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 week 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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2 weeks 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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2 weeks 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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3 weeks 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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3 weeks 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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House Republicans released part of their draft tax legislation late Friday, which would temporarily increase the standard deduction, the child tax credit, estate tax trigger threshold, and business deductions for passthrough entities. w/ @reportercioffi https://t.co/eII4raMxmi
New: Republicans won’t dedicate a half-trillion dollars to increasing the SALT cap, House Majority Leader Steve Scalise said this week as blue-state Republicans sought similar cuts. “We just can’t do that," he told the Ripon Society. https://t.co/YqiUb0sEv0
RT @tax: Any repeals or phaseouts of energy tax credits likely won’t affect previous years, a Republican senior tax counsel said. https://t…