Zach Cohen

1 day 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.

1 day ago | news.bloombergtax.com | Zach Cohen |Kim Dixon |Chris Cioffi

Ways and Means Markup ContinuesThe House Ways and Means Committee could vote as soon as Wednesday to advance Republicans’ signature fiscal policy after hours of heated debate on their $3.8 trillion package of tax cuts, which the GOP claimed was necessary to juice the economy and help working- and middle-class taxpayers. Republicans overnight defended their legislation from two dozen Democratic amendments aimed at highlighting the bill’s benefits tilted toward the wealthy.

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

Taxpayers who financed their car would be allowed to write off the interest on those loans in House Republicans’ sweeping tax bill, codifying one of President Donald Trump’s key priorities from the campaign trail. Debt payments for automobiles used for business purposes can already deducted. But Republicans’ tax bill aimed at enacting a suite of Trump’s legislative priorities would extend that benefit to consumers who own American-made cars.

3 days ago | news.bgov.com | Katherine Rizzo |Chris Cioffi |Zach Cohen |Erin Durkin

Fill-In-the-Blank Tax DebateToday’s an uneasy in-between stage on the way to figuring out what federal tax law should look like after the current statute expires. House Republicans need a lot more conversations with each other before they can fill in the many, many blanks in their proposed legislation during tomorrow’s scheduled markup.

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

Welcome to Tax WeekIt’s Tax Week in the US House of Representatives. The House Ways and Means Committee is scheduled to mark up at least $4 trillion in tax cuts Tuesday, the culmination of marathon negotiating sessions and an 11th-hour meeting between President Donald Trump and panel Chair Jason Smith (R-Mo.). Preliminary legislation unveiled May 9 aimed at extending provisions in the 2017 tax law and providing additional deductions for families and pass-through businesses.