which are set to expire at the end of 2025. There's also the burgeoning deficit lawmakers need to consider when discussing one-off, more complicated proposals like tax-free overtime.
February 13, 2025 Politics-Elon Musk DOGE—tasked with trimming federal spending—has more than doubled its budget already, disclosures show BYChloe Berger 1 day ago Finance Adjusting the bookkeeping on America’s gold reserves could add $750 billion to the U.S. Treasury overnight—but on...
President Donald Trump is on stage delivering remarks during his first visit to Nevada since re-election, where he’s expected to address his promise to eliminate payroll taxes on tips. Signs reading “No Tax on Tips” are prominently displayed throughout the Galaxy Room at the Circa Resort...
They worry that the president’s calls for rate cuts and his discussion of indexing or a payroll tax cut could spook, rather than reassure markets. Trump indicated he had no choice but to impose the trade penalties that have been a drag on U.S. manufacturers, financial markets and, by ...
So there will not be anywhere close to $2.7 trillion of additional revenue, especially when you also consider how the damaging impact of protectionism will mean less income tax revenue and less payroll tax revenue. I normally like the idea of less revenue for Washington, but I want that to ...
President Trump on Friday renewed his call for a payroll tax cut through the end of the year amid negotiations between his administration and Congress on a package to address the coronavirus outbreak. “If you want to get money into the hands of people q
Trump has not specified whether he wants to exempt tips from just income taxes or from the payroll tax as well. The payroll tax funds Medicare and Social Security. For workers, a blanket exemption would mean more take-home pay. And for the federal government, it could mean larger budget de...
Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center said if the proposal only focuses on income tax — and not elimination of payroll tax — the cut won’t be as significant. “It’s one of those things where there is a lot less to it than meets the eye,...
White House National Economic Council Director Larry Kudlow said Wednesday that President Trump will unveil a new tax cut proposal later this year, “perhaps sometime later in the summer.”“I am still running a process of tax cuts 2.0. We’re many mont
Payroll Tax Initiative:In 2010, Obama allowed the payroll tax cut to expire. High income households were due to pay more via Medicare tax. The changes were also included in the Affordable Care Act. Itemized Deduction Changes:Obama limited the value of itemized deductions in total. These exact ...