 'Read the Room'

House Republicans push their 2025 Trump-backed budget plan, proposing $4.5 trillion in tax cuts while slashing $2 trillion from federal aid programs, with heated clashes between Rep. Brian Jack and Rep. Jim McGovern as Democrats push back ahead of a crucial vote.

Reason

The House GOP Budget Blueprint Promises More Borrowing, More Debt, and Not Enough Spending Cuts

"If the Republican budget passes, the deficit gets worse, not better," says Rep. Thomas Massie. He's right.

The Texas Tribune

Texas House unveils plan to cut property taxes, setting up fight with Senate

Lawmakers will debate how to spend $3.5 billion in proposed tax cuts, a legislative priority for Republican leaders.

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