Kate Dore

2 weeks ago | cnbc.com | Kate Dore

Artistgndphotography | E+ | Getty ImagesIf you own mutual funds, year-end payouts can trigger a surprise tax bill — even when you haven't sold the underlying investment. But some lawmakers want to change that. Sen. John Cornyn, R-Texas, this week introduced a bill, known as the Generate Retirement Ownership Through Long-Term Holding, or GROWTH, Act. If enacted, the bill would defer reinvested mutual fund capital gains taxes until investors sell their shares.

2 weeks ago | nbcnewyork.com | Annie Nova |Kate Dore |Jessica Dickler |Greg Iacurci

• House Republicans on Thursday advanced a multi-trillion-dollar tax and spending package that could have sweeping impacts on household finances. • The "One Big Beautiful Bill Act” extends the 2017 Trump tax cuts, slashes spending on social safety net programs like Medicaid and SNAP and overhauls federal student loans. • The House bill adds or expands tax breaks for auto loans, tip income and health savings accounts; temporarily raises the child tax credit; and ends EV tax credit.

2 weeks ago | cnbc.com | Kate Dore

Edwin Tan | GettyHouse Republicans on Thursday advanced President Donald Trump's "big, beautiful" tax and spending bill, which includes a bigger child tax credit for some families. If enacted, the House bill would make permanent the maximum $2,000 credit passed via the Tax Cuts and Jobs Act, or TCJA, of 2017. Without action from Congress, that tax break will revert to $1,000 after 2025. The House bill would make the highest child tax credit $2,500 from 2025 through 2028.

2 weeks ago | nbcnews.com | Kate Dore

May 22, 2025, 12:53 PM EDT / Source: CNBCHouse lawmakers on Thursday morning passed changes for the federal deduction for state and local taxes, known as SALT, as part of President Donald Trump’s tax package. Enacted via the Tax Cuts and Jobs Act, or TCJA, of 2017, there’s currently a $10,000 limit on the SALT deduction, and raising that cap has been a priority for certain House lawmakers in high-tax states like New York, New Jersey and California.

2 weeks ago | nbcchicago.com | Annie Nova |Kate Dore |Jessica Dickler |Lorie Konish

• House Republicans on Thursday advanced a multi-trillion-dollar tax and spending package that could have sweeping impacts on household finances. • The "One Big Beautiful Bill Act” extends the 2017 Trump tax cuts, slashes spending on social safety net programs like Medicaid and SNAP and overhauls federal student loans. • The House bill adds or expands tax breaks for auto loans, tip income and health savings accounts; temporarily raises the child tax credit; and ends EV tax credit.