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The Latest Breaking News from Tax Cuts

US Faces Economic Calamity If Trump Tax Cuts Expire

Scott Bessent warns of economic calamity if 2017 Trump tax cuts aren't extended, affecting middle-class Americans and adding to the deficit.

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Bessent warns of 'devastating' consequences if tax cuts lapse - Roll Call

Taxes and tariffs took center stage Thursday at a hearing for President-elect Donald Trump’s intended Treasury secretary nominee.

Roll Call

Treasury Nominee Urges Extension Of Tax Cuts For Economy

Scott Bessent highlights the urgency of extending the 2017 Tax Cuts and Jobs Act to prevent economic turmoil and tax increases for the middle class.

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Trump's Treasury Secretary Nominee Claims There Will Be 'Economic Calamity' If Republican Tax Cuts Are Not Extended

Scott Bessent warned about the dangers of not extending tax cuts implemented during Donald Trump's first term.

International Business Times

Gov. Hochul to Deliver $1 Billion in Tax Relief to New Yorkers

The New York State Budget deal would benefit middle-class families.

Kiplinger

House Freedom Caucus Proposes Two-Bill Approach For Conservative Policy Overhaul

House Freedom Caucus proposes two-bill approach for conservative policy overhaul, including debt limit increase and tax cuts. Debate within GOP on consolid...

Top News

The Tax Stakes for 2025: Planning for All Possibilities

It's unclear whether extending the TCJA provisions for individuals is likely, so what can you do to reduce your overall tax bill either way?

Kiplinger

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Yellen Warns Against Extending Trump Era Tax Cuts: 'Unsustainable'

US Treasury Secretary Janet Yellen warned Wednesday that plans to extend President-elect Donald Trump's 2017 tax cuts -- which remained in place under Joe Biden but are set to expire -- will add to unsustainable deficits.

International Business Times

Koch Network Launches M Campaign To Extend Trump Tax Cuts

Koch network launches million campaign 'Protect Prosperity' to extend Trump's tax cuts for his second term.

Top News

Reconciliation debate to test ‘tax cuts for the rich’ narrative - Roll Call

If Democrats want to dust off their 2017 playbook as they mount an offensive against extending expiring tax cuts, this month has provided lots of fodder.

Roll Call

Trump's ‘One Big, Beautiful Bill’ With Trillions in Tax Cuts: What to Know

The GOP combined taxes, border security, and energy policy into massive legislation enacted on July 4th. What's in it?

Kiplinger

GOP Reveals Ambitious Agenda For Trump's First 100 Days

GOP reveals ambitious 100-day agenda for Trump's presidency, focusing on tax cuts, border security, and debt limit increase through reconciliation process.

Top News

Trump and Republicans plot radical policy agenda in one ‘big, beautiful bill’

House speaker says party seeks single piece of legislation covering tax cuts, immigration and military spending

The Guardian - US

Top US Republican Eyes Swift Passage Of Trump Priority Mega-bill

The speaker of the US House said Sunday he was pushing an "aggressive" timeframe for getting a multi-trillion-dollar bill addressing immigration, tax cuts and more to Donald Trump's desk by April, within his first 100 days in office.

International Business Times

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Salon

Some tax breaks are set to expire

The Trump administration could extend and perhaps expand the Tax Cuts and Jobs Act of 2017

Kiplinger

5 Ways the Second Trump Term Could Affect Your Finances

Income tax cuts are likely to be extended, but electric vehicle tax credits could disappear.

Kiplinger

Gifting Earlier Rather Than Later Can Reap Big Tax Benefits

Even with Donald Trump's win, the future of the Tax Cuts and Jobs Act remains uncertain, so here's how to make the most of its provisions while you still can.

The Independent UK

Food stamps, environmental safeguards and denying Ozempic: The ways Republicans could pay for Trump’s tax cuts

Incoming administration is expected to cut federal spending to federal programs they don’t prioritize like environmental regulations

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The Guardian - US

Republican-run states see opportunity to push extreme policies under Trump

Emboldened red states could advocate for rightwing reforms from steep tax cuts to slashes to education

International Business Times

Global Markets Rode AI, Interest Rate Roller Coaster In 2024

Despite political upheavals, stock markets and bitcoin smashed records in 2024, fuelled by investor enthusiasm for AI, falling interest rates, and hopes of tax cuts.

The Independent UK

Italy’s far-right government wins final approval for its €30bn budget

Italy’s parliament has approved the government’s 2025 budget, worth a total of 30 billion euros — more than half of that in tax cuts and social security benefits for low-income citizens

Kiplinger

Top Tax Stories of 2024 and Key Changes to Watch for 2025

The Kiplinger tax team is looking back at popular tax stories and looking ahead to potential tax changes in the new year.

The Independent UK

An analyst looks ahead to how the US economy might fare under Trump

President-elect Donald Trump won a return to the White House in part by promising big changes in economic policy — more tax cuts, huge tariffs on imports, mass deportations of immigrants working in the United States illegally

Top News

President Biden Signs Compromise Funding Bill To Avoid Government Shutdown

President Biden signs a stopgap funding bill, prioritizing essential funding and stability in government operations. Avoids expedited tax cuts for billiona...

The Conversation

Trump’s 2017 tax cuts expire soon − study shows they made income inequality worse and especially hurt Black Americans

The Tax Cuts and Jobs Act, a set of tax cuts Donald Trump signed into law during his first term as president, will expire on Dec. 31, 2024. As Trump and Republicans prepare to negotiate new tax cuts in 2025, it’s worth gleaning lessons from the president-elect’s first set of…

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