Zach Cohen
Congress Reporter at Bloomberg Tax
@Tax Congress reporter. @PressClubDC member. @NationalJournal/@TheEagleOnline alum. [email protected] DM for Signal https://t.co/mQK38b2Eq5 📸 by Getty
Articles
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1 month ago |
news.bloombergtax.com | Zach Cohen |Erik Wasson |Chris Cioffi
Credit unions are breathing a sigh of relief after House lawmakers’ $3.8 trillion tax legislation left untouched a long-standing exemption. Now they have their eye on the Senate, where Republicans are looking to put their own stamp on the package. Congress in the 1930s granted tax-exempt status to credit unions, which, unlike traditional banks, require customers to register as members.
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1 month ago |
news.bloomberglaw.com | Zach Cohen
For as long as Americans have paid federal income taxes, they’ve been able to subtract some of what they pay to their state and local governments from their taxable income. This federal deduction for state and local taxes — the SALT deduction, for short — has a big influence on how the tax burden is divided. It tends to help taxpayers in wealthier, more urban states, where sales taxes are higher and real estate costs more.
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1 month ago |
news.bloombergtax.com | Zach Cohen
Sen. Jeff Merkley is ready to wage the backroom fight against Republicans’ tax-and-spending bill. Merkley, a former Congressional Budget Office analyst, took over as ranking member of the Budget Committee earlier this year. He hopes his close study of congressional budget law and history allows the Senate to reject parts of the GOP’s budget reconciliation bill.
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1 month ago |
news.bgov.com | Katherine Rizzo |Zach Cohen |Ellen M. Gilmer |Erin Schilling
Next Week’s Marquee EventYes, we keep repeating ourselves. Once again next week, the big thing to watch will be House action on the “big beautiful” tax-spend-debt limit bill. But the mammoth legislation is in trouble, Ken Tran and Jack Fitzpatrick report in today’s Budget Brief. We’ll know in a couple hours whether House leaders’ plans for next week are on track or whether the House Budget Committee has to delay its vote.
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1 month ago |
finance.yahoo.com | Erik Wasson |Chris Cioffi |Zach Cohen
(Bloomberg) -- President Donald Trump’s signature economic package took a major step toward becoming law when the House Ways and Means Committee approved trillions in new tax cuts for corporations, households and small businesses on a party-line vote. Most Read from Bloomberg The bill, once it clears procedural steps, will head to the House floor for passage.
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“We’re just trying to strike that balance": Republicans face an internal schism over how far they want to go to give relief to millions of online sellers who received a new tax form for the first time this filing season. w/ @SloweyErin https://t.co/lLqP9ksN40
RT @MikeDorning: BREAKING: Trump Tax Bill Fails in House Panel as GOP Splits on Cost @birnbaum_e @JarrellTDillard via @bpolitics https://t…
RT @tax: The National Conference of State Legislatures wants Congress to strip restrictive interstate commerce language from a House budget…