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2 days ago | 
news.bloomberglaw.com | Zach Cohen
Owners of professional sports teams would only be able to write off half of the declining value of the franchises they purchase under Republicans’ tax bill, making good on President Donald Trump’s pledge to target “special tax breaks” for a corner of the billionaire class.
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2 days ago | 
news.bloombergtax.com | Zach Cohen
XYour Choices Regarding Cookies and IdentifiersWe and our 150 third party partners use cookies and similar technologies ("Cookies") and hashed identifiers (e.g., a hashed version of your name, email address or phone number) to help us identify you on our site and third-party sites and to process certain information, such as your IP address and digital identifiers, to analyze site usage and provide you with relevant advertisements and content.
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2 days ago | 
news.bloomberglaw.com | Zach Cohen |Meg Shreve
Owners of professional sports teams would only be able to write off half of the declining value of the franchises they purchase under Republicans’ tax bill, making good on President Donald Trump’s pledge to target “special tax breaks” for a corner of the billionaire class.
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2 days ago | 
news.bloombergtax.com | Zach Cohen
The cap on the state and local tax deduction would be increased to $30,000 under House Republicans’ tax bill unveiled Monday. Taxpayers making more than $400,000 would face a lower cap. Married couples filing separately would be limited to a $15,000 deduction each and a $200,000 income screen. The compromise increase was one of the last sticking points Republicans resolved before unveiling legislation that otherwise mostly extends the expiring tax law Republicans passed in 2017.
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5 days ago | 
news.bloombergtax.com | Zach Cohen
Republicans won’t dedicate a half-trillion dollars in lost federal revenue to increasing the limit on the state and local income tax deduction, House Majority Leader Steve Scalise (R-La.) said Thursday in yet another indication GOP leadership is advocating for a lower cap than the party’s lawmakers from high-tax states are seeking.
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5 days ago | 
news.bloomberglaw.com | Zach Cohen
Blue-state Republicans had said tripled deduction was too lowTax writers seek to extend most of 2017 law under deficit capsRepublicans won’t dedicate a half-trillion dollars in lost federal revenue to increasing the limit on the state and local income tax deduction, House Majority Leader Steve Scalise (R-La.) said Thursday in yet another indication GOP leadership is advocating for a lower cap than the party’s lawmakers from high-tax states are seeking.
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6 days ago | 
news.bloomberglaw.com | Chris Cioffi |Zach Cohen
Taxes could generate revenue, gird GOP populist bona fidesLobbyists argue it could hurt business competitiveness Companies and their lobbyists in Washington are urging Republicans peering into C-suite compensation packages to look elsewhere for offsets as they seek to pay for a mammoth package of tax cuts.
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6 days ago | 
news.bloombergtax.com | Chris Cioffi |Zach Cohen
XYour Choices Regarding Cookies and IdentifiersWe and our 150 third party partners use cookies and similar technologies ("Cookies") and hashed identifiers (e.g., a hashed version of your name, email address or phone number) to help us identify you on our site and third-party sites and to process certain information, such as your IP address and digital identifiers, to analyze site usage and provide you with relevant advertisements and content.
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1 week ago | 
news.bloombergtax.com | Kim Dixon |Zach Cohen |Jonathan Tamari
Bessent Makes Rounds on Capitol Hill Treasury Secretary Scott Bessent, who’s been a vocal ambassador for his boss’s fiscal agenda, will be on Capitol Hill starting Tuesday to defend the administration’s “skinny budget” issued last week. The Trump administration proposed cutting $2.5 billion from the IRS budget. The testimony also comes as extension of the 2017 GOP tax law sputters a bit, and the market sees big fluctuations in part spurred by President Donald Trump’s trade wars.
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1 week ago | 
news.bloombergtax.com | Zach Cohen
Professional sports leagues are taking no chances after President Donald Trump threatened to take away lucrative tax breaks for billionaire owners. Trump questioned what he called the NFL’s “massive tax breaks” in 2017, and the second administration called on Congress to end “special tax breaks for billionaire sports team owners” in their upcoming budget reconciliation bill.
