The president of the National Treasury Employees Union said taxpayers should expect increased wait times, backlogs and delays implementing tax law changes as the shutdown continues.
Trump said on Truth Social that the pharmaceutical tariffs would not apply to companies that are building manufacturing plants in the United States, which he defined as either “breaking ground” or being “under construction.”
Trump’s recently enacted tax law sweetened a break for corporate research and development investments, a provision especially valuable to technology, pharmaceutical and manufacturing businesses. But some businesses won’t be able to take full advantage of the break.
The agency on Friday submitted possible guidance that includes greater detail on the occupations covered by the rule and who will qualify and what counts as a “qualified tip.”
The city’s budget proposal includes funding increases for public safety and for parks, but other departments could see reductions.
The Treasury Department has released a preliminary list of jobs exempt from income tax on tips, including food service, concierge and salon workers—and some surprise occupations.
Under President Donald Trump’s new tax-cut law, many people for the first time could claim a tax deduction for interest on their vehicle loans. But there are caveats, including whether the vehicle was assembled in the U.S.
Republican leaders are buying time as they search for ways to secure support for President Donald Trump’s big bill of tax breaks and spending cuts, but the endgame wasn’t immediatley in sight early Tuesday morning.
Trump’s One Big Beautiful Bill would extend tax cuts passed in 2017, enact campaign promises such as no tax on tips, spend hundreds of billions of dollars on immigration and defense, and slash social benefit programs including Medicaid.
Republicans are using their majorities in Congress to push aside Democratic opposition, but they ran into a series of political and policy setbacks.
The cigarette tax hike is the result of a last-minute compromise by Indiana legislators to address a projected revenue shortfall of $2 billion over the biennium.
The Independent Restaurant Coalition, which represents nearly 100,000 restaurant and bars, has appealed to Congress to reconsider the proposal, which is part of the president’s spending bill.
Some park owners fear ongoing economic uncertainty could keep families from traveling this summer, while tariffs could add extra costs for items like game prizes or parts for rides.
A new analysis estimates that the provision would cost the U.S. 360,000 jobs and $55 billion annually over 10 years in lost gross domestic product.
Central to the package is the GOP’s commitment to extending some $4.5 trillion in tax breaks, as well as spending cuts and work requirements for Medicaid and nutrition assistance.
House Republicans narrowly advanced the sprawling package in a rare weekend vote late Sunday, but just barely, as GOP leaders promise more negotiations ahead.
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.
