Deductions Archives -
President Trump said he’d consider changes to a cap on the federal deduction for state and local taxes, one of the most divisive provisions of the 2017 Republican tax overhaul.
Trump told regional newspaper reporters in response to a question Wednesday that he’s “open to talking about” revisions…
The House voted Friday to make permanent the temporary individual tax cuts that took effect in January, a move that also locks in a new limit on state and local tax deductions that hits many residents hard in California and several other Democratic states.
But despite the 220-191 vote, largely…
Dear Liz: When I sat down with my accountant in March to do my 2017 taxes, he said next year I will take the standard deduction. Are my contributions to charity still deductible if I take the standard deduction?
Answer: No. Charitable contributions are an itemized deduction. If you don’t itemize…
America’s biggest tax law overhaul in more than 30 years contains a provision that some experts say is going to make divorce a more difficult process—especially for lower-income couples. The final version of the Republican tax plan removes the tax deduction for alimony payments, which are support payments generally…
As they prepare to unveil their own sweeping tax plan, Senate Republicans are revisiting key provisions of the GOP House proposal, including possibly eliminating property tax deductions as well as state income tax deductions, increasing the size of child-care credits, offering more help to small…
Republican lawmakers are reconsidering a call in their new tax reform plan to completely repeal popular deductions for state and local taxes, floating a compromise that would allow homeowners to instead choose between claiming that deduction or one for mortgage interest.
Limiting tax deductions
AS THE FISCAL cliff looms, leaders in Washington draw red lines. President Obama is “asking the wealthiest to pay a little more in taxes,” as he repeated Friday. House Speaker John A. Boehner is “open” to more revenue but only in exchange for significant …
Obama Hangs Tough on the Fiscal Cliff
The Case Against a “Grand Bargain”
Political Ice Caps
In a violation of the 8th Amendment’s prohibition against cruel and unusual punishment, my brutal overseers at the Cato Institute required me to watch last night’s debate (you can see what Cato scholars said by clicking here). But I will admit that it was good to see Obama finally put on […]
Forbes Real Time