Zach Cohen

2 days ago | news.bloombergtax.com | Kim Dixon |Zach Cohen

Tax on Millionaires Could Raise $400 BillionAn idea mulled by some Republicans for a new 40% tax rate on the income of millionaires could raise about $400 billion over a decade, according to two new estimates provided to Bloomberg News. GOP lawmakers could use the revenue to help offset the costs of enacting several of President Donald Trump’s campaign tax promises, from exempting taxes on tips and overtime to potential new tax breaks for senior citizens.

3 days ago | news.bloombergtax.com | Zach Cohen

Republicans find themselves in the novel position of weighing how much of the cost of extending a multi-trillion-dollar tax package should be borne on the backs of businesses and the rich. It’s crunch time for the staff of House lawmakers, who hope to mark up a sweeping tax package next month that will cement expiring provisions of the 2017 tax law and as many as $1.5 trillion of dollars in additional cuts, such as President Donald Trump’s campaign pledges to exempt tipped and overtime income.

1 week ago | news.bloombergtax.com | Chris Cioffi |Erin Schilling |Zach Cohen

The man tapped by President Donald Trump to be the next IRS commissioner saw a boost in first-quarter campaign donations, some of which came from donors who list their employers as firms that have promoted tax credits the Treasury Department and IRS have said don’t exist. Former Rep.

1 week ago | news.bgov.com | Ken Tran |Zach Cohen

House Republicans are looking to lead on legislation permanently extending Trump’s 2017 tax cuts and increasing spending toward defense and the border, aiming to keep recent momentum going as soon as lawmakers return to Washington. Speaker Mike Johnson (R-La.) told reporters last week that House Republicans will immediately begin holding markups on reconciliation instructions when Congress reconvenes at the end of the month.

1 week ago | news.bloombergtax.com | Zach Cohen

Hunter Biden Probe Preceded Acting IRS Chief’s PromotionGary Shapley’s spotlight as a whistleblower propelled his surprise ascension to the acting commissioner spot at the tax collection agency. The longtime IRS employee rose to the public sphere as a whistleblower before House committees led by Republicans during the Biden administration.