
House GOP reveals Trump’s tax breaks for tips, overtime and car loans
Overall, the package is touching off the biggest political debate over taxes, spending and the nation’s priorities in nearly a decade.
Overall, the package is touching off the biggest political debate over taxes, spending and the nation’s priorities in nearly a decade.
Major tech companies lobbying to salvage a tax deduction for research and development say they might pull back from high-profile pledges of new U.S. investments if Congress doesn’t fully reinstate the break.
The slowdown in inflation could be a temporary respite as the widespread tariffs are expected to push up prices in many categories.
The Indiana Legislature approved a pared-down $46.2 billion state budget bill early Friday morning that will triple the state’s cigarette tax and cut funding for a wide swath of entities and programs.
To further close the gap, leaders also said they would reduce planned spending for public health, higher education and government agencies.
The impact of the tariffs also has extended to merger and acquisition activity, with M&A attorneys trying to keep pace with Trump’s starts, stops and pauses.
In order for the decreases to kick in, the legislation stipulates that the state’s revenue must hit certain growth benchmarks.
The program developed during Joe Biden’s presidency was credited by some with making tax filing easy, fast and economical, while others said it was frequently difficult to use.
The high-profile property tax legislation has been criticized both for not providing enough homeowner relief and for reducing revenue for local governments.
Indiana Gov. Mike Braun is expected to sign the latest version of Senate Bill 1, which supporters say would provide more than $1.4 billion in property tax relief over three years. Critics of the bill say local governments will raise income taxes to make up the difference.
House Democrats accused their GOP colleagues of strong-arming local units of governments into raising local income taxes to make up property tax revenue losses.
The governor and legislative leaders have for weeks gone back and forth on the key components of Senate Bill 1.
Indiana House Republicans’ property tax reform proposal passed out of committee Monday morning, but demands from Gov. Mike Braun and some Republicans for even more relief could complicate the bill’s future.
The framework now moves to the House, which must pass it before lawmakers can start working on the bill itself.
To achieve immediate tax relief, the plan would create a credit worth up to $200 on all homeowners’ property tax bills beginning in 2026.
The new tariff matches the rate of the U.S. “reciprocal” tariff of 34% on Chinese exports that President Donald Trump ordered this week.
President Donald Trump on Thursday revoked a nearly century-old tax loophole that saved companies from paying tens of billions of dollars in fees on cheap imports, most of which come from China.
The Fort Wayne plant produces the Chevrolet Silverado 1500 and GMC Sierra 1500 trucks, with about 1,300 units produced each day, according to the automaker’s website.
A jam-packed agency bill became even more behemoth and wide-reaching on Tuesday after a Senate committee crammed in dozens of other provisions that largely deal with local taxes.
At least four states are considering giving college athletes tax breaks on endorsement income.